Selling process

Getting Started…

Choose a Solicitor/Conveyancer

Now the sale has been tied up and an acceptable purchase price agreed between both parties, you will need to instruct the services of your chosen solicitor/conveyancer. This is imperative, as no sale can get formerly underway until a solicitor has been appointed.

When instructing a solicitor/conveyancer, choose one that you feel comfortable talking to, as this person will be your main source of updates in the conveyance period, right up until completion.

Through Stevens and Carter we are pleased to recommend a solicitor/Conveyancer for you that we know will provide a good quality service.

Step Two

Instruct Solicitors

On a sale, they will request the deeds to your property from their place of safekeeping (this is generally done online unless the property is unregistered which means there needs to be a hard copy) and prepare draft contracts to send to your purchaser’s solicitors. They will also issue fixtures and fittings forms (and Leasehold information where required) in order that enquiries from purchasers’ solicitors/conveyancers can be answered correctly.

On a purchase, they will immediately request payment for a local search, which is essential for any purchase. These will be applied for directly to the appropriate council body upon receipt of the draft contracts from the seller’s solicitors/conveyancers.

We will of course be closely monitoring the sale of your property, however, any information we receive will be ‘third hand’ from your solicitor/conveyancer, so in the first instance, seek an accurate update from them before contacting us.

Step Three

Mortgage Application

On any purchase that requires mortgage funding, an application for a mortgage will have to be made to the appropriate companies. At this stage, you as the purchaser will be granted an AIP (Agreement in Principle) which confirms you have the mortgage subject to necessary credit checking and referencing.

It is imperative you submit your mortgage application as soon as possible to avoid delays. We are pleased to provide specialist mortgage advice through local independent brokers.

Step Four

Survey

When the mortgage company has approved the initial mortgage application, they will instruct the services of a Chartered Surveyor to ascertain the condition and value of the property.

On most occasions, the Building Society will contact us for access to the sold or purchased property, and we will arrange for them to inspect the property.

Most Building Societies will instruct a standard mortgage valuation, a more detailed homebuyers survey may be obtained at the purchaser’s discretion.

Step Five

Specialist Reports

Following Survey, on the majority of older properties regardless of general condition, specialist reports may be requested by the surveyor. These may include Timber and Damp Reports, Electrical Reports, Roof Report, Drainage Report, Structural Survey, Sulphate Report, Tree Reports, and Gas Check.

These reports often show up with minimal work, and we shall liaise with all parties once copies of reports are received.

Step Six

Mortgage Offer

Once the survey has been returned to the Building Society and all credit checking and referencing confirmed as satisfactory a formal Mortgage Offer will be issued. This will be sent to the mortgage purchaser and to their solicitors.

Step Seven

Signing of Contracts

Once the solicitors/conveyancers have received all the information they require prior to the exchange of contracts, both sellers and purchasers are generally asked to attend their respective solicitor’s/conveyancer’s office to sign the contract in readiness for the exchange.

Step Eight

Exchange of Contracts

Once all parties in the chain have signed the contract, mortgage offers have been received, replies to enquires answered, local searches received, and deposit monies cleared the solicitors/conveyancers will instruct a formal exchange of contracts.

All purchasers should discuss with their solicitor/conveyancer the completion date who in turn will liaise with the other solicitors/conveyancers to agree it.

There is a telephone call between all of the solicitors/conveyancers in the chain to confirm a legal completion date satisfactory to each of their clients, exchange then takes place. At this stage, all parties are legally bound to complete the transaction on the date specified.

And Finally…

Legal Completion

This is the final stage and the day that all parties in the chain move. Keys will only be released when the transferred funds have reached the seller’s solicitors (this is invariably after 12 noon and can sometimes be late in the afternoon). As agents, we often hold keys to the property prior to completion and we can only release these as soon as solicitors give us the go-ahead.

If you are selling a property through us, please bring a set of keys into the office at exchange of contracts in readiness.