Are you looking to sell your home but have no idea where to begin?
You aren’t alone; in the UK, over 80% of home owners report feeling intimidated by the home selling process. Even if you feel fairly confident about selling your property, legal technicalities, contracts and mandated requirements can easily become overwhelming, leading many people into stressful territories; not great when you are trying to sell a home!
So, where do you begin? First and foremost, you need to find a conveyancing solicitor in Portsmouth that is experienced and qualified to help you through all the legal aspects of selling your home.
Once you feel confident that your chosen solicitor is the best to help you, the home selling process in the UK typically comprises of three parts.
Step one; questionnaires!
Before your solicitor draws up any kind of contract, you will need to complete a fair number of detailed questionnaires about your property.
These cover all aspects of your home, such as boundaries, council tax, and fixtures but also informs potential buyers of your solicitor’s contact details and gives legal assurances that they will not incur any liabilities or unpaid debts under your name.
The questionnaires usually completed at this time include the TA 6, TA 7, TA 9, TA 10 and the TA 13; you will be very glad you hired your conveyancing solicitor from Portsmouth when these need filling in!
Step 2; contracts
The aforementioned questionnaires will be used by your solicitor to draw up the contracts.
At this stage, your solicitor will be in charge of negotiations with any potential buyers and will issue them with a date of completion.
You aren’t off the hook though! At this point, you will need to contact your mortgage provider and discuss how much you will be required to pay once your home has been sold.
After this has been agreed, your solicitor will exchange the contracts.
This legally binds you to sell your property to the buyers with whom you have exchanged contracts and also means that you cannot accept any further offers on your home, so it is always advisable to push for the best deal.
Step 3; finalising the sale
After the exchanging of contracts, you should receive the buyer’s deposit; usually 10% of your home’s value or whichever rate your solicitor advised.
At this stage, it is advisable to check that all of the fixtures are still in working order.
On completion day, the buyers will receive the keys to your now sold home and you will be legally required to leave any spare keys within the property.
Your solicitor will handle matters such as outstanding balances, ownership documents and paying off your mortgage with the money from the property sale.
When you have finally sold your home, you will have to then pay your solicitor. Be aware that many solicitors charge for different things and with different rates; ensure you are fully aware of all the fees and final costs before choosing your solicitor firm.