Welcome back! I am now back from annual leave and Peyton’s Perspective is back for its 11th edition!
My LinkedIn post from Wednesday was very popular which has led to this week’s topic – The stages of buying and selling. Whether you are a seasoned landlord or a first-time buyer it is always great to have a quick overview, so you know what to expect and what is expected of you.
For Sellers:
Instruct a Solicitor:
Instructing a solicitor early can ensure a smooth process. Get a solicitor on board for AML checks and other essential requirements.
Property Forms:
Fill out those necessary forms about your property, including details about furniture and items you’re taking or leaving.
Q&A with the Buyer:
Expect questions from your buyer or their solicitor. Promptly respond and provide any additional paperwork they might need.
Exchange:
Once both parties are ready, it’s time to exchange contracts. Solicitors hold the buyer’s deposit, and you’ll get a completion date. Start packing!
Completion:
Move out completely, hand over the keys, and bask in the glory of a sold house. Agent fees, mortgages, and legal fees get their cut, and you receive the remainder.
For Buyers:
Instruct a Solicitor:
Being proactive is key. Get a solicitor early for a smooth process. AML checks and other requirements await.
Searches & Paperwork:
Your solicitor dives into searches and scrutinises the seller’s paperwork. Review it and ensure the property is insured by you. You can also ask any questions you may have.
Exchange:
The moment arrives. Exchange contracts with the seller, and your solicitor holds your deposit. Get ready for the completion date and sort out your move.
Completion:
The grand purchase! The full amount goes to the seller, and you collect your keys. Ensure all your legal fees are paid.
Registration:
Your solicitor will register your ownership at the Land Registry. It might take some time, but once done, you’ll receive your new title deeds.
These steps are the backbone and unexpected issues may arise. If you’re gearing up to buy or sell in the new year, reach out. We’ve got a network of estate agents, mortgage brokers, and financial advisors ready to make your journey seamless.
Pursuing legal excellence together,
Peyton Matthews-Hewer
Founder, Peyton’s Perspective
