Property Sales Process Flowchart

Selling a property in England and Wales involves a series of steps and procedures that must be followed to ensure a smooth and legally binding transaction. As a leading law firm serving clients across the region, we understand the importance of providing clear guidance to property sellers. In this article, Property Sales Process Flowchart, we take a look at the process and mechanism involved.

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For a free initial discussion with a member of our New Enquiries Team, get in touch with us today. We are experienced in dealing with all the legal aspects of property sales, and once instructed, we will review your situation and discuss the options open to you in a clear and approachable manner. Early expert legal assistance can help ensure you are on the best possible footing from the start and also avoid the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or click here to make a free enquiry and a member of the team will get back to you.

1. Initial Preparation

Before listing your property for sale, there are several preparatory steps to take:

• Appointing an Estate Agent: Choose a reputable estate agent to market your property and facilitate viewings.
• Property Valuation: Obtain a professional valuation to determine the market value of your property.
• Gathering Documentation: Gather essential documents, including the Energy Performance Certificate (EPC), title deeds, and relevant planning permissions.

2. Marketing and Viewings

Once your property is ready for sale, the marketing and viewing process begins:

• Listing the Property: Your estate agent will list the property on various online platforms and market it to potential buyers.
• Arranging Viewings: Coordinate with your estate agent to schedule viewings for interested buyers.
• Receiving Offers: Buyers may submit offers, which you can accept, reject, or negotiate.

3. Accepting an Offer

When you receive an acceptable offer, you can proceed to accept it:

• Acceptance: Once you accept an offer, instruct your solicitor to notify the buyer’s solicitor of your acceptance.
• Drafting the Sales Contract: Your solicitor will prepare the draft contract for the sale, including details of the property, price, and any conditions of sale.

4. Exchange of Contracts

The exchange of contracts formalises the sale agreement and commits both parties to the transaction:

• Signing Contracts: Both you and the buyer sign identical copies of the sales contract.
• Exchange: Your solicitor and the buyer’s solicitor exchange signed contracts, along with the deposit payment (usually 10% of the purchase price).
• Completion Date: Agree on a completion date, typically a few weeks after the exchange of contracts.

5. Pre-Completion Tasks

Before completion, there are several tasks to complete:

• Finalising Mortgage Arrangements: If the buyer requires a mortgage, ensure their lender is ready to release funds on the completion date.
• Arranging Removals: Plan your move and arrange for removals services if needed.
• Clearing Outstanding Liabilities: Settle any outstanding bills, mortgages, or charges on the property.

6. Completion

Completion marks the final stage of the property sales process, where ownership is transferred to the buyer:

• Transfer of Funds: On the agreed completion date, the buyer’s solicitor transfers the remaining balance of the purchase price to your solicitor.
• Handover of Keys: Once funds are received, your solicitor authorises the release of keys to the buyer, allowing them to take possession of the property.
• Notifying Utilities: Notify utility providers of the change in ownership and arrange for final meter readings.

7. Post-Completion

After completion, there are a few remaining tasks to wrap up the sale:

• Informing Relevant Authorities: Notify the local council and relevant authorities of the change in ownership for council tax and other purposes.
• Updating Records: Update your address with banks, insurers, and other relevant organisations.
• Finalising Accounts: Your solicitor will finalise the accounts for the sale, including paying off any outstanding mortgages and settling their fees.

Conclusion

Navigating the property sales process can be complex, but with the guidance of experienced legal professionals, sellers can ensure a smooth and successful transaction. This flowchart provides a comprehensive overview of the key stages involved, from initial preparation to post-completion tasks. By following this roadmap and seeking the assistance of a reputable law firm, sellers can confidently navigate the property sales process and achieve their desired outcome.

How we can help

We have a proven track record of helping clients with the sale of their property. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.

How to Contact Our Commercial Property Solicitors

It is important for you to be well informed about the issues and possible implications of selling property. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.

To speak to our Commercial Property solicitors today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.

Authored by Ben Posted in Blog, News Tagged as

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