GUIDE TO SELLING

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STEP 1: Preparation of the Home Information Pack
A Home Information Pack about the property that you are selling needs to be prepared before your property can go on the market if it has 4 or more bedrooms (HIPS for 3, 2 and 1 bedroom houses will become compulsory in Autumn 2007).

The pack will consist of:

STEP 2: Enquiry forms to be filled in
The property information form, fixtures, fittings and contents form are filled out by the seller.

STEP 3: Obtain deeds
Since October 2003 legal title in England and Wales has been dematerialised. It is now generally possible to obtain these by downloading title documentation information from the Land Registry.

STEP 4: Prepare contract
Once the title has been obtained, the contract can be prepared. The contract sets out the main terms, such as the seller’s name, the buyer’s name, a description of the property and the price. After this, the seller needs to wait until the buyer is ready to proceed.

STEP 5: Exchange contracts
Once the buyer and seller are ready, a completion date can be set and contracts can be exchanged. After the contract has been exchanged the contract is binding and neither party can withdraw without severe penalty.

STEP 6: Completion day
On completion day your solicitor receives the balance of the sale price, in return for which they hand over the title deeds. The money is used to repay the mortgage the seller had on the property, and to pay the cost of sale – the Estate Agent’s account and legal fees. If there is money left over then the money is sent to you on the day of completion, unless the money is being used for another purchase.