Sales Guide

A Simple Guide to Selling: The Step-by-Step Process

When you understand the process of selling your property, it can alleviate stress and help you plan your move more efficiently. That's why we've created this clear and straightforward guide to selling your home in Seaton, Lyme Regis, and Charmouth.

Receiving an Offer: When a potential buyer submits an offer, we will promptly notify you and ensure they have the necessary means to proceed with the purchase. We will communicate the offer details via telephone and email, including the offer price, their position in the market, whether they are part of a chain, and the estimated completion time. Assessing these factors is crucial as they may impact your subsequent purchase and the overall timeline of your move.

Negotiating Offers: If the buyer's offer falls below your asking price, we will negotiate with them to bridge the gap or bring it closer to your desired amount. In cases where multiple interested parties are involved, the asking price is often exceeded. It's important to consider these negotiations carefully, as they can affect the duration of your move and the likelihood of any complications along the way. Additionally, we can recommend reliable local conveyancing solicitors to assist you.

Existing Mortgages: If you have an existing mortgage, you must seek permission from your lender before accepting an offer that does not exceed the amount borrowed. It's also essential to check for any early settlement or exit fees that may be applicable.

Offer Accepted: Upon accepting an offer, the process intensifies with involvement from solicitors, mortgage providers, and surveyors. Your solicitor will request the Title Deeds from the Land Registry to verify ownership and ensure no outstanding charges exist against your property. They will also conduct anti-money laundering checks to ensure the legality of your buyer's funds. Simultaneously, your solicitor will work on the sale contracts, which include terms, conditions, and specifics about what is or isn't included in the sale (e.g., fixtures, fittings). Once both parties agree on the contract, and all necessary searches and requirements are completed, you can proceed to the exchange of contracts.

Exchange of Contracts: At this stage, the contracts are finalised and ready for signing and exchange. This formalises the legal commitment of both you and your buyer to the sale and purchase of the property. Your buyer will be required to pay a deposit (usually 10% of the purchase price) held by your solicitor until completion. The completion date will also be agreed upon, allowing you to prepare for moving out of your home.

Completion: Completion day marks the handover of keys to the buyer and the receipt of the sale price balance, minus the deposit, by your solicitor. Once the buyer's funds have cleared, your solicitor will contact you and us to confirm the transfer of keys. They will settle any outstanding mortgages on the property and, if necessary, transfer payments to your next property's vendor's solicitor. Additionally, they will legally transfer the property deeds into the buyer's name.

Congratulations! Your sale is now complete.

If there is anything that you would like explained in more detail, or you would like a confidential no-obligation chat about selling your property, please contact our friendly and helpful team.