Progressing your sale
A prospective buyer will normally contact your estate agent should they intend on making an offer. Every offer is assessed based on both the amount of the offer and the buyer's position. Buyers may have to increase their offer and negotiation may be necessary before an agreement can be reached.
Remember that contracts are not legally binding until missives are concluded. Either party can withdraw from the transaction until conclusion of missives.
A memorandum of sale is issued when an offer has been accepted. It outlines the details of the transaction and declares that both parties intend to complete the transaction. You will normally remove the property from the market at this stage, however this should be discussed with your agent.
A lender may arrange for a surveyor to inspect the property, however the Home Report will normally be sufficient.
The buyer's solicitor will carry out any required searches and both solicitors will draft contracts. The contracts will note the following:
- The price agreed
- Property boundaries
- Fixtures and fittings included in the price
- Any planning restrictions
- Any legal restrictions placed upon the property
- Any public thoroughfares which pass through the land
- The property’s services
- Entry data
The entry date should be mutually agreed by both seller and buyer.
Conclusion of missives
Once both parties have agreed to the contracts, they can be signed and missives can be concluded. This is when by law you are bound to sell the property, and the buyer is legally obliged to purchase the property.
The solicitor representing the buyer will contact the Land Registry Office to arrange for the deeds to be transferred into the buyer’s name.
Entry date
The money will be transferred from the buyer to the seller on the day of entry via the solicitors.
Once the buyer has transferred their money, this is the date they will take possession of the property and therefore the property should be vacant by this time. You will need to make arrangements for the buyer to receive the keys. The keys can be left with the estate agent so that the new owner may collect them. After the solicitor has advised the estate agent that all funds have been transferred to them, the keys can be released.
Are you ready to sell your property
You can request a free valuation if you're ready to start the selling process.
Progressing your sale – FAQs
How long does it usually take to conclude missives?
Timescales vary, but in straightforward cases missives can often be concluded within a few weeks once both parties’ solicitors have the information they need. Your solicitor will keep you updated on progress.
Can anything still go wrong after missives are concluded?
Once missives are concluded, the contract is legally binding and it is much harder for either party to withdraw without significant consequences. However, practical issues can still arise, so it is important to stay in touch with your solicitor.
What should I do if I am worried about delays?
Raise any concerns with your solicitor as early as possible. They can speak to the other side, explain what is causing delay and outline your options if the timescale becomes problematic for you.
When will I receive the sale proceeds?
Your solicitor will normally receive the funds on the settlement date, repay any existing mortgage and fees agreed to be paid from the sale proceeds, and then transfer the balance to you.