Property Selling Guide

Similar to buying a property, there are certain legal factors you must take into consideration when selling a property. We’re here to explain the process for the seller, as well as provide you with any legal assistance you require to ensure you sell your property in a jargon-free, efficient manner with an experienced solicitor.

Property Selling Guide

The most important aspects of selling a property are:

  • The legal process

  • Exchange of contracts

  • Completion date

Exchange of contracts

To ensure security for the sale, a contract must be agreed. It is a formal contract conducted by solicitors, usually done through a telephone conversation. It includes the price, date, and details of completion.

Until the exchange, either party is free to withdraw from the transaction. The person buying your property will pay part of the purchase price to their solicitor, which will be held as a deposit on your behalf. If the buyer fails to complete the contract, this amount will be forfeited. It’s recommended not to cancel your insurance cover until advised to do so by your solicitor.

Completion date

This is the day in which you are paid for your property and you hand over your keys. If you have not already done so, you’ll need to ensure the property has been emptied by that date, and you have vacated the premises ready for the buyer to move in. You must leave behind anything that the buyer has agreed to purchase, such as fixtures, fittings or furniture.

How can we assist you?

While we can work alongside you for all of the above, we can also provide so much more. There are many legal considerations to take in when buying a property, including:

  • Writing or updating your will

  • Considering your inheritance tax

  • Learning about capital gains tax, which you may have to pay if your property has risen in value

We are here to support you through the whole process and more. Contact us today for any advice regarding your property or life affairs.