Residential Real Estate
Frequently Asked Questions by sellers
Many questions will arise when you are selling a property. We are happy to discuss any queries you may have with you either on the phone or via email. Click here to go back to our contact details.
The answers to some of the more common queries are below:-
I haven’t found a buyer yet. When should I instruct my solicitor?
Although you don’t have to appoint a solicitor until an offer has been agreed and accepted, the process can be speeded up, by appointing a solicitor as soon as the property is placed on the market. You will need to complete a set of standard information forms and you will also need to give your solicitor details of where to obtain the title deeds (usually your lender if you have a mortgage) and if the property is leasehold the details of the freeholder or managing agents so that up to date service charge information can be obtained at the earliest opportunity.
Why do I have to fill in all these forms?
The purpose of the property information forms is to provide as much information as possible to the buyers solicitors. This should mean that less enquiries are raised later as the buyers will have all the information to hand. This should speed up the conveyancing process.
Where will my deeds be?
If you own a freehold property it is unlikely there will be any “deeds” save for original guarantees for any work done and any indemnity insurance policies. If you own a leasehold property there may be an original lease. We will request the deeds from your mortgage company but if you have any deeds or other relevant paperwork from when you purchased the property or any subsequent work you have carried out you should send this to us when you return the protocol forms to us.
When will my mortgage be paid off?
Any existing mortgage will be paid off at completion of the sale of the property from the purchase monies. We will contact your mortgage lender when you instruct us on your sale to ask how much it will cost to pay off the mortgage and we will ask for an update after contracts have been exchanged and a completion date has been agreed. You may want to check with your lender whether you will be charged a financial penalty if you pay off the mortgage early; this often applies when your existing mortgage was set up on a fixed rate, or if you received a ‘cash back’ when it was originally set up.
Will the local authority search delay the sale of my property?
Searches can now be made online and most local authorities have a turnaround time of less than two weeks. Islington’s current turnaround time is approximately 5 days.
My buyer has less than a 10% deposit at exchange of contracts.
If you agree to accept less than a 10% deposit on exchange of contracts, and the buyer fails to complete the purchase of your property on the completion date, they must pay the balance. However, you would normally have to go through the due legal process to recover your losses and it might not be financially worthwhile to sue the buyer. Fortunately, in practice it is extremely rare for a buyer to default, but you need to be aware of the slight risk if you accept a deposit of less than 10% of the price.
When will I get the proceeds of sale in my bank account?
On completion day we will transfer any balance (after the mortgage, our costs and any other related costs have been paid) to your nominated bank account. We can, for a small fee, transfer this the same day, or for no fee can transfer this on a three day basis.