RESIDENTIAL | COMMERCIAL | NEW BUILD TQ Connect
The average transaction can take up to three months (https://www.gov.uk/buy-sell-your-home) where possible we do always try our best to complete your transaction in a far quicker time. This will also be quicker in Commercial and Investor as there are no linked chains.
CONFIRM DETAILS ABOUT YOUR PROPERTY
We will ask you to fill in two forms – or three if you are selling a flat. You should complete a Property Information Form, giving details about your property’s boundaries, any alterations you have made to the property etc. You will also need to fill in a Fixtures, Fittings and Contents from which will confirm exactly what is included in the sale. These forms should be returned to us.
DRAFT CONTRACTS ARE PREPARED
We will obtain the title deeds and will then draft a contract and send it to the buyer’s conveyancer along with the Land Registry title documentation and completed Property Forms and supporting documents.
DEALING WITH REPLIES TO ENQUIRIES
The buyer’s conveyancer will probably have some specific enquiries once they have gone through all the contract papers. We will pass these onto you and assist you with dealing with the replies.
SIGNING OF CONTRACTS
Both the buyer and seller must sign the contract and transfer deed before exchange. We will advise you when to do this.
AGREE DATES FOR MOVING
Conveyancers for both parties will agree a date for Completion (moving day). At this stage, it is an idea to obtain quotes from removal companies and provisionally book a date.
EXCHANGE OF CONTRACTS
When both parties are ready, there will be a telephone conversation between the solicitors, confirming the details of the transaction. They each agree to post their part of the contract to the other and make provision for payment of the deposit (normally between 5-10% of the purchase price). This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale and cannot withdraw without suffering a loss.
ADVISE PEOPLE OF YOUR CHANGE OF ADDRESS
Contact your utilities companies to advise them of your move and to arrange for the meters to be read. Also contact all other organisations you are in contact with to advise them of your new address. You may also want to contact Royal Mail to arrange a mail re-direction.
You should now confirm your removal firm booking.
The buyer’s conveyancer pays the balance of the purchase price, electronically, to the seller’s conveyancer. This is known as COMPLETION. Once the money is received by the seller’s conveyancer, they will inform the estate agent that the keys to the property can be released. The buyer can now move in.
The procedure for commercial property purchases are substantially the same as set out above. If you have any queries relating to specific aspects of the transaction not referred to above then please contact the commercial property team to discuss this further CommercialProperty@tqpropertylawyers.com