Selling your property is a momentous occasion for any person – and you therefore want to make sure that you do everything correctly. There are certain pieces of documentation which verify that a property sale has taken place, and it is important to know what these are, when the time comes to sell your house.
Using a solicitor can be a valuable way of ensuring that all the required documentation is taken care of. They will be an expert in ensuring that all the relevant paperwork is completed.
So, what should you receive as proof of sale of property? Our blog below provides a concise guide to this subject.
What Should You Receive As Proof of Sale of Property?
The property title deeds are the key piece of documentation to verify who owns a property or land in the UK. HM Land Registry stores all title deeds digitally – and if you want to confirm that a property has been sold (and is therefore owned by someone else) then these deeds will enable you to do so.
Your solicitor should complete the registration of the title deeds with HM Land Registry. Once this happens, they should send a copy to you and your mortgage lender, if applicable, to confirm the title to the property is now in someone else’s name.
Once you sell a property, your solicitor should receive the funds from the buyer’s solicitors, and will use this for any outstanding fees, such as estate agent costs or their own legal costs. They will then transfer the remaining balance to you – and will sometimes provide paperwork confirming that this transfer has been completed.
If you are in a property chain, and are using the same solicitor to purchase a new property, they may not transfer the sale funds to you, because these will need to be used for the process of buying your next house.
Can You Pull Out Of a House Sale After Exchange?
Once you have exchanged contracts and the buyer has put down a deposit for the property, you have a legal obligation to follow through with the sale. If you decide not to continue, the buyer can sue you.
In this case, the buyer will get their deposit back, often along with any other costs that they took on throughout the sales process. You may have to pay their legal fees in this situation, too.
Keep in mind that the amount you are sued for may increase if you do not have a legitimate reason for pulling out of the sale.
What happens once an offer is accepted?
Once you have accepted an offer on your property, it is usually followed by the same seven steps. These are as follows:
- Take your property off the market
- Appoint solicitors (and make sure your buyer does too)
- Crack on with your mortgage application
- Appoint a surveyor
- Exchange contracts
- Book your removals early
- Complete on your house sale
Some of these steps take longer than others. Taking your property off the market, for example, is simple and quick, whereas finding a specific date to hire a removal company can be challenging if you are operating within a chain.
The quicker you can complete these steps, the less time it will take for you to move house.
What fees do I pay when I sell my house?
The main fees you will have to pay when selling your house include:
- Mortgage fees
- Estate agent fees
- Solicitors fees
You may also have to pay mortgage withdrawal charges, costs for home improvements, and extra charges from your estate agent.
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Click on this link if you want to read more about which documents you need to make a house sale in the UK.
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