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sellers faqs

what must be disclosed about property?

what must be disclosed to the buyer about the property?

Your estate agent will prepare sale particulars on your property, which you will be asked to approve. With the “my account” feature of our website, you can even approve your property details online.

Your lawyer will ask you to complete a Property Information Form that asks questions about things you will know from living in the property.

All information given must be accurate, as a buyer can take you to court to claim compensation if the information given is false. For instance, if there has been a neighbourly dispute in the past, this must be disclosed.

It is also your responsibility to tell your estate agent and your lawyer if any of the information changes.

what must be disclosed to the buyer about fixtures, fittings and contents of the property?

Your lawyer will ask you to complete a Fixtures, Fittings and Contents Form, to identify what is included, what is excluded, or for sale separately. This needs to be completed carefully, room by room, and you should retain a copy, to remind yourself later on as to what you have agreed!

This list will form part of the Contract, to make it legally binding upon you. You must tell your lawyer if the details change after you have completed the list.

how long will it take?

how long will it take to complete the sale?
what is the significance of the exchange of contracts?

The seller and the buyer will each sign an identical contract, for the sale of the property. When the buyer and the seller are ready to proceed, with a date for moving agreed in principle, and their lawyers have completed all the tasks required for them, then the lawyers will speak to each other on the phone, and agree to “exchange the contracts”. The contracts will then be dated and swapped over, in the post.

From the moment that the exchange of contracts has been agreed on the telephone, between the lawyers, you have sold the property, and the agreement becomes legally enforceable. Neither you or the buyer can then change your mind about selling or buying the property, or change the date for completion of the sale, as recorded in the contract, without having to pay compensation.

Sequence Home Conveyancing will contact its customers once contracts have been exchanged. Now is the time to confirm the completion day with your removal company; arrange final bills for household services and council tax, and organise utilities and other services for the property you are moving to. 

should I cancel my buildings insurance cover upon exchange of contracts?

No – most lawyers will recommend that you continue your current buildings insurance cover until the completion date, as you are obliged to hand the property over in the same condition as it is now.

what happens with my existing mortgage or loans?

can I transfer my existing mortgage to another property?
can I transfer my existing debts to another property?
how will my existing mortgage get paid off?
can I stop paying my mortgage and loans now?
what if my debt exceeds the value of my property?

what documents do I sign to sell my property?

what is the contract?
what is the transfer?

what happens on completion?

why is the completion date so important?
what if I don’t want to move out on the completion date?
can I complete over a weekend?
can I exchange contracts and complete on the same day?

This is possible but is not recommended, as it gives no certainty to the buyer or seller that it will all take place on the date intended, and if there is an unexpected delay, you will not be entitled to any compensation.

You are recommended to pick a completion day that gives at least one week between an exchange of contracts and completion, so you can book your removals, and arrange final bills for utilities, household services and council tax, safe in the knowledge that the completion date is now legally binding. 

by what time must I vacate the property on the completion date?
how will the keys be dealt with?
what if the buyer does not complete on time?

If completion is delayed or does not happen at all, and this is the buyer’s fault, then you will be entitled to claim compensation from the buyer. However, if you fail to vacate the property, or if it is your fault that completion is being delayed, then the buyer will be entitled to claim compensation from you.

If contracts have not been exchanged, then neither buyer or seller are entitled to compensation if a simultaneous exchange and completion fails to take place as planned.

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