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Accepting an offer – once the seller has accepted an offer he/she will need to instruct a solicitor. |
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Fixtures & Fittings – the solicitor needs to know exactly what is and is not included in the sale.
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Contacting the Mortgage Lender – the seller’s solicitor will need to contact the mortgage lender to obtain the title deeds for the property and give notice that the mortgage will be redeemed. Some lenders require a certain period of notice.
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Preparation of Contract – this sets out the legal terms under which both parties have agreed that the property be sold |
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Leases – if selling a leasehold property (usually a flat) then the seller’s solicitor will have to provide information to answer questions about the lease raised by the buyer’s solicitor. The seller’s solicitor may be charged by the seller’s freeholder for providing such information. |
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Setting a Moving Date - this will be agreed on by both parties (and usually synchronised with all parties in the chain) and is normally 2 to 4 weeks after exchange of contracts.
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Exchange of Contracts - when contracts are exchanged there is no going back. All parties are legally bound by the terms of the contracts. |
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Insurance - after exchange the property may also be insured by the buyer but the seller is still responsible for maintaining the condition of the property. It is advisable for the seller to maintain insurance until completion. |
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Completion - this is when the seller's move out and the solicitor allocates the incoming funds on the sale accordingly. The solicitor will pay the outstanding amount due on the mortgage and the legal and estate agents fees. Any funds left over are paid to the seller. |
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