Home Information Pack

Before you put your property on the market, it is now required by law that you order a Home Information Pack (HIP). This contains an energy efficiency report, basic title information, a local authority search and a drainage search. You can either ask your estate agent to order this for you, or we will do it. The energy inspector will need to come to the property for a brief visit before preparing the energy performance certificate, and the HIP is usually ready a few days after ordering. The property can, however, be marketed as soon as the HIP is ordered. Although HIP’s are required for most residential properties put on the market, there is a list of exceptions. Please contact us if you have any doubt as to whether a HIP will be required for your property.

Agreeing the sale

1. Once you have agreed the sale, we will prepare a legal information pack to send to your buyer's solicitor. This contains:

• the contract of sale. This document sets out the main terms of the proposed agreement including the names and addresses of the buyer and seller and the price agreed.
• a copy of your title deeds . These are the documents that prove you own the property. They also set out any rights or obligations that affect the property. You may hold the title deeds yourself, if you own your property outright. If not, your mortgage lender may hold them for you. If your property is registered at the Land Registry, we will apply to them for a copy of the Title Document, which contains all relevant information from your title deeds.
• a property information form. A standard questionnaire. You must complete this to answer questions about your property e.g., disputes with neighbours, guarantees about any work you have had done, and other key property information. It's very important to complete this accurately, so make sure you check with us if you have any queries or concerns. If your property is Leasehold we will ask you to complete a Leasehold Information Form and request information from the Managing Agents. A fee will be payable to the Managing Agents for production of leasehold information.
• a fittings and contents form. You need to complete this form to show your buyers which items at the property you intend to leave behind and which to take with you e.g., furniture curtains, etc.
• Identification. In order for us to comply with Money Laundering Regulations, we will ask you for identification to verify your identity at the outset of the matter, namely your passport or other form of photo identification to verify your identity, and two recently paid utility accounts to verify your address.

2. You will now need to wait for the buyer to get ready to exchange. A buyer may also get an independent survey done, at this stage. We answer any questions from your buyer's solicitors.

3. When the buyer’s Solicitor is satisfied with everything, you and your buyer will need to agree a completion date (when you transfer the title deeds and move out of the property). The completion date is not fixed in stone at this point, and often changes. A final completion date has to be agreed, when you exchange Contracts.

Exchange of contracts

1. The exchange of contracts marks the stage when the contract becomes binding on both parties. Until exchange, all negotiation between buyer and seller are “subject to contract” and either is free to change his mind, about the transaction and withdraw from it
2. When seller and buyer are ready, exchange of contracts will take place and we will send the contract to your buyer’s solicitor, who sends the buyer’s signed contract to us with the 10% deposit. You are now committed to the sale of the property (at the price stated) and you cannot withdraw from the transaction, without paying a large financial penalty.
3. If you have a mortgage on your property, we will ask your mortgage lender for a settlement figure. This is the amount you need to repay your mortgage lender once your property is sold.

Completion

1. On the completion date, your buyer's solicitor will send to us the balance of the payment for your property.
2. We will use this money to pay off your mortgage, your estate agents fees, our fees and any costs incurred during the sale. Any money left over will be electronically transferred to you (or payment by cheque if you prefer), unless it is needed for a purchase you are making.
3. We will then hand over the deeds of the property to your buyer's solicitor to register their client as the new owner, and remove any reference to you and your mortgage (if any).