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A Seller’s Pre-Exchange Checklist

Wednesday, April 13th, 2016

sellers

 

So you’re nearly there, dates are starting to be negotiated for completion and your Conveyancer is starting to shift towards giving you the green light, exchange time is nearly here! The last thing you want is to get to this point and realise that we are waiting for something from you. Here is our 10 step checklist to make sure that everything is covered from your side.

 

1)    Signed Documents

At DezrezLegal we send out your documentation for signature at the start of the transaction so that these can be returned in plenty of time for exchange. Making sure you send these back to us as soon as possible will help us get everything in place for a smooth transaction. Remember: Your signed documents are going to include your Contract, Transfer and Plan. Where the property is Leasehold there may also be a Stock Transfer Form to return to us.

 

2)   Have you made us aware of all charges against the property?

We ask that you make us aware of all charges against the property with full details of account numbers so that we can obtain redemption figures for you as soon as possible. Please also provide us with the details of any restrictions or cautions you are aware of to prevent any delay we may come across in contacting the relevant parties.

 

3)    Have you answered all enquiries put to you

We understand that this can sometimes be a frustrating part of the process, however we are obliged to pass all enquiries from the purchaser’s Conveyancer on to you. Answering these in as much detail as possible and to the best of your knowledge helps us to limit the back and forth process which can sometimes delay a transaction.

legal selling house4)    Have you provided us with all original documentation

We would recommend sending any original documentation to us, such as Completion Certificates, Guaranties and Warranties via recorded delivery for peace of mind. We will then hold these on file for you until completion has taken place when we will pass this on to the Buyer’s Conveyancer.

 

5)    Have you provided us with clear instructions on where to send the funds on completion

Before we proceed to exchange for you we will need your written instructions as to where to send the proceeds on completion. Please note that we are not able to pay any third parties on your behalf. We will also need specific confirmation of agreement to proceeds going into the sole account of a seller where there is more than one of you.

6)    If the property is Leasehold, have you made sure ground rent and service charges are paid up to date.

As part of the exchange and completion process we will deal with any apportionment’s for you. The management company will require us to pay any arrears on account and we ask that you continue to make any payment to them as normal throughout the transaction as any over-payments will be taken into account on completion. It is also essential that you make us aware of any disputes with the management company or Freeholder if this is to effect repayments.

contract

7)    Have you checked the Fixtures & Fittings form is correct

The Fixtures & Fittings Form forms part of the Contract on exchange so it is important that you have checked that it is still possible for all items listed as included to remain at the property. Please let us know of any changes as soon as possible so we can inform the buyer’s Conveyancer.

 

8)    Is the property in negative equity

If the property is in negative equity (selling for less than you owe) it is important that you let us know at the beginning of the transaction. Please be aware that before we proceed to exchange we will require your additional funds to repay all charges against the property, in addition to our legal fees and estate agency costs. As part of Money Laundering Requirements we will also require evidence of the source of these funds.

 

9)    Do you have a related purchase?

Please let us know if you have a related purchase which you need to be tied in to your sale so that we can advise any chain involved of this. If your related purchase is not with us, please provide us with the details of the Conveyancers so that we may liaise directly with them.

conveyancing

10)    Take a deep breath!

With Dezrezlegal your sale in safe hands at all times, and we strive to achieve a quick and smooth transaction for you. We understand the importance associated with selling a property, and find that it is true that a transaction really is as stressful as you make it. Be assured that we are always available via our direct telephone numbers and email addresses and that your file is being worked on with proactivity and due diligence.

 

For more information visit www.dezrezlegal.co.uk

 

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