Legal Advice for Selling a Property

Our Appoach to Residential Property /Conveyancing Legal advice

Our friendly conveyancing team are here to answer any questions that you may have thoughout the selling process and beyond. Unlike some firms, we believe in a personal approach and you will have a dedicated solicitor who will answer any questions about legal advise when selling your property. You should be able to speak to your solicitor each time you contact us so that any questions you have can be answered straight away.

We do hope that you choose Russell Jones & Walker to act for you in your transaction.

A Few legal aspects to consider when selling your property

A Few things that you will have to consider when selling your property:

• The Process 
• Exhanging Contracts
• Other Considerations

The Process

On the "completion date" you should receive the money and sign over the property.  The buyers are entitled to move into possession of the property they have bought free of you, your family, any claims on the property and any of the property's contents at all (apart from those they have agreed to buy, which must, of course, remain there).

Exchanging Contracts

The date, the price and the terms on which the property is taken are formally agreed and become binding from the date on which your solicitor, "exchanges contracts" with the buyer's solicitor. On this date a deposit is usually paid to us by the buyer. If the buyer fails to complete the purchase you will probably be entitled to retain the deposit (and the property).  If you fail to complete, the buyer will recover his deposit and you will face a substantial claim for compensation also.

It is clear then that exchange should only take place when you are confident that you can vacate the property and the buyer is confident he wants to buy the property that you are offering to him and he will be able to pay the price. It is therefore convenient to consider the following matters that must be dealt with before exchange from the perspective of what the buyer needs to know before he will give his solicitors instructions to proceed. 

After exchange you have an obligation to ensure that so far as is reasonable the condition of the property remains the same. You should not cancel your insurance cover until completion unless we advise you to do so.

Things that you should also consider

Most sales of properties proceed smoothly, but you can see the risks involved and the possibility that the buyer will not be able to proceed and will therefore withdraw before exchange of contracts. For this reason you may decide you want to keep advertising the property until exchange of contracts in the hope of securing an alternative buyer if the present buyer drops out. However, the buyer may object to this in which case you and your agent will need to resolve this matter.

When you have sold your property this may be the perfect time to update some of your other legal documents that have been affected such as your will. We are also able to assist with tax planning which will make the most of your money. Please ask your solicitor about this service.

Contact us today to talk about your Residential Property issue with one of our specialist property solicitors

Please call 0800 916 9083, or email property@rjw.co.uk. Our property solicitors operate across the country and can offer immediate and accessible representation anywhere in the UK.