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Residential Property

Sam and Phil’s family is expanding! What do they need to know before selling their home?

Friday, April 5, 2024

Sam and Phillip have found themselves at a crossroads as their family is expanding and they are expecting a child. With the arrival of their first child, their cosy home is now cramped, and they are looking to purchase a larger family home.

The process of selling and buying a home simultaneously is not without its challenges as Sam and Phillip are required to stay up to date on two transactions. They must navigate the complexities of the property market as well as managing the emotions of saying goodbye to their first home.

After several viewings, Sam and Phillip secured a buyer for their home, and turned their attention to finding their next dream home, where they could create new memories with their pending family.

The search for a new home led Sam and Phillip to exploring neighbourhoods while considering their proximity to schools, parks, and the local amenities. Sam and Phillip envisioned a family home where they could raise their child with ample space, spare rooms and backyard. After viewing several properties, Sam and Phillip found their dream home and made an offer on the property.

The process of selling your home is very simple and consists of the following:

  1. Completing protocol documents – these documents are essential to the sale, as they confirm exactly what will be left behind in the property, once completion has taken place. They also advise the purchaser’s solicitor about the property particulars and highlight if there are any issues to raise enquiries upon. It is always a good idea to keep any building regulations or compliance certificates relating to the property as these will either be included in the contract pack or requested during the enquiries stage.

 

  1. Issuing the contract pack – once the protocol documents are complete, the solicitor then prepares all documents and deeds, including the terms and conditions set out for the sale and sends the contract pack to the purchaser’s solicitor for review.

 

Depending on the tenure of the property, it is important to understand the timescales for the transaction. As a freehold title would generally complete quicker than a leasehold title – this is as a leasehold title has additional requirements and a management company to factor into the transaction.

 

  1. The purchaser’s solicitors will then use the contract pack to order searches and raise enquires.

 

During this time Sam and Phillip’s solicitor deals with any restrictions or charges on the property. This includes obtaining a redemption statement to redeem the current charge on the property and confirm the amount of equity in the property.

 

Restrictions to sell are usual on leasehold purchases. This is as the management companies will restrict the sale/purchase unless their requirements have complied with.

 

  1. Once the enquiries are received by the seller’s solicitors, they will sift through them and send Sam and Phillip any enquiries to answer.

 

  1. Once all enquiries have been satisfied and the conditions of sale have been agreed, Sam and Phillip will execute their Contract and Transfer Deed and proceed to agreeing dates for exchange and completion.

 

  1. A completion date will be agreed by all parties and once agreed, exchange of contracts takes place. This will mean that Sam and Phillip are legally bound to purchase the property on said date.

 

  1. Once exchanged, Sam and Phillip will then have a confirmed date for completion and can begin arranging their removals and packing up their home ready for the move.

 

The process for purchasing a property, including helpful tips can be found on our website: Sam and Phillip decide to buy their first home – What are their next steps? – Samuel Phillips Law

 

Please get in touch if you are considering selling your home and we can help with any guidance or advice you may require on 0191 255 0255 or email conveyancing@samuelphillips.co.uk

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