Legal Tips For a Smooth Sale Transaction

Selling your house can be both an exciting and daunting process. Whether you’re moving to a new city, upsizing, or downsizing, ensuring a smooth and profitable sale is essential. At mlplaw, we specialise in residential conveyancing services and are here to help you every step of the way.

Here are some legal tips to ensure a smooth and compliant home sale process:

1. Instruct a Conveyancing Solicitor:
   • Instruct a conveyancing solicitor or licensed conveyancer to handle the legal aspects of the sale. They will manage the paperwork, conduct searches, and ensure the transfer of ownership is legally binding.
2. Prepare the Property Information Form (TA6):
   • Complete the TA6 form, which provides detailed information about the property to potential buyers, including boundaries, disputes, and any changes to the property.
3. Energy Performance Certificate (EPC):
   • Obtain an EPC, which is legally required before marketing the property. This certificate rates the energy efficiency of the home and provides recommendations for improvement.
4. Compliance with Anti-Money Laundering (AML) Regulations:
   • Your solicitor will need to verify your identity to comply with AML regulations. Be prepared to provide necessary identification documents and proof of address.
5. Drafting the Contract for Sale:
   • Your solicitor will draft the contract for sale, outlining the terms and conditions of the sale, including the sale price, property boundaries, fixtures and fittings, and any special conditions.
6. Responding to Enquiries:
   • Be prepared to answer enquiries from the buyer’s solicitor. These may include questions about the property’s title, boundaries, planning permissions, and any disputes.
7. Title Deeds and Land Registry:
   • Ensure that the property’s title deeds are in order. If the property is registered, your solicitor will check the Land Registry to confirm ownership and any restrictions or charges on the property. If the property is unregistered, provide your solicitor with the bundle of deeds at the earliest opportunity.
8. Managing the Chain:
   • If you are part of a property chain, ensure good communication and coordination with all parties involved to prevent delays and complications.
9. Exchanging Contracts:
   • Once both parties are satisfied with the contract terms, you will exchange contracts. At this point, the sale becomes legally binding, and you cannot back out without financial penalties.
10. Arranging the Completion Date:
    • Agree on a completion date with the buyer. This is the date when the final payment is made, and ownership is transferred. Ensure all conditions of the contract are met before this date.
11. Vacating the Property:
    • Make sure the property is vacated and left in the agreed condition by the completion date. Remove all personal belongings and ensure any included fixtures and fittings are left behind.
12. Transfer of Funds:
    • On completion day, your solicitor will transfer the funds to pay off any existing mortgage and distribute the remaining proceeds to you. They will also handle the transfer of ownership with the Land Registry.
13. Notify Relevant Parties:
    • Inform relevant parties of your move, including utility companies, council tax, and the postal service. Ensure all bills are settled up to the completion date.

By following these legal tips and working closely with your solicitor, you can ensure a smooth transaction.