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To Sell or Not to Sell…

There are various reasons why you may decide to sell your property, from changes in personal relationships to downsizing. Whatever the reason may be, we are here to assist you with the process.

Advertising your property on the market…

If you decide to put your property on the market, the first step is to get in touch with an Estate Agent. The Estate Agent can then instruct a Surveyor to carry out a Home Report on your property. This will contain information about the condition and value of the property, information about the property’s energy efficiency rating and carbon dioxide emissions and general information such as the property’s council tax band and factoring arrangements. We will be able to refer you to a local Estate Agent who will assist you with this process.

A private sale

You may agree on a private sale with somebody which would mean that there would be no advertising involved. You can negotiate and verbally agree on a price with the prospective purchaser. Once you have done so, both parties must instruct independent solicitors to act on their behalf.

Receiving an offer and negotiating the sale (The Missives)

When you receive an offer for your property that you wish to accept, the Estate Agent will then pass the written offer to your solicitor who will then proceed with the conveyancing. If it is a private sale, the offer will be sent directly to your solicitor. Your solicitor will discuss the terms contained within the offer with you and issue a qualified acceptance in response. An exchange of formal letters may follow depending on what issues and queries are identified. This process will continue until all points about the property have been discussed and there are no further points to cover. Once all points have been covered, a final acceptance will then bind both parties into a legally binding contract which will conclude the missives. When this contract has been formed neither party can withdraw without the consent of the other. If the other party did not consent, penalties would be incurred.  

Transferring ownership of the property

The purchaser’s solicitor will prepare a Deed, known as a Disposition, which will then be sent to your solicitor and carefully checked and revised by them if necessary. You will then sign this Deed. This Deed will transfer the ownership of the property into the purchaser’s name.

Searches on the property

Your solicitor will carry out the necessary searches on the property on your behalf. Such searches include but are not limited to Legal Reports, Property Enquiry Certificates, Coal Authority Reports and Environmental Reports. Your solicitor will be able to discuss these requirements in more depth with you if need be. If such searches show up any points which are queried by the purchaser, your solicitor be able to will deal with this appropriately.

The Date of Entry

The transaction will be settled on the date of entry, which will have been agreed in the missives. On this day, the purchase price will be paid to your solicitor and the purchaser will collect the keys to the property. Your solicitor will send the relevant Title Deeds to the purchaser’s solicitor at settlement who will carry out the necessary registration requirements. If you have an outstanding mortgage, the outstanding amount will be repaid to your lender from the proceeds of sale. The relevant conveyancing fees can also be taken from the sale proceeds if you wish. The remainder of the sale proceeds will then be transferred to you in due course after settlement.  

Contact us

For further advice, assistance or information on selling your property please do not hesitate to contact Debbie Sharp or Richard Andrew in our Kilmarnock Office, or Alastair McDonald or Anne-Marie Hill in our Stewarton Office.

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