Now that the HIPs packs have been suspended, there is a little less paperwork a Seller needs to deal with when selling a property.
The main forms and documents are as follows:
- Sellers Property Information Form
- Sellers Leasehold Information Form
- Fixtures Fittings and Contents List
These forms form part of the pre-contract package. They must be completed accurately and if you are unsure about any of the answers you should contact you conveyancer for advice. In any event, your conveyancer should review the forms before they are sent to the buyer’s solicitor and part II of the SPIF and SLIF (if it is a leasehold property) must be completed if using a solicitor.
Stage 2 – Additional Enquiries
Once the pre-contract papers have been reviewed, the Buyer’s solicitor will raise additional enquiries. Sometimes, standard additional enquiries ( e.g. regarding servicing of the boiler, rubbish to be cleared, existence of a burglar alarm) are sent together with some specific enquiries. These should be addressed by the Seller with their conveyancer checking through the answers.
Once all the additional enquiries have been dealt with satisfactorily, the Seller should sign:
The Contract for sale of the Property to the Buyer in readiness for Exchange of Contracts.
The Transfer transfers legal ownership of the Property from the Seller to the Buyer and is sent to Land Registry when the Buyer applies to become the new owner of the Property.
If the property is leasehold the following additional documents may need to be signed:
Stock transfer form
This form may need to be completed where the Seller owns a share in the Management Company. The share will have to be transferred to the Buyer on completion and the original Share Certificate will need to be sent to the Buyer’s Conveyancer along with the title deeds. If the Share Certificate cannot be located you must notify your conveyancer so enquiries can be made with the Landlord as to what their requirements are in such a case.
Assignment of Lease
Under the terms of the Lease, the Landlord may have to give formal consent to the sale so an Assignment will need to be signed by all parties. This should be signed before completion takes place so it can be sent to the Buyer on completion along with the title deeds.
Deed of Assignment – Lease Extension
If the lease is to be extended, the Seller may lodge the relevant Notice on the Landlord and then assign the benefit of the Notice to the Buyer. This means that Buyer may continue with the lease extension process.