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What to do once you find a buyer for your property ?

This article explains the steps once you find a buyer where Fridaysmove have prepared your Home Information Pack and will be conducting your conveyancing.   The article also goes on to explain the major steps that occur through your conveyancing transaction.

Your Conveyancing File is Ready !

The good news is that once you have instructed Fridaysmove on a Home Information Pack and you have already committed to conveyancing you not only get the benefit of your Home Information Pack refund  (on completion) but in line with our commitment to be proactive we will have completely prepared your physical conveyancing file and have all the documentation in a file in a filing cabinet waiting for you to find a buyer.  

Your file already contains the bulk of the package of legal documentation that will immediately be sent to your buyer’s  property solicitor.   We even have a draft contract ready on your file and the details of the buyer and the sale price before e-mailing it to the buyer’s solicitors.   We aim to issue contracts to the buyer’s solicitors within 24 hours of receiving their contact  details.   This is way ahead of the rest of the conveyancing industry.

How you can Help ?

Please do not wait for the estate agents to ask you for details of your conveyancing lawyers.   Email them now to advise them that once you do find a buyer for your property Fridaysmove will be acting on your behalf.   We often find that we only receive the notification from the agents days after you have accepted the offer of the property because it can take the agent a couple of days to chase you for your conveyancer’s details and then send out a memo in the post.   The post is of course the slowest form of communication.  

Once you do find a buyer for your property please notify us immediately.   If we have not received details of the buyer’s solicitors then we will contact your estate agent directly and chase the details for you.  

It is imperative that a sense of urgency is applied throughout the transaction but especially at the beginning.   Please advise your individual conveyancing lawyer at Fridaysmove as to whether or not there are any special circumstances surrounding your sale.   For example, do you have a specific completion date in mind?  Are there any arrangements that you have agreed directly with the buyer, such as allowing them access to the property in between exchange of contracts and completion?  The more information we have from you at the beginning of the transaction the smoother the process will be.

The Steps in the Conveyancing Process

As outlined above, we aim to issue the contract papers to the buyer’s property solicitor as soon as possible after we receive the buyer’s solicitors’ details from the estate agent.  

It is worth noting that nothing is binding (and either party can withdraw) until such time as exchange of contracts takes place.   On exchange of contracts we will receive a deposit of anything between 5 and 10 per cent of the purchase price and a date will be set for completion.   In the interim, we will, with your help, address any enquiries that are raised by the buyer’s property solicitors.   We will not exchange contracts without prior authorisation from you and without you having sight of the contract.  

The balance of the proceeds of sale will be received on the day of completion which is the date set at the point of exchange of contracts.   The completion date is the date that you move out the property and we receive the balance of funds.   If you have a mortgage we will have to pay off your mortgage and we will send you the proceeds of the sale as set out in the financial statement which you will receive in good time before completion.  

For more detailed information about the conveyancing process please look at the articles on this website and the frequently asked questions relating to conveyancing.   Quite apart from providing detailed information on our website our conveyancing lawyers are always more than happy to speak to you to address any questions or concerns you may have.   Finally, we do of course wish you the best of luck in finding a buyer!

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