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PROPERTY

Step 1 of Selling a
House | Welcome Pack

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IN THIS BLOG

Selling property is always going to be a complex and time-consuming process. On average transactions take between 12 to 16 weeks from instructing us, to the sale being completed. Selling a property is a team effort and not always straight forward and you, your estate agent, the buyer, and their solicitor all play a crucial role in the process.

At this point, we’re just getting started by opening your file and making sure that you are set up on our system. We will be contacting the buyer’s solicitor and your estate agent to confirm that we have been instructed on your behalf. The aim is to make sure that everything is in order for the next steps of your sale. We cannot move onto sending the Draft Contract Pack until everything on the key tasks at this stage have completed and we have received the Memorandum of Sale.

The Draft Contract Pack is made up of all the documents you provide us which is why it is important to fill each form out with care. This is the stage where you have the most involvement and are required to fill out the majority of the paperwork until exchange and completion.

Your Welcome Pack contains everything we need to set up your file. It includes key legal documentation that you will need to sign, and return to us. The Contracts will be assessed by your buyer’s solicitor to review the information provided about your property and to raise any enquiries that they may have. If you need help completing your documentation, your New Instructions Team are on hand to help out. Simply email or telephone your New Instructions Team and they will do all they can do to help.

YOUR TO DO LIST

This is everything you need to be doing at this stage to help move your matter forward (don’t worry, we will cover how to do all of this):

You will need to:

  • Sign and return our Terms of Business form
  • Sign and return your Fee Estimate document
  • Sign and return your New Client form
  • Complete the ID Verification forms
  • Sign and return the Authority to Speak to Lender(s) form
  • Sign and return the TA6 form
  • Sign and return the TA10 form
  • Sign and return the TA7 form (Leasehold only)
  • Make your payment on account via your app, over the phone or in our office.

Payment on Account/Disbursements

At this stage, we ask you to make a payment on account. The payment on account covers the costs that we will incur throughout your sale; such as ordering your title property documentation from the land registry.

Your payment also includes our Abortive Pledge which covers your legal fees should your sale fall through due to no fault of your own. Should the buyer pull out, you will not be charged for our legal fees. The Abortive Pledge costs £50 + VAT and is included as part of our payment on account as standard.

Should you wish to opt out of the Abortive pledge, please do let your New Instructions Team know and they will make sure you are not charged. However, should you opt out of the Abortive Pledge and your sale falls through for any reason, you will still be charged for all legal fees incurred up to that point. Therefore, we highly recommend the Abortive Pledge to ensure you are protected. You can discuss this further with your New Instructions Team if you have any further questions

How to make a payment on account

You can make your payment on account safely and secure in a way that suits you:

  • Securely via our app
  • Call any member of your New Instructions Team
  • Visit any of our offices
  • Bank Transfer

Fraud Warning

Conveyancing fraud is where criminals target property purchases with the intention of tricking you into transferring monies to them on the sale of your home. To prevent this happening, please note, we will never change our bank details, pressure you for monies or give you multiple bank details. If anything doesn’t feel right, call us immediately.

Terms of Business

Our Terms of Business is a legal document that you must sign for us to proceed with your matter. It covers the overall service you will receive from us, what we will need from you throughout your matter with us and other legal notifications and disclosures. The document also covers information about our Abortive Pledge and other services. Please note, all parties of the sale will need to sign the document.

We are legally required by the Solicitors Regulation Authority (SRA) to notify our clients of our Terms of Business and obtain your agreement to them prior to proceeding with your sale. By signing our Terms of Business, you will be agreeing to the terms and conditions set out in the document. It also ensures that both you and Lyons Bowe are protected throughout your matter.

HOW TO SIGN YOUR TERMS OF BUSINESS

You can sign the terms of business very easily, in a way that best suits you.

  • Securely via our app
  • By post
  • Visit any one of our offices
  • By email

Please note that all parties of the sale must sign the Terms of Business.

YOUR FEE ESTIMATE

WHAT IT IS

The Fee Estimate confirms the fees that we estimate you will incur for the sale of your property. We also include a complete list of additional fees that you might, in certain circumstances incur. For example, you may include a Single Will or Mirrored Will within your estimate.

WHY DO YOU NEED TO SIGN YOUR FEE ESTIMATE?

We need all parties of the sale to sign and return this document as it confirms that you agree to your estimated fees and to ensure you are comfortable instructing us on this basis.

HOW TO SIGN YOUR FEE ESTIMATE?

You can sign your fee estimate in a way that suits you best.

  • Securely via our app
  • By Post
  • Visit any one of our offices
  • Via email

ID Verification

What is ID Verification?

We are legally required to run ID checks and proof of address checks to ensure that you are who you say you are and that you are not selling your property under illegal pretences. To verify the ID of all sellers, we will need you to provide copies of the documents listed in the ID Verification Form provided to you in your welcome pack. Please do not hesitate to get in touch with your New Instructions Team if you are unsure or have any questions. They will be happy to help you to find the correct forms of ID and proof of address if needed.

Why Do We Need ID Verification?

Whilst it may seem intrusive, the obligation to check our client’s ID is there for the protection of the general public as it helps to fight property fraud. We are legally required to run ID checks on all our clients, however whilst we work hard to protect our clients and the public from fraud, we also try our best to make sure our procedures are as smooth and efficient as possible.

How to complete ID Verification

  • Securely via our app’s biometric system
  • Visit any one of our offices

ID Verification Tip

Make sure that you have two valid forms of ID in date and ready to go before you sell a property. This will significantly speed up the process enabling us to send the Draft Contract to the buyer’s solicitor.

Authority to Speak to Lender(s)

For us to act on your behalf with your lender we need to seek your authority to be able to contact them and obtain information about your mortgage. The information that we receive from your lender will allow us to repay your mortgage on your behalf when your sale is completed. It will also allow us to provide an undertaking to your buyer’s solicitor to remove on completion, any charges secured at the land registry against the title of your property. We may need to talk to your lender about your mortgage account if you have one. We need your written authority to allow us to do so.

To complete this document, we need:

  • The owners name(s)
  • The property address
  • The lender (your mortgage providers details)
  • Account number
  • Names as they appear on the accounts

Property Information Form (TA6)

What is a TA6?

The TA6 form covers information about your property from boundary lines, flooding, and all things in-between. We ask for you to fill this into the best of your ability. Please be aware that the answers to this form may lead to enquiries being raised by the buyer’s solicitor. For example, if you built a conservatory onto the property, the buyer’s solicitors may ask for proof of planning permission or documentation regarding any guarantees surrounding the build. Presenting and preparing these documents in advance can help to reduce the number of enquiries we will receive from the buyer’s solicitor, therefore speeding up the sale.

To make your life easier, we recommend all owners/individuals who are knowledgeable about the property fill this document in together. If you are unsure of any of the questions, talk to a member of your New Instructions Team.

Why Do We Need the TA6?

The TA6 Form is included as part of the contract pack which is sent to the buyer’s solicitors. They use the information within the form to raise any enquiries that they may have about the property. Therefore, it is important to complete the form as accurately as possible and to include any documents that would be relevant to your property as doing so reduces the number of enquiries that are raised.

You can download a sample TA6 here.

Fixtures and Fittings Form (TA10)

What is a TA10?

The Fixtures and Fittings form allows you to formally allocate and denote which items in the property will and will not be included as part of the sale. This can include basic fittings such as the boiler and radiator, through to doorbells and lampshades.

Each room of your property is covered in the form separately. We will ask if the items are fitted or free standing. You will then be asked if each item is included or not included in the sale of your property.

You can download a sample TA10 here.

Why do we need a TA10?

To give the buyer of your property clarity about what is being left and what is being taken; as well as if any items are for sale. This is a great way to ensure both you and the buyer are happy with what is being included within the agreed sale price.

 

Memorandum of Sale

What is a Memorandum of Sale?

The Memorandum of Sale confirms the basic details about the property you are selling. We will request this from your Estate Agent. The document is completed by the estate agent and notifies us of:

  • The address of the property that you are selling
  • The purchase price that you have agreed with the buyer
  • The buyer’s name(s) and current address
  • The buyer’s solicitor’s name(s), address and contact details
  • Any other terms that you may have agreed with the buyer’s

Why do we need a Memorandum of Sale?

The Memorandum of Sale allows Lyons Bowe to send the Draft Contract Pack to the buyer’s solicitor. It also allows us to check that the contents of the Contract Pack match the terms that you have agreed with your buyer. For this reason, we cannot proceed to the next stages of your sale without the Memorandum of Sale.

That’s everything you need to know about your Welcome Pack! The Welcome Pack is the most intense and work heavy stage for you as our client. From here, your lawyers and teams will do the majority of the work. Next, we will explain the Draft Contract Pack, what it means, why we send it and what happens next.