Your Guide to
Selling a Property

Your Guide to
Selling a Property

Your Guide to
Selling a Property

Who is
Involved?

AT A GLANCE

You

Lyons Bowe

Estate Agent

Buyer's Solicitors

Your
Role

Throughout the process of buying a property, you will need to:

  • Complete, sign, and return all of the legal documents required. These documents will make up the Contract Pack that will be sent to the buyer’s solicitor.
  • Make the initial payment on account that covers the initial disbursements
  • Submit your ID documents for verification
  • Pay any due Capital Gains Tax once the sale is complete

Lyons
Bowe

You will need to instruct a solicitor when your offer on a property is accepted. Your solicitor will be responsible for:

  • Providing you with the legal documents and forms that you are required to complete, sign, and return to us
  • Source the relevant documentation to form the Draft Contract Pack
  • Collaborate with the buyer’s solicitors to respond to any enquiries that they may have
  • Dealing with the formalities of exchanging contracts on your behalf
  • Submitting the Stamp Duty Land Tax form on time
  • Submitting an AP1 form to the Land Registry to confirm change of ownership

Estate
Agent

Your estate agent will:

  • Help you to list and market your property on property sites such as Zoopla and Rightmove
  • Manage the negotiations of property offers
  • Manage any issues or hiccups up and down the chain
  • Agree a completion date with you and other parties in the chain
  • Communicate with all parties in the chain to ensure a smooth transaction
  • Help to agree to a completion date

Buyer's
Solicitors

You can find out more about what the buyer’s solicitor does in our Guide to Buying a Property.

New
Instructions

AT A GLANCE

Your Welcome Pack

Your Welcome
Pack

Your New Instructions Team are the first team you will work with when you instruct us. First, they will provide you with a Welcome Pack which includes all of the documentation you need to complete, as well as information you need to know. This Welcome Pack will usually include:

New Client Form

The New Client Form gives us all the information we need to set up your file with us. This form needs to be completed by all buyers and will be used to complete your Anti Money Laundering checks and Source of Funds checks.

Terms of Business

The Terms of Business is an agreement between you and Lyons Bowe that explains the service you will receive from us, and what we will need from you throughout your purchase. This also needs to be signed by all buyers.

ID Verification Instructions

ID Verification is a legal requirement, however please don’t hesitate to get in touch with your New Instructions Team should you have any questions. Make sure all buyers have two forms of ID ready to go such as a driving license or passport. Your Welcome Pack will include a list of approved forms of ID.

Payment on Account Instructions

Your payment on account covers the third party costs or ‘disbursements’ that we will incur on your behalf at the new instructions stage of your purchase, such as ordering your processing your anti money laundering and ID checks. We can’t proceed to the next steps of your purchase without having received this payment first. Luckily, it couldn’t be easier! You can make your payment on account in our app, or by calling your local office.

The Lyons Bowe Abortive Pledge

Your payment on account will also cover our Abortive Pledge, which covers you should your sale fall through due to no fault of your own. Should the buyer pull out, you will not be charged for any of our legal fees, only the disbursements incurred up to that point.

Our Abortive Pledge is included in your payment on account. 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. Please note however, that if you opt out of the Abortive Pledge and your purchase falls through for any reason, you will be charged for the legal fees as well as the disbursements incurred up to that point.

 

Authority to Speak to Lenders Form

In order 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. To complete this document we need:

  • The owners name(s)
  • The property address
  • The Lender’s details
  • Account number
  • Names as they appear on the accounts

TA6 Form

The TA6 Form (also known as the Property Information Form) contains vital information about the property you’re selling. The form will ask for a variety of detailed questions and must be answered as truthfully as possible and to the best of your knowledge. It’ll cover everything from boundary lines and flooding, through to how many doorbells there are on the property. It can take a while to fill in but luckily with Lyons Bowe, you’re able to complete your TA6 digitally!

The buyer’s solicitor will refer to this form heavily when they raise enquiries about the property which is why it’s so important to complete the form as accurately as possible. It can help to speed up your sale if you include any certificates or warranties for the property or its contents (for example boilers, conservatories) as the buyer’s solicitor is likely to ask for them in the enquiries.

TA10 Form

The TA10 Form (also known as the Fixtures and Fittings form) allows you to stipulate anything that will be included as part of the sale such as washing machines, wardrobes, burglar alarms, or even radiators.

The form will be structured by room, so it can be helpful to fill in each section of the form whilst standing in the room.

Exchange &
Completion

AT A GLANCE

Exchange & Completion

Signing Contracts

Exchange

Completion

Property Registration

Exchange &
Completion

All the leg work is done, and we’re now ready to begin the process of Exchange & Completion! Your file has been allocated to your Exchange & Completion Team who will support you through the final stages of selling your property. This is the most exciting part of selling a property, but it’s also one of the most important so we’ve laid out what everyone needs to do below.

The documents that need to be signed are called the Contract and Transfer. Unlike the rest of the process, you will need to sign these documents in wet, black ink.

EXCHANGE

Exchange is the point at which all parties become legally bound to the completion of the property.

COMPLETION

Completion is the point at which legal ownership of the property is transferred. There will typically be a 1-2 week period between exchange and completion to allow you time to move out of the property, however this isn’t always the case.

SIGNING
CONTRACTS

We will send the Contract and Transfer to you via post, or you can arrange to sign the documents in one of our offices. These are the final Contracts for the sale of your property. Signing these Contracts alone does not make the transaction legally binding, the point at which the Contracts are exchanged makes the transaction legally binding.

We cannot exchange Contracts without all parties of the purchase signing them first.

EXCHANGE

This is the exciting bit! This is the point at which all parties become legally bound to the transaction of the property. It is safe to start packing boxes – moving day is just around the corner!

We’d highly recommend using the time between Exchange and Completion to get a head start on some moving admin like start moving bills over, and updating your address with your bank and other companies.

Completion

Completion is an exciting day for everyone involved! Once we have received the purchase monies from the buyer’s solicitor, your Exchange & Completion team will ‘redeem’ or ‘pay off’ the mortgage on the property you are selling and our fees.

If you are owed any money from your completion statement, your team will also pay this back to you after completion. Alternatively, if you are also purchasing a property with us, we will transfer the money owed to your purchase file.

It is the buyer’s solicitor’s responsibility to update the property register at HM Land Registry.

Congratulations! You have completed on your sale! You have officially sold your property!

Property
Registration

Now that completion has taken place, the buyer’s solicitors will get started on registering the new ownership status of the property with HM Land Registry. This can take anywhere between 6-12 months.