How does the selling process work?

1. The first thing to do once you have decided that you wish to sell your property is to contact your estate agent.
2. Once you've spoken to our estate agency department, they will then be in a position to advise on the marketing strategy for the property, i.e. media exposure, internet exposure, etc.   At this point, we would normally offer you a free market appraisal.   We will then guide you on a sale price and which moveables are to be included in the price.   Normally marketing would commence at offers over a certain figure although if you require a quick sale, it is not unusual to market the property at a fixed price although, in practice, this only occurs once the property has been marketed unsuccessfully at an offers over figure first.   Current market conditions and prices obtained for similar properties should be taken into consideration and, where a mortgage is in place, an approximate redemption statement for any borrowings secured over the property should be obtained to ensure that any sale price covers this.   Sales Particulars will then be prepared for your approval before being circulated as part of the marketing of the property.   Prior to this stage, we will have given you an indication of the commission payable to them and the other outlays payable.   The Estate Agent will then carry out the marketing of the property.
3. From 1st December 2008, all properties new to the market must have a Home Report displayed at point of marketing.   Again, we will co-ordinate this for you.
4. Once a sufficient number of parties have noted an interest our Estate Agents may well set a closing date.   You are, of course, entitled to accept an offer at any time if this is acceptable to you although it is usually more advantageous to set a closing date when there is more than one party interested in order to achieve the best possible price.   At the closing date you are not obliged to accept the highest or any offer although if you do accept an offer at a closing date and a subsequent higher offer is received after the closing date, your solicitor is not permitted to continue to act for you if you wish to accept the later higher offer.
5. Once an offer has been accepted, our estate agents will pass the successful offer to your solicitor, who will issue a Qualified Acceptance together with a package of papers relating to the property.   This package will normally include the property titles, planning papers, any specialist guarantees and property enquiry reports.   The purchasing solicitor would then have a number of working days to check through these papers and raise further queries as appropriate.   Please note that at this stage there is no legally binding contract in place between the seller and the purchaser and it is open to either party to withdraw from discussions at any point.
   
   It must be emphasised that this is a reasonably rare occurrence.   Following on the purchasing solicitor carrying out an examination of the titles and other papers, quite often he or she will revert to your solicitor with a further contractual letter containing further qualifications and if these terms are acceptable to you, then your solicitor will issue a final formal letter thereby Concluding the Contract.
   
   It is at this stage that both parties are bound by the terms of the contract constituted by the Offer, the Qualified Acceptance and the subsequent formal letter.
   
6. Between the conclusion of the contract and the Settlement Date, your solicitor will complete all necessary conveyancing formalities including, if appropriate, obtaining a final redemption figure from your mortgage provider and dealing with all title and other observations raised by the purchaser’s solicitor.
   
7. In anticipation of settlement your solicitor will issue you with a State for Settlement.   This will disclose the purchase price and, if appropriate, the redemption figure required to redeem the mortgage.   It will also disclose the fees and outlays payable and show the balance payable to you after settlement.
   
8. At the Settlement Date, the purchase price (less the Deposit if it has already been paid) will be paid over to your solicitor by the purchaser’s solicitor.   In exchange, your solicitor will hand over the Disposition (the property transfer document) and all relative prior property titles, planning papers, specialist treatment papers and property enquiry reports.   Assuming funds are in the hands of your solicitor within banking hours on the Settlement Date, keys for the property will be released by the Estate Agent or you at the property.
   
9. Your solicitor will then arrange for the mortgage, if any, to be repaid and the security discharged.   At this stage, normally the buildings and contents insurance will cease if tied in with the mortgage and, if not, then you should arrange for this to be discontinued as from the Settlement Date. Your solicitor will normally also intimate the change of ownership to the relevant local authority department and you will need to take meter readings for the electricity and gas, etc. before leaving the property.
   
10. Once all the fees and outlays, including the Estate Agent’s fees, have been paid, (Stamp Duty is not payable by you) the balance of the funds will be paid to you in terms of your instructions. As the price is normally paid by way of solicitors cheque, a direct bank transfer can normally only be issued three clear working days after the price is paid.   A cheque can however be given to a seller immediately after settlement.
    
11. The purchasers may, in terms of the contract, have a certain period of working days in order to inspect and test, for example, the central heating system and if this is not functioning they may intimate a claim in this regard in terms of the contract.   You would normally have the opportunity to have the system inspected yourself before agreeing to meet the costs of any claim.
    
12. Assuming no such claims are intimated and there are no other post settlement queries the transaction is complete and your time in the property just a happy memory!