Selling a property explained

There are different legal aspects that should be considered when selling a property. The most important ones are:

• The property selling process
• Exchanging contracts
• Completion

What is the process of selling a property?

Exchange of contracts

To provide security for the sale, and so that your moving arrangements can start to be organised – a contract is agreed. This exchange of contract is done formally through a telephone conversation between solicitors. It defines price, date and the machinery of completion. Note the following:

• Until the exchange of contracts, either party is free to withdraw from the transaction without penalty.
• The buyer will have to pay part of the purchase price to their solicitor as a deposit to be held on your behalf. This can be forfeited, if the buyer fails to complete the contract.
• Do not cancel your insurance cover until one of our solicitors advises you to do so.

Completion date

The day on which you are paid the money and hand over the keys is called the completion date. Note the following:

• You must have emptied the property by that time, unless it has been agreed otherwise in writing between solicitors.
• You must leave anything that the buyer has agreed to purchase.

How can we help?

We can assist you throughout the process of selling a property.

However, our services go even further. We can advise you on legal considerations when selling a property:

The time of selling a house is probably the time to re-consider your will and inheritance tax issues generally. We have a dedicated team who can advise you on these matters and this could save you problems later on.

Furthermore, we can advise you on capital Gains tax :

If your property has risen in value, you may have to pay Capital Gains Tax on the difference between what you receive for the property and what the property cost to acquire, improve and sell, after allowing for inflation.

Costs of legal advice

At Slater and Gordon, we want to avoid hidden fees and unexpected costs. That's why we will provide you with a fixed quote before starting our services. That way, you know exactly what you'll be paying and what services you'll receive. Our fees don't change unless your instructions do.

Contact us now on freephone 0161 830 9632.