Selling your property is a momentous occasion for anyone. Do everything correctly is important.
There is certain documentation that proves a property sale has taken place.
It’s important to know what this is.
So, what should you receive as proof of sale of property? Read on to find out.
What should you receive as proof of sale of property?
Property title deeds are the documentation to verify who owns a property or land in the UK.
HM Land Registry stores all title deeds digitally. So, if you want to confirm that a property has been sold (and is therefore owned by someone else) then these deeds will enable you to do so.
When you buy a house, your solicitor should complete the registration of the title deeds with HM Land Registry.
They (your solicitor) should then send a copy to you and your mortgage lender, if applicable. This is to confirm the title to the property is now in someone else’s name.
What does a solicitor do once they have sent on title deeds?
Once you sell a property, your solicitor should receive the funds from the buyer’s solicitors. This is used for any outstanding fees, such as estate agent costs or their own legal costs.
They will then transfer the remaining balance to you – and will sometimes provide paperwork confirming that this transfer has been completed.
If you are in a property chain and are using the same solicitor to purchase a new property, they may not transfer the sale funds to you. This is because they will need to be used for the process of buying your next house.
Can you pull out of a house sale after exchange?
Whilst you can pull out of a house sale before an exchange, you cannot pull out after an exchange.
Once you have exchanged contracts and the buyer has put down a deposit, you have a legal obligation to follow through with the sale.
If you decide not to continue, the buyer can sue you.
In this case, the buyer will get their deposit back, often along with any other costs that they took on throughout the sales process. You may have to pay their legal fees in this situation, too.
Keep in mind that the amount you are sued for may increase if you do not have a legitimate reason for pulling out of the sale.
What happens once an offer is accepted?
Once you have accepted an offer on your property, it is usually followed by the same seven steps. These are as follows:
- Take your property off the market
- Appoint solicitors (and make sure your buyer does too)
- Crack on with your mortgage application
- Appoint a surveyor
- Exchange contracts
- Book your removals early
- Complete on your house sale
Some of these steps take longer than others. Taking your property off the market, for example, is simple and quick.
By contrast, finding a specific date to hire a removal company can be challenging if you are operating within a chain.
The quicker you can complete these steps, the less time it will take for you to move house.
What fees do I pay when I sell my house?
The main fees you will have to pay when selling your house include:
- Mortgage fees
- Estate agent fees
- Solicitors fees
You may also have to pay mortgage withdrawal charges, costs for home improvements, and extra charges from your estate agent.
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No matter where you’re located or the condition of your house, we’re interested. Countless people have benefited from our team’s expertise in facilitating quick and hassle-free house sales.
Click on this link if you want to read more about which documents you need to make a house sale in the UK.
Fill in our enquiry form below if you are interested in getting a cash offer for your house.
