Next Home will deal with the marketing of the property which will include dealing with closing dates and having subject to survey clauses removed from any offers following surveys being carried out. The offer is then forwarded to a Solicitor to deal with the legal side of the sale.
The most important issue in relation to the sale of a property is for the missives to be concluded as soon as possible. The missives is the term used for the offer, the qualified acceptance to that offer sent by the solicitors on behalf of the seller to the purchasers agents and any other formal letters that may follow. These missives form the basis of the contract to sell/purchase the property. Prior to the missives being concluded either parties can walk away from the sale/purchase without there being any financial liability to the other party. You may therefore believe that your house is “sold” but until the missives are concluded the purchaser can change their mind and pull out of the purchase and the seller is not in a position to claim any losses or expenses as a result. Once the missives are concluded however there is a binding contract for the purchasers to purchase the property, and for the sellers to sell the property to that purchaser. If either party breaches that contract then there are financial consequences which can be quite severe. From a sellers point of view it is therefore important to get the missives concluded thereby tying the purchaser into the purchase of the property, as soon as possible.
On selling the property the purchasers are entitled to have various queries they may have in relation to the property answered. If the property has been altered, the purchasers are entitled to receive all the alterations documentation that may have been required to cover alterations including the Building Warrant, Building Warrant Plans and Completion Certificate. If alterations were carried out to the property without the necessary planning permission in place then the purchasers may seek a Letter of Comfort from the Council which in essence means that the Council visit the property and note all alterations carried out to it. If the alterations have been carried out to Council and planning regulation standards then the Council will issue a letter confirming that although the necessary documentation dealing with planning permissions were not obtained at the time of the alterations the council will not make any issue in relation to the lack of this documentation. This is known as a Letter of Comfort.
The purchasers also obtain, at the sellers expense, a Property Enquiry Certificate and a Personal Search. A Property Enquiry Certificate is obtained from either the Council, or property searchers and confirms numerous matters including whether or not the property is connected to public water, public drainage and public roads or if any of these are private. It indicates if the property is a listed building or in a conservation area and also if any planning permission has been sought from the council in relation to alterations. It also details if any statutory notices are over the property. A statutory notice is put on by the local council should a building be in need of repair. They are most common in flatted tenements and if a statutory notice is over the property it remains the sellers responsibility to pay for that statutory notice irrespective of the sale.
A personal search is also required to be carried out. A personal search is carried out over the individuals involved in the sale/purchase. This confirms to the parties that the sellers and purchasers have a right to sell/purchaser the property and there is nothing preventing them doing this on their own behalf. If a seller has for example entered into a Trust Deed or been made bankrupt then the seller does not have the right to sell their property without the agreement of the Trustee.
Once all the necessary documentation is with the purchasers and missives are concluded, on the date of settlement i.e. the date of entry the purchasers solicitors pays the purchase price to the sellers solicitors and in turn keys to the property are delivered to the purchasers agents.