06 January, 2009

Kingfields Solicitors

 

 

The process for a sale transaction is listed below.

You as the SELLER
These Procedure overviews show you the process and order in which your transaction flows. It’s a quick reference for you to see where your case is at, and what is needed before it moves onto the next stage. If you want to find out more details about each stage, you can log on to our website using your user name and password.  
  1. These steps are typical of the average sale transaction but often chronology can change. We will advise you if and how this might happen on your transaction.
  2. When the provisions of the Housing Act 2004 are brought into effect relating to Home Information Packs (HIPS) it will not be possible for a property to be marketed unless the seller has made available for prospective buyers a HIPS. This must contain certain specified documents including details of your title to the property, the SIF and F&F forms (or equivalent forms) and pre-contract searches. Please click on the HIP Solutions page for further information. This mean that some of the steps in Phases I, II, III will change.
 
  Phase I - Instructions to Act for You
 Step 1    Step 4
KINGFIELDS receives instructions from you and or
your Agent and sends you:
  1. Instruction Form
  2. Client Care Letter / Terms and Conditions
  3. Verification of Identity Form
   KINGFIELDS asks you to complete:
  1. Propety Information Forms (SIF)
  2. Fixture & Fittings Forms (F&F)
  3. Other forms if the property is leasehold
 Step 2    Step 5
You need to
  1. Complete and return the Instruction Form
  2. Provide us with the due diligence documents
  3. Put us in funds for the On-Account payment of £250.00 in order for us to obtain the leasehold information from the managing agents
  4. Provide us with your mortgage account details so that we can request your property deeds from your Lender
   KINGFIELDS sends draft contract and supporting papers to Buyer’s Conveyancer.
 Step 3    
KINGFIELDS will request your Deeds from
your lender and obtain an up-to-date copy of
the property register from the land registry. 
In order to avoid any delays we will at this stage
forward property plans to the buyer’s solicitors so
that they can submit their local searches whilst we
await your deeds from your lender.		    
 
  Phase II
 Step 6    Step 7
KINGFIELDS, liasing with you:
  1. Answers queries raised by Buyer’s Conveyancer
  2. Agrees contract terms and transfer deed
   KINGFIELDS obtains the Leasehold Management Information from the Managing Agents and pays their fees (only applicable if property is leasehold)
 
  Phase III - Exchange of Contracts
 Step 8    Step 10
KINGFIELDS, after consulting with you, will
agree a completion date with the Buyer via
his/her Conveyancer, (ensuring it ties in with
your purchase date)		   KINGFIELDS, liasing with you, obtains the amount to repay your existing
mortgage(s) and calculates the net amount due to you from the sale.
 Step 9    
6. KINGFIELDS gets you to sign the contract and transfer documents in readiness for
Exchange of Contracts.		    
 
  Phase IV - Completion
 Step 11    Step 12
After KINGFIELDS has completed the Exchange
of Contracts, it will ensure that all final procedures
and arrangements for completion are dealt with
satisfactorily		   KINGFIELDS liaises with you as to delivery of keys and giving possession on Completion.
 
  Phase V - Post Completion
 Step 13    
KINGFIELDS having dealt with the completion of the sale will:
  1. Pay off the existing mortgage(s)
  2. Pay outstanding rent and service charges, if any
  3. Pay legal and estate agents fees
  4. Account to you for the net balance due to you.