Simple Question regarding buying / selling

CheckDigit

Hello,

I have some basic questions that I hope somebody can help me with.
We would like to sell our flat and buy a bigger house. We put our flat on sale via an estate agent and recently got an offer which we accepted. We have yet to find a house to move into, though the sellers are relaxed about this and have stated that they are not in any rush to move in. However, the estate agent has asked us to decide on a solicitor to "instruct the property". What does this mean? I always thought that it was the buyer who needed a solicitor and not the seller. Also, once I use a solicitor does that mean that it is now a done deal? What happens if I change my mind (I have no intention to, but unexpected things can happen)? Am I obliged to sell? Do I have to use the same solicitor for buying my new home? Apologies for the questions but it is all rather confusing and I haven't sold a property before.
Thanks

eddddy

Almost everyone uses a solicitor (or conveyancer) to sell their home.

And since you seem a bit uncertain about the process, perhaps you should definitely use a solicitor.

It is usual (and much more efficient, and probably cheaper) to use the same solicitor for selling your flat and buying your new house.

You should get some quotes from a few solicitors - perhaps from solicitors recommended by family and friends etc.


You only become committed to selling when you exchange contracts (which is probably 2 or 3 months away). You can change your mind anytime before then.

But if you back out, you're likely to still have some solicitor's fees etc to pay.

RelievedSheff

You need a solicitor to sell your existing property and buy your next one. This us usually the same solicitor.

Rainyday81

Of course you will need a solicitor. One that deals with conveyancing. Unless of course you wish to do it DIY and wouldn't suggest that to anyone who is inexperienced.
It's not like buying something from a shop. Contracts need to be drawn up, land registry records need to be inspected, searches need to be done and queries need to be answered. And most importantly money needs to change hands safely and legally.

AnotherJoe

CheckDigit wrote: »

We would like to sell our flat and buy a bigger house. We put our flat on sale via an estate agent and recently got an offer which we accepted. We have yet to find a house to move into, though the sellers are relaxed about this and have stated that they are not in any rush to move in.

That will probably change.

CheckDigit wrote: »

Hello,
However, the estate agent has asked us to decide on a solicitor to "instruct the property". What does this mean? I always thought that it was the buyer who needed a solicitor and not the seller.

Both parties need a solicitor. There are books and guides, you need to be reading up.

CheckDigit wrote: »

Also, once I use a solicitor does that mean that it is now a done deal? What happens if I change my mind (I have no intention to, but unexpected things can happen)? Am I obliged to sell? s

No. You can change your mind up until contracts have been exchanged. In that order. (actually you can change after but then all the money you have will be forcibly removed from you so thats not a good idea.

CheckDigit wrote: »

Do I have to use the same solicitor for buying my new home?

No but it would be highly advisable. Cheaper, easier, smoother. Find a book on the subject.

Rainyday81

Oh and try and find a solicitor sooner rather than later. The EA cannot send a memorandum of sale until you provide them these details. You can start the ball rolling with your sale such as filling in property information forms and contents and fittings etc, once the chain is complete or you have found a house to buy, then you can instruct them to start the searches etc on the house you're buying.

It can be a long and stressful process and I would highly recommend that you look for the best. Do your research.

G_M

Free from your local library.You need one of these.This is a multi-hundred-thousand pound transaction - you need to understand it.


https://www.amazon.co.uk/Buy-Sell-Move-House-Navigating/dp/1844901424

Tom99

Email 4 or 5 local solicitors for a fee quote to act on your sell and buy. You will need to estimate the numbers for your purchase and say whether you will need a mortgage and if it is freehold or leasehold.
Once you have appointed a solicitor you can always advise them to go slow on the sale until you have a purchase lined up but as said don't expect your buyer to be relaxed about the timescale for very long.

Davesnave

When I saw the word 'simple' in the title I thought, " Ah, here's someone who's either new to this or who's led a charmed life!"

OP, it will probably go well for you, but in case it doesn't, you really need to understand the processes in buying and selling property. The ramifications of getting something wrong can be huge, so it's worth being prepared and knowing a little about potential pitfalls.

Every week the majority of house-owners who come here have a problem that's cropped-up either during a transaction or after the deed is done, so we hear fewer positive stories and almost none of those which just go through with minimal problems.

For that reason, browsing these pages might easily lead to a jaundiced view, but it's well worth doing it just to see what sort of complications may arise. And yes, get a book.

CheckDigit

Thank you all for the advice. I have bought a book ("Buying and Selling a Home for dummies") which has been helpful. I have also contacted a number of solicitors and intend to use one of them based on their quote and feedback.
A few more questions: a) If the sale falls through (after I have instructed my solicitor) then do I still need to pay the solicitors the full amount? I ask because in principle the buyers might pull out before exchanging contracts.
b) As I am intending to buy and sell at the same time, am I right in saying that I would only sign the final contracts for both the sale and purchase at the same time?
Thanks again.

Slithery

CheckDigit wrote: »

a) If the sale falls through (after I have instructed my solicitor) then do I still need to pay the solicitors the full amount? I ask because in principle the buyers might pull out before exchanging contracts.

That depends on the contract you have with your solicitor. A cheap conveyancing factory may well charge you the full amount for an aborted transaction, whereas a decent local firm may well only charge you a small amount if you continue to use them when you find a new buyer.

b) As I am intending to buy and sell at the same time, am I right in saying that I would only sign the final contracts for both the sale and purchase at the same time?

You have the correct idea, but that's not what actually happens...

The contracts are only binding when the solicitors actually exchange them, but you will have signed them and given them back to the solicitor at some point prior to that in preparation. It may end up that you physically sign the contracts for your sale and purchase at different times, but you are correct in saying that they should both be exchanged simultaneously by your solicitor.


TLDR - It's not the signing that matters, it's the exchange.