There are a number of legislative changes that come into force from August 1st 2007 which affect the home selling process. Rightmove is currently in the process of comprehensively updating our website information to ensure our content is as accurate as possible. Please come back soon to see our brand new Selling Guide.
This is the moment you've been waiting for. This is when you receive payment from the buyer. Below is a quick rundown of the final steps involved in the process.
Receiving payment
Once contracts are exchanged, the sale of your property is legally binding. No backing out now. At this stage, the money starts moving in your direction, but it isn't quite as simple as accepting a big cheque. You have to stay in close touch with your conveyancer to track your funds.
- You receive buyer's deposit (if there is one), when you exchange contracts.
- Your conveyancer finds out how much you still owe on your current mortgage (if any).
- Your conveyancer approves the transfer deed - which formally transfers ownership of the property to the buyer - and arranges for you to sign it.
- The buyer's mortgage company will send the balance of the purchase fund to your conveyancer.
- Your conveyancer will send the transfer deed to the buyer's conveyancer.
- Your conveyancer will take his fee and expenses out of the funds you have received.
- Your conveyancer will clear the balance of your mortgage. For example, if you still owed £30,000 on your mortgage, he would pay that off from the funds sent by the buyer.
- Your conveyancer will send the remainder of the money to you.
- Open the champagne, you have finally succeeded in selling your home!
Countdown checklist
There are so many things to think about, that it is helpful to have a quick checklist handy to know you've done it all.
One month before move
- Arrange for your post to be redirected to new address.
- Get quotes from removal/van hire companies. Refer to the British Association of Removers for more information on removal companies.
- Arrange for meter readings (electricity, gas) and disconnection of services.
- Arrange for phone service to end on moving day.
- Arrange for council to dispose of any large items that need to be thrown out before move.
- Start working through Contacts checklist to let them know your new address.
One week before move
- Confirm date and time with removal company.
- Start packing everything that is not essential everyday.
- Write out instructions for any appliances you are leaving behind.
- Settle any local bills (newspaper delivery, etc).
- Plan process for moving your pets (i.e. fish can be challenging).
Last day before move
- Make sure all your essentials are packed in one place.
- Put all your valuables and documents in a safe place (you may consider moving them yourself).
- Put down dust covers or plastic sheets to protect carpets.
- Insure all meters have been read, and services will be disconnected.
- Go through every room, closet and cabinet to make sure you have not left anything behind.