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As anyone who has moved house will agree – it’s not easy and it can be a very stressful process.
Being Contract Ready will help the sale of your home to run smoothly. With increased transparency early in the process, it will help to reduce the risk of sales falling through and speed up the time between an offer being accepted and the exchange of contracts.
One of the most stressful times for the seller in the process is when an agreed sale does not proceed. In this event costs will have been incurred and time wasted. Usually what leads to this happening is information becoming available to the buyer that was unknown prior to the sale being agreed.
Being Contract Ready is having the legal property documents required for a house sale ready in advance of marketing the property and agreeing the sale.
Legal documents are usually collated after a sale has been agreed, however in being Contract Ready the legal documents are prepared and collated prior to marketing your home in order to help speed up the sale. This helps to make it more transparent to both sides and allows the seller to share all the information prospective buyers will need.
The benefits of being Contract Ready for marketing your home are:
Once instructed your conveyancer will collate the relevant legal documents and provide this to you as a PDF and a bound hard copy. You can then share the PDF with agents and potential buyers when you market your property. The process is transparent for everyone.
When you agree a sale, you are at liberty to either instruct us to carry out the conveyancing or another firm of your choosing. Our fees will reflect the work already done on your behalf for the sale to proceed. Once you accept an offer, you should see the time from acceptance of offer to exchange of contracts vastly reduced.
The Contract Ready document contains (where applicable):
These are not carried out prior to a sale being agreed because buyers, their solicitors and mortgage lenders each have different requirements
for searches and as a general rule the search results may be relied upon for a maximum of six months with lenders often requiring search results to be dated within six months of the completion date.
It is the responsibility of the buyer to discover any physical defects a property may have prior to the exchange of contracts not the seller. Once the exchange has taken place, the buyer does not have the right to withdraw from the purchase on the grounds of a physical defect.
The standard Contract Ready service does not include the investigation of any conveyancing defects such as irregularity of legal title or lack of documentation for building works and there may be higher costs payable if your property has numerous, more complex or unregistered titles.
The Stamp Duty Land Tax (SDLT) holiday for residential property purchases up to £250,000 and nil rate threshold for first time buyers relief for property purchases up to £425,000 will end on 31 March 2025. From April, standard SDLT rates will apply to all residential purchases. We recommend that all clients, purchasing residential property in England and Wales, budget for paying SDLT in the event that a purchase does not complete on or before 31 March 2025. There are many reasons why transactions may be unable to complete before these dates and we cannot accept responsibility for any SDLT due in respect of your property purchase, where the purchase completes after these dates.
For further information on our Contract Ready service and how we can help you, please complete the ‘Contact Us’ form on this page or contact our Residential Property team today on 01733 882800 or email us [email protected].
Associate - Team Leader Residential Property
Partner - Residential Property
Solicitor
Associate
Solicitor
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