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• A guide to selling your property in insolvency situations

Initial Instructions

• Let us know as soon as you are thinking of selling your property, as we will need to prepare the contract pack

• If we are not instructed to supply your Home Information Pack (HIP) we will need details of the HIP link or a copy of the pack as soon as possible.

• We will need details of all loans and mortgages secured against the property

• Let us know immediately if you are in arrears with your mortgage or if legal proceedings have been threatened or commenced. The sooner we have the details the better we will be able to assist.

Sale Agreed

• The agent will send us a memorandum of sale once the sale is agreed giving details of all parties to the transaction

• We will send the contract pack to the Buyer's solicitor

Pre-exchange

• We will request settlement figures from your lender. We will contact the Office of Official Receivers and/or any Trustees in Bankruptcy to obtain information if necessary regarding any restrictions, cautions or charges registered against the property.

• We will deal with any queries raised by the Buyer's Solicitor and send you copies

• The contract will be sent to you for signature as soon as it is approved by the Buyer's solicitors.

Exchange of Contracts

• The contract is not binding until after exchange

• Contracts can only be exchanged when EVERYONE in the chain is ready

• The completion date must be agreed by all parties

Completion

• The Buyer's Solicitor will send the monies to us by telegraphic transfer on the day of completion

• Completion takes place when monies are received by us

• You must ensure that the property is empty on completion
• We will redeem all loans secured against the property and deal with any monies due to trustees in Bankruptcy.

• The keys will released to the Buyer once the monies are received

Exchange-ready Contract Pack

Whilst the Home Information Pack (HIP) is intended to speed up the conveyancing process, the contents of the standard pack are limited and will need to be reviewed to ensure that potential problems are remedied before agreeing to the sale.

By instructing us early we will work with you to collate all necessary documentation and information, so that once you agree a sale everything will be ready to send to your Buyer's Solicitor with the result that you could move weeks sooner!