The majority of people put their property on the market with an estate agent. When choosing an estate agent you will need to consider not only the reputation and strength of the estate agent in the local market but also what their charges and the terms of the contract you will be required to sign.
You need to have an energy performance certificate (EPC) within 28 days of putting your house on the market. If you use an Estate Agent they may be able to arrange this on your behalf or tell you where to obtain one from. If not then please do contact us for further advice.
Once you have instructed us we will need to prepare a contract. To enable us to do this we will need:
When the contract papers have been sent to the Buyer’s Lawyers they will need to carry out searches on the property which depending on the search involved may take approximately 1-2 weeks to obtain.
The Buyer’s Lawyer will usually ask us to answer various questions raised by them relating to the property. We will speak with you about any replies given.
The Buyer will also at this time be ensuring that the finance is available to buy the property and also instruct a surveyor to carry out an inspection of your property on their behalf.
Subject to everything being in order we will ask you to sign a contract and when the Buyer has signed an identical contract these will be exchanged which is when legally binding contract for you to sell and the Buyer to buy the property is made on the terms agreed. At this stage a completion date will be agreed which is the date that you will have to leave the property.
Completion will only formally take place when the sale proceeds have been received by the Seller’s Lawyers on the Completion Day. At this point the property belongs to the Buyer and the Title Deeds to the property will be passed over and any mortgage repaid out of the monies received, along with the estate agent’s fees.
The balance of the money will be sent to you unless this is being used to buy another property.
Selling a Leasehold Property
It is a standard requirement for a ‘leasehold package’ to be issued by your freeholder (or their managing agent) detailing the current level of service charge and / or ground rent payable together with copy service charge accounts for the last three years and a current statement confirming whether there are any arrears due. This pack can cost in the region of £250 and it is usual for the seller to fund this. Once we are in receipt of your written authority to act on your behalf we will make enquiries with the freeholder’s agents as to the exact cost for your property and advise accordingly.
Please note that, if there are any arrears due to the freeholder, we will be asked to settle these from your balance sale proceeds upon completion.
If however, you have paid your service charge and ground rent in advance up to a date beyond completion of your sale, the purchasers will be required to reimburse you. These amounts are known as apportionments and will be reflected in our final completion statement.