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Questions and Answers

Below is a list of questions and answers I have devised that may be helpful if you are considering selling a home. If there is anything I haven’t covered please feel free to ask.

Q

I want to sell a property. What do I do first?

A

Contact me and arrange for a professional valuation. I will be happy to discuss the current local market and answer any questions you might have.

Q

How much will it cost to sell my property?

A

Aside from removal costs once your property has been sold, there are three main costs involved in selling your property:

Agent Fees

I charge 1.2% Inc VAT for my complete service. Alternatively, should you prefer to handle part of the process independently, I charge 0.3% Inc VAT for each of the following services:

  • Listing the property
  • Conducting viewings and finding a suitable buyer
  • Negotiating the price
  • Overseeing the conveyancing process through to a successful exchange of contacts


Q

What is Conveyancing?

A

Conveyancing’ means the legal transfer of your property to the buyer, and you will need to employ a solicitor to make this happen. Prices will vary depending on your circumstances. Do ask if you require a local recommendation.

Q

What are energy Performance Certificate (EPC), floor plans and photos?

A

You are legally required to provide an EPC when you market your property for sale. This outlines the energy efficiency rating of your property. I can arrange this for you, as well as floor plans and professional photos of your property. These are payable upfront since they then belong to you and are yours to keep should you wish to bring on other agents or re-market at a later date. Should you see the sale thorough to completion with me, I will deduct these costs from the sales fee.

Q

Do I need to conduct viewings?

A

I will accompany all viewings. You can decide whether you would like to be present or not.

Q

How long will it take to complete my sale?

A

Every sale is different. Both your position and the buyer’s position needs to be taken into account before this question can be answered accurately. If your home has been realistically valued, you should expect to receive offers within the first four to six weeks. Then, assuming your buyer has to apply for their mortgage, the exchange of contracts normally takes between 4 and 6 weeks and then completion is between 2 and 4 weeks later. So in total you should expect 12-14 weeks to complete the sale.

Q

Do I have to pay Stamp Duty?

A

No. The buyer is responsible for paying Stamp Duty.

Q

Will my property be surveyed?

A

Sellers do not need to arrange a survey, but it is likely that the buyer will, and so a surveyor will arrange an appointment to visit your home. The five key things a surveyor will be looking for are problems with utilities, damp, cracking, problems with roofs, and timber defects. In addition, your buyer’s mortgage lender will organise a mortgage valuation to confirm that the property is worth the money being leant.

Q

What are searches?

A

As part of the conveyancing process, your buyer’s solicitor will perform searches of Land Registry and Local Authority information in relation to your home. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.

Q

When do I sign the contract?

A

Once the sale has been agreed, your solicitor will draft a contract. The seller’s solicitor will confirm the details of the property and perform searches. At the same time, the buyer’s mortgage lender will conduct a mortgage valuation and send a mortgage offer to the buyer. When all of this is complete, you will be ready to sign the contract and agree the completion date.

Q

When are either party bound to the sale or purchase?

A

The seller or the buyer can pull out of the sale at any time and for any reason until the point that both solicitors have receive signed contracts from both parties and an exchange of these contact takes place.

Q

How is a completion date chosen?

A

When both contracts have been signed, the buyer’s solicitor will request the mortgage from the buyer’s lender. Once these funds are released, then your solicitor and the buyer’s solicitor will consult both parties and agree a completion date.

Q

Where are my title deeds?

A

Your title deeds give proof of ownership of the property and will need to be transferred to the buyer as part of the conveyancing process. These are usually held by your mortgage lender, and it will be your solicitor’s responsibility to obtain these.

Q

What do I have to leave in the property?

A

You are not required to leave any furniture or furnishings in the property, but you may agree to include some as part of the negotiations of the sale.

Q

When do I have to move out?

A

The contract will specify the completion day, and usually the buyer will be asked to collect the keys to their new home from the estate agent. In most cases the seller is asked to vacate the property by 12pm.

Q

Do I have to pay Capital Gains Tax?

A

In most cases, you are only required to pay Capital Gains Tax if the property is not your main home.

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