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Things to know when Selling your Property

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Selling your property, although may sound straightforward can often become prolonged and complicated. Not all transactions are the same due to several reasons but here at Johnson Astills, we are here to make the journey as smooth as possible.

Here are some tips to consider:

Finances

Although at the end of the sale of your property you receive a large lump sum, it is important to be aware of the costs involved in selling your property. Here are some things to consider in your budget:

  • Mortgage Redemption: with some mortgages an early repayment may apply, especially if you are not porting your mortgage onto an onwards purchase, it is important that you check the terms of your mortgage redemption with your lender
  • Estate Agent fees: if you decide to sell your property through an estate agent, they also have fees which is usually between 1-3% of the sale price  
  • Your Legal fees disbursements
  • Repairs: you may want to carry out some small works on your property to make the property more attractive to your potential buyers
  • Leasehold/Management Packs (FME1/LPE1): if the property that you are selling is leasehold, you will most likely be required to pay a fee for a pack from your landlord or management company, sometimes even both, in order to satisfy your buyers solicitors enquiries. The costs of these packs vary from company to company
  • Energy Performance Certificate: An energy performance certificate is legal requirement when selling a property and it contains information about the property’s energy usage and costs. Energy Performance Certificates are valid for 10 years and gives a property an energy efficiency rating from A(most efficient) to G (least efficient)

Transaction

During the transaction, you will be required as the seller to complete a series of documents known in the industry as protocol forms, these include: the property information and the fittings and contents form.  Your solicitor / conveyancer will request that you complete these forms to the best of your knowledge as they provide your buyers with lots of information about the property. These forms are then sent to the buyers’ solicitors with a copy of the title deeds to the property and the draft contract.

Your buyers’ solicitors will raise additional enquiries in relation to the property title and any enquiries that they may have on your completed protocol forms.   The buyers will not proceed without all their enquiries being fully satisfied and if the buyers are taking out a mortgage, the lender will also need to be satisfied.

Timescales

It is important to be reasonable about the timescales when selling a property. There are no sale transactions that are the same and so it is essential that you remain flexible throughout the transaction. If the property you are selling is leasehold it is more likely that the sale may take longer than a freehold property sale due to the involvement of third parties like landlords, management companies and freeholder. Timescales can also be affected by parties in the chain, legal issues, probate applications, mortgage offers or even personal circumstances.