Sellers: Frequently Asked Questions
Obtain clarity on the property sales market
I want a property to sell. What am I going to do first?
You need to get a valuation first of all to find out how much your home is worth. We suggest that you ask at least three distinct agents for your house to be valued. Ask them about the services they give, the local market’s present state, and the purchase price you can hope to accomplish. Make and plan and how this sits with your priorities and timescales.
How much is selling my property going to cost?
Estate Agent Fees:
Estate agent fees will either be a purchase cost percentage or a fixed fee. When estate agents visit to value your home, make sure their fees are outlined so you can take these into consideration.
Conveyance means that your property is legally transferred to the buyer, and you will need to hire a solicitor to do this. Prices differ according to your conditions. Paramount Sales And Lettings can introduce to a solicitors.
Energy Performance Certificate (EPC):
When you market your property for sale, you are legally needed to provide an EPC. This describes your property’s energy efficiency rating.
You may also choose to pay for additional items like professional photography or advanced internet placement. And don’t forget the removals. Ask your agent at the beginning of your purchase to outline all these expenses so you can budget your move.
Do I have to conduct viewings?
All viewings should be accompanied by your estate agent, but you may decide you’d like to be present. It’s up to you, really.
If I have accepted an offer, will there be more viewings?
This relies partially on the terms of the offer. neither the buyer or the seller is required to buy or sell. until the contracts are signed and exchanged, So maintaining your options open is worthwhile.
How long is it going to take to complete my sale?
It’s different every sale. Before this question can be answered correctly, it is necessary to take into consideration both your position and the buyer’s position. You should expect to receive offers within the first four weeks if your house has been realistically valued. Contract exchange usually requires 4 to 6 weeks and is then completed 2 to 4 weeks later. So you should expect to finish the sale for a total of 12-14 weeks.
Do I need an EPC?
In England, all sellers are needed to buy an EPC for a property before they sell their property. The EPC rating must be displayed by estate agents whenever they market the property.
What is conveyancing?
Conveyance is all you need to do to transfer your property to the buyer legally. To make it happen, you’ll need a solicitor. Paramount Sales And lettings can introduce you to a solicitor.
Is there a stamp duty I have to pay?
No. The buyer is charged with paying the Stamp Duty.
Is my property going to be surveyed?
You don’t have to conduct a survey in England, but the buyer is likely to do so, so a surveyor will arrange an appointment to visit you home. The five main things that a surveyor will look for are issues with utilities, damp, cracking, roofing issues and timber defects. Furthermore, the mortgage lender of your buyer will organize a mortgage valuation to check that the property is worth the leant cash.
What are searches?
As part of the conveyance process, the solicitor of your buyer will conduct Land Registry and Local Authority searches related to your home. They will monitor the history of planning and any prospective developments around the near-property roads, drainage and mining.
When am I going to sign the contract?
Your solicitor will draft a contract once the sale has been decided. The seller’s solicitor will verify the property information and conduct searches. At the same time. The mortgage lender of the buyer shall carry out a mortgage valuation and shall send the buyer a mortgage offer. You will be ready to sign the contract and agree on the date of completion when all of this is complete.
When is the buyer or seller bound to the sale or purchase?
At any moment and for any reason, the seller or buyer may withdraw from the purchase until both solicitors have received signed agreements from both sides.
How is a date selected for completion?
Upon signing both contracts, the buyer’s solicitor will ask the buyer’s lender for the mortgage. Once these funds are released, your solicitor and the solicitor of the buyer will consult with both sides and agree on a date of completion.
Where are my title deeds?
Your title deeds provide evidence of ownership of the property and will need to be transferred ti the buyer as part of the conveyancing process. Usually these are kept by your mortgage lender, and obtaining these will be the duty of your solicitor.
When do I have to move out?
The contract will indicate the date of completion, and the buyer will generally be requested to obtain from the estate agent the keys to their new home. The seller is asked to vacate the property by 12 pm in most cases.
Do I have to pay Capital Gains Tax?
In most cases, only if the property is not your primary residence will you be needed to pay Capital Gains tax.