Selling your home can be an overwhelming and daunting process, with many legal considerations to take into account.
Our experts have listed 8 of the most important things to be aware of prior to selling your home. Understanding what each of these issues involves will help you to understand the work of your conveyance, allowing you to have a successful and stress-free selling experience.
Find a qualified solicitor you trust
To transfer legal ownership of a property from the seller to the buyer, the conveyancing process must be followed. It’s crucial to collaborate with a trusted solicitor or conveyancer who can manage the legal aspects of the transaction. This includes drafting and reviewing contracts, transferring funds, and registering ownership with the Land Registry.
An Energy Performance Certificate is required
When selling a residential property in England and Wales, it’s necessary to obtain an Energy Performance Certificate (EPC). This certificate evaluates the property’s energy efficiency on a scale of A to G, with A being the most energy-efficient. The EPC remains valid for ten years, and the seller must provide it to the buyer before completing the sale.
Don’t forget the Capital Gains Tax
Provided that specific conditions are met, Capital Gains tax is not mandatory when selling your residence. However, if you sell a property that is not your primary residence or resides overseas, you might be required to pay Capital Gains tax. Seeking assistance from a specialized tax advisor can aid in comprehending if any tax liabilities exist.
Complete the Property Information Forms
Before selling a residential property, the seller must accomplish a Property Information Form and a Fittings and Contents Form. Your conveyancer will ensure that you receive all the necessary paperwork and help you finish it.
The Property Information Form furnishes the buyer with information regarding the property, including neighbour disputes or complaints, building work or renovations, and warranties that remain valid. The Fittings and Contents Form contains an inventory of all the items included in the sale, such as appliances and light fixtures.
Define property boundaries
It is important to ensure that the property boundaries are clearly defined and any disputes with neighbours over the boundaries are resolved before completing the sale. This can be done by checking the title deeds, commissioning a survey, or consulting with a solicitor.
Account for Estate Agent fees
Before finalising the sale, it’s vital to establish unambiguous property boundaries and settle any conflicts with neighbours related to the boundaries. This can be achieved by examining the title deeds, hiring a surveyor, or seeking guidance from a solicitor.
Consider repairs and renovations
Prior to listing your property, you should consider the necessary repairs and renovations. Tackling these tasks before the sale can boost the property’s worth and enhance its appeal to prospective buyers.
Timing will have an impact
When selling your property, the timing can influence both the sale’s pace and the price you receive. Factors such as market conditions, the economy, and the time of year can all influence the sale price. It’s vital to consider these while determining when to list your property and be ready for the likelihood that the sale may require more time than anticipated.
Contact our friendly team today for more information and to get in touch with our expert solicitors.