What do I Need to Know about Selling Property?

Anyone who wants to sell their property can put it up for sale. You do not need to use an estate agent, however, many people choose to use one located in the same area as the property for the convenience and to get increased visibility for the property they are selling.

Getting a Valuation 

The price you eventually ask for your property will very likely be led by a valuation that you have received from an estate agent. We recommend doing some research online beforehand using a property website such as Zoopla and getting the opinion of several estate agents before settling on a price.

Finding the Right Solicitor

A solicitor will help you through the process of selling property. Often, estate agents will recommend solicitors from firms that they are connected with, but you do not have to go with their suggestion. You may prefer to use a solicitor who is based locally to you as they will know the area and you will be able to meet them face-to-face if you would like. Fraser Dawbarns are part of the Law Society’s Conveyancing Quality Scheme, which is available to solicitors who meet high standards of client service and technical expertise. 

Paying Your Mortgage

If you still have a mortgage on your property, you will need to be able to pay it off when you sell your home. Often you will have built up equity in your home (when your selling price is higher than the money left on your mortgage) through the value of your house increasing and by paying off your mortgage. You can either port your current mortgage to your new home or pay off your existing mortgage and apply for a new one. Each of these options will have costs associated with them and your solicitor can help you decide which of these options is best for you. 

Estate Agents

Using an estate agent is not mandatory when you are selling property but most people choose to use one as trying to sell property by yourself can be very time consuming. An estate agent will also advertise your property, find buyers for you, handle any offers made on your property and negotiate the sale. If your estate agent receives an offer on the property you are selling, they must tell you about it. When you receive an offer, it is sensible to take the time to properly consider it and not be pressured into immediately accepting it. 

Reservation Agreements

When you receive an offer that you are happy with, you can ask your solicitor to speak to the buyer’s solicitor and draw up a reservation agreement. This is not required when selling property but if you are sure you want to proceed, it is a good idea as the buyer will not be able to withdraw without paying you compensation. This works both ways, if you decide not to go ahead with the sale you will be liable to pay compensation to the buyer.

Searches and Surveys

The buyer’s solicitor will make enquiries and carry out searches so that the buyer has as much information as possible about the property you are selling. This is to identify issues such as legal disputes relating to the property (such as boundary disputes) or whether there are any planning constraints on the property. Your solicitor may get in touch with you at this stage for information to answer the buyer’s questions.

The buyer may also request a property survey which will highlight issues such as rising damp or any structural problems. If the searches or survey highlights any issues which the buyer is unhappy with you may have to drop your asking price or carry out repairs. 

Exchanging Contracts

Once everything has been agreed with the buyer, you will both sign contracts which your solicitor and the buyer’s solicitor will exchange. Before the exchange either you or the buyer can decide not to go ahead, although if a reservation agreement has been signed, the side pulling out will have a financial penalty for doing so. The agreement is legally binding once contracts have been exchanged and you could be liable for breach of contract if you pull out of the sale. You will have to pay the buyer’s costs as well as compensation. 

Completion

Completion takes place when your solicitor receives the purchase money from the buyer, they will use this money to pay off the mortgage, pay the estate agents and their own fees before sending the balance to you. Your solicitor will send the document transferring ownership to the buyer’s solicitor. Once completion has taken place, you will move out of your old property (making sure it has been fully cleared out) and give your keys to the estate agents. 

How Long Does Selling a Property Take?

No two property transactions are exactly alike so it is not easy to give a definitive answer. Factors such as location, type of property, price and the state of the property market will influence how long the property takes to sell. Once you have found a buyer, other factors can influence the time it takes to get to completion such as the speed of searches and whether any problems are encountered during the transaction.

Selling property usually takes 6 to 10 weeks to get to the point where contracts are exchanged and a further 1 to 2 weeks before completion takes place. The residential conveyancing team at Fraser Dawbarns understand that you will want to sell your home with as little delay as possible and will work hard to complete your sale as quickly as we are able. 

Selling Property Pricing

For a general idea of the cost of a basic property sale, please see our residential conveyancing pricing page. Fraser Dawbarns tailor our service to your individual circumstances, so the best way to get an accurate quote is to contact our team who will be happy to provide you with a quote.

What We Will Need From You

Selling A Freehold Property

There are several documents and details that we will need from you if we are instructed, getting everything ready at the beginning of the process will save you time later.

Documents we will need could include the following: 

• personal identification documents
• proof of address
• the title documents for your property
• whether you have planning permission to undertake any building work
• proof of electrical and gas checks 

We will also help you to fill in a TA6 Property Information Form which gives information about the property to a prospective buyer. If your home shares services with other houses, you may also have to pay for the service provider or their representative to complete an FME1 Freehold Management Enquiries Form. 

Selling A Leasehold Property

If you are selling a leasehold property, we will need the documents listed above and we will also need to know:

• how many years are left on the lease
• the terms of the lease
• details and costs relating to ground rent and service charges
• whether any building work is planned 

We will also help you to fill in a TA7 Leasehold Information Form which gives information about the property to a prospective buyer. You may also be required to pay for your managing agent or landlord to fill in an LPE1 Freehold Management Enquiries Form.