What to Consider When Selling Your Property

Begin by engaging a reputable estate agent familiar with your local area - ideally one who has successfully sold properties similar to yours in the last six months. They will provide an accurate valuation, advise on the best way to market your property and obtain all necessary information to disclose to potential buyers.

Hiring a conveyancer or solicitor is essential for managing the legal aspects of your sale. They will draft the contract, compile necessary documents, communicate with the buyer's solicitor, and coordinate the conveyancing process until completion. They will also liaise with third parties, such as managing agents and lenders. Appointing a conveyancer or solicitor early ensures that most of the required documents are ready when you accept an offer on your property, speeding up the process.

If your property is not yet registered with the Land Registry, you must provide the deeds to your conveyancer or solicitor as soon as possible. Your conveyancer or solicitor can obtain the title documents directly from the Land Registry for registered properties. Additionally, ensure you have copies of any Building Regulation certificates, planning permissions for any renovations, and notices from third parties (e.g. local authorities, neighbours or statutory undertakers) about your property.

While not mandatory, you may wish to consider arranging a boiler service or electrical inspection, especially if these have not been done recently. Above all, be transparent – if you have made modifications without proper approvals, inform your conveyancer or solicitor to avoid legal and financial repercussions.

It is essential to review your mortgage terms and assess how they might affect your sale. If you are subject to an Early Repayment Charge (ERC), or if you are on a mortgage tracker or your fixed rate is ending, you may need to complete the sale by a certain date. Understanding these terms helps you plan the timing of your sale effectively. If you are porting your mortgage to a new property, be sure you understand the borrowing requirements and how they fit with your sale.

Now that you have a buyer and have accepted an offer, your conveyancer or solicitor will draft the sale contract and send the necessary documentation to the buyer’s legal representative. The buyer’s side may raise further queries, which your conveyancer or solicitor will help address.

Avoid setting a fixed completion date too early, as unexpected delays from third parties can arise. A professional conveyancer or solicitor will provide honest advice on the situation.

When selling a property, especially if it is not your primary residence, you may be liable for Capital Gain Tax (CGT). It is important to seek professional advice from an accountant or tax advisor to understand your tax liability accordingly.