23 March 2023
Selling a house can be daunting, and many things need to be considered to ensure a smooth and successful sale. This includes providing an Energy Performance Certificate and completing Property Information Forms. It is also important to consider issues such as property boundaries, Capital Gains Tax, and the conveyancing process itself. Understanding what each of these issues includes can help you understand the work of your solicitor.
Whether you are an experienced or first-time seller, understanding what goes on behind the scenes can help ensure a stress-free sale.
1 - Conveyancing
The conveyancing process involves transferring legal ownership of the property from the seller to the buyer. It is essential to work with a qualified solicitor who can handle the legal aspects of the sale. This includes including the drafting and reviewing of contracts, the transfer of funds, and the registration of ownership with the Land Registry.
2 - Energy Performance Certificate (EPC)
An EPC is required when selling a residential property in England and Wales. The EPC rates the energy efficiency of the property on a scale from A to G, with A being the most energy-efficient. The certificate is valid for 10 years and your estate agent should assist in procuring the same if the property does not already have one as a valid certificate should be in place when the property is placed on the market.
3 - Capital Gains Tax
Subject to certain conditions, you do not need to pay Capital Gains Tax when you sell your home. If you sell a property that isn’t your home, or you live abroad, you may need to pay Capital Gains tax. A specialist tax advisor can help you understand whether any tax might be payable.
4 - Property Information Forms
When selling a residential property, the seller completes a Property Information Form and a Fittings and Contents Form. We will send you all the relevant paperwork and help you complete it.
The Property Information Form provides the buyer with details about the property. This includes any disputes or complaints with neighbours, building work or renovations, and any guarantees or warranties that are still valid. The Fittings and Contents Form lists all the items included in the sale, such as appliances or light fixtures.
5 - 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 is done by checking the title deeds, commissioning a survey, or consulting with a property solicitor.
6 - Estate Agent's Fees
If you are using an estate agent to sell your property, you will need to pay their fees, which are typically a percentage of the sale price. You may want to shop around and compare fees from different agents to ensure you are getting a fair price.
7 - Repairs and Renovations
It is important to consider whether any repairs or renovations are required before putting your property on the market. Addressing these issues before the sale can help to increase the property's value and make it more appealing to potential buyers.
8 - Timing
The timing of your sale can have a significant impact on the price you receive and the speed of the sale. Factors such as the time of year, market conditions, and the state of the economy can all impact the sale price. Be prepared for the possibility that the sale may take longer than expected.
If you would like assistance to sell a property please call one of our trusted and experienced solicitors.
Please note, this is not legal advice. It is intended to provide information of general interest about current legal issues.
