You should consult a legal adviser if you are considering selling a property on behalf of someone else in this way. A power of attorney gives an individual the power to make or help make decisions about someone else’s property, including selling their home. Lasting powers of attorney can be used before and after the donor loses capacity; according to their wishes. More information on ending tenancy agreements is available in the How to let guide.
Before you begin to think about putting your property on the market, you should spend some time getting your paperwork together and making your home ‘sale ready’. When you know how much money you are likely to release from selling your property, you can budget for your next move. It is important to do this early on so that the final exchange of contracts is not delayed. Be prepared to allow a first-right-of-refusal for the seller if your offer comes with a home-sale or home-closing contingency, says Susan Staffordsmith. “If another buyer comes along, then you need to remove the contingency,” she says, or the seller can accept the second buyer’s offer.
Furthermore, we have been in the business for 15 years with over 300 years of combined experience. This enables us to have a fast sales process and means we are able to complete a purchase in as little as seven days if needed. With an in-house team of legal experts and experienced professionals, the process from valuation to completion is seamless. You will have regular, direct contact with a dedicated sales progressor so you’ll always be kept in the loop and any potential hiccups can be solved quickly. If you’re going on holiday, make sure everyone knows, including your conveyancer and estate agent. If you don’t hear anything for a couple of weeks, contact them for an update.
You will also need to consider the tax implications of selling a property that is not your primary residence. If the lease has less than 80 years to run, you may need to extend the lease before selling. Some lenders are reluctant to lend on leasehold properties with less than 80 years remaining. More information is available from the Leasehold Advisory Service. While you want to present your home in the best possible light, you should not mislead potential buyers by covering up any defects; for example by painting over damp patches. Any problems are likely to come up in the buyer’s survey, which could then lead to avoidable price negotiations. Estate agents, legal representatives and mortgage lenders are required by law to check your identity in order to protect against money laundering.
In this situation you should set an asking price based on a combination of the average valuation you’ve received and recent selling prices of properties similar to yours. You can then make a call on whether to fix things or factor future costs for a buyer into your asking price. If your home is a bit run down you may want to consider some home improvements- but it’s worth getting an estate agent’s opinion on whether it’s worth the expenditure . Make sure your property is clean, tidy and free from clutter. This will give potential buyers a blank canvas to imagine how they would use the space.
This, along with stamp dutyand all the other costs of selling a house, can really add up – so it pays to do the maths early on. Our step-by-step guide to selling a house explains everything you’ll need to do, and the rough order you should do it in. under offer – the same as ‘sold subject to contract’ – an offer has been made on the property and the seller has accepted it, but they have yet to exchange contracts, so it is not legally binding. sold subject to contract – an offer has been made on the property and the seller has accepted it, but they have yet to exchange contracts, so it is not legally binding. property chain – linked property transactions, where a seller of one property is a buyer of another. If you are buying as well as selling a property, check our guide on How to buy. You should speak to your estate agent and discuss the feedback they have collected from previous viewings.
Was the low offer made because the buyer would need to do structural work? If so, you could suggest agreeing a price based on the results of the survey (assuming they’re going to have one done). First-time buyers – chain-free but usually reliant upon a large mortgage – or buy-to-let investors using a mortgage to fund the purchase. Chain-free cash buyers – for example a buy-to-let investor who doesn’t need a mortgage, or someone who’s already sold their previous home and doesn’t need a mortgage to buy yours. Once you’ve instructed an estate agent, they should send a photographer to take professional pictures of your home.
You will need to provide them with proof of identity and proof of address. When you come to sell, your legal representative will ask you to complete a Property Information Form, also known as a TA6 form, and a TA7 form if you are selling a leasehold property. Take a look at a draft version on the Law Society’s website and start to gather any information you have access to now.
However, if you’re perfectly happy doing most of the work yourself, you can bypass an estate agent all together and save yourself some serious cash. Also try to gauge how good their financials are – you don’t want to sell to someone who hasn’t got the money to back up the sale. Being in touch directly rather than via solicitors is a huge plus as it will save time. If all goes well, you’ll have a number of interested buyers, which allows enough competition to drive the price up anyway. If your mortgage is ‘portable’, you’re also fine (as long as your lender’s happy with the new property and the price and you pass affordability tests). Your existing mortgage moves with you at no extra cost and when that deal comes to an end, you can remortgage on your new property – see ourPorting your mortgageguide.