Selling or buying a property is not a task, it’s a process. So don’t be surprised if there is a gap between the time you have an offer accepted and sign the deal. In most cases, this process can take up to 3 months and it will be longer if there is a chain of buyers and sellers. If you are selling a property for the first time, it is important for you to know the paperwork involved in the process and what things need to be ready at your end.
You may also need a certificate of compliance in case it is a leasehold property or a newly built one. If you do not have the time or knowledge of the things that need to be done on your end, it is better to hire an estate agent. Though it seems like an expensive option, you need to understand that they take full responsibility for the job at hand. So right from showing the property to potential buyers to getting the paperwork done at the end, they are there at every step of the process, and they can make sure everything complies with the law.
If you choose to do it alone, there are a few places you can get information to help you stay compliant:
- Your government website. There are home seller guides and information on here, as well as step by step instructions for each part of the process. The information provided can help you get everything together early so there’s no hold ups.
- Citizens Advice. Another knowledge point with accurate and up to date information is Citizens Advice. As it’s updated regularly, you know everything on there is true, and it explains out complicated processes in a way people can understand.
- Money Saving Expert. This website will cover everything to do with your finances when selling your home. It will break down costs and can help you ensure you have enough to actually go through with the transaction, and therefore break no laws.
- Homeowners Alliance. On here, you can see everything you will need to prepare in advance to have a smooth and compliant homesale.
As a seller, here are few points related to legislation and compliance that you need to be aware of –
- Energy Performance Certificate (EPC) – It is vital to have an EPC certificate to review how energy efficient your property is. An EPC certificate lasts for 10 years, and the Energy Review is compulsory. You also need to know the legislations related to specific energy rating of a property. If you do not have an EPC for the property, get in touch with an assessor.
- Form for Property Information – This form needs to be filled by the seller and it consists of several questions related to the property. It includes details like planning and alterations carried out, any complaints or disputes, proposed development in the vicinity, warranties and guarantees, insurance, rights and responsibilities and more.
- Property Evaluation - If you are hiring an expert for property valuation, get a detailed report from them. An expert property valuation team will not only help you decide the best market value for your property, but also help in paperwork related to the same.
- Licensing – The rules related to licensing vary from city to city. You need to have an idea about property licensing legislation in your area. Also, if you still haven’t purchased a license, you need to make an application for the same.
- Quick House Sales - If you are considering a “quick house sale”, you need to be very careful. You may not come to know who is buying your property or whether they have the required credit score and finances for the same. There have been instances where the company offering quick house sale reduces the offer at last minute, putting the seller at a loss.
When you start the process of finding potential buyers for your property, start building your paperwork at the same time, this will ensure that you are completely prepared to proceed with signing the contract once you find the right buyer.
If you need more help in staying compliant or just want someone to take care of it all for you, give us a call and we can help.