With Spring in full bloom, many people will be placing their property on the market with a view to selling. Sellers often do not know where to begin and an unprepared approach can add time and cost to what could be a relatively straightforward process. Here are our top five tips for anyone who is planning on putting their property on the market.
Tip 1. Preparation:
Show your property to potential viewers in the best possible light and maximise its kerb appeal. If you are considering making alterations to your town apartment to increase its “show home” potential, discuss any plans in advance with your lawyer as your lease may impose restrictions on what you can or cannot do. For example; wooden flooring or significantly changing the colour of your front door may be prohibited.
Tip 2. Getting Organised:
It would be helpful to provide your lawyer with any title deeds in your possession and any papers from when you purchased the property. Your lawyer can then get a head start in preparing the contract pack and can pre-empt any enquiries likely to be raised by a buyer’s lawyer. You can also make a start on the protocol forms which will prompt you to collate documents such as planning permissions, building regulations consents, FENSA certificates for windows and NICEIC certificates for electrical works, all of which will be of interest to a buyer. Consider any arrangements you may have entered into since you have bought the property which may have an impact on its saleability. For example; do you allow someone to exercise and graze their horses on your land? Or do you allow your neighbour to use your parking space? Do not wait until you have found a buyer to discuss such matters with your lawyer who can assist you in formalising these.
Tip 3. Consider Tax Implications:
On the sale of your main residence you do not normally pay Capital Gains Tax (‘CGT’), however if you are selling a second property then CGT may be payable and could amount to thousands of pounds. It is also worth considering how selling your property can have an effect on the provisions of your existing Will and any Inheritance Tax planning.
Tip 4. Estate Agents:
Whilst a motivated estate agent with a good reputation and knowledge of the local area is a must, it is vital that they should understand the property that you are selling. If you are selling a country home, your estate agent should understand the practical issues associated with this - such as shooting or manorial rights – to ensure that your property is marketed in the best possible way. If you are selling an apartment it would help the agents to understand the service charge arrangements and any amenities available.
Tip 5. Your Lawyer:
Your lawyer should understand the property which might involve a site visit. This will enable them to address any matters effectively and pragmatically. At Barlow Robbins your sale will not be seen as a conveyancing process as we understand that every property is different and each client has their own unique requirements and objectives.
For further advice on selling your property, please call us on 01483 543210 or alternatively email email@example.com
By Sarah Slade & Sara Abou-Jaoude