House prices throughout the UK are rising according to the BBC and this summer might prove to be the best time to sell your home. Before you’re tempted to put your home on the market, you should also be aware of the legal process of house selling. You want to cut down on your stress levels and a little foreknowledge can prove helpful.
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Put your house on the market
If you own a house in the UK or overseas, you’ll have to advertise the property in order for it to be sold. Your first step in this process should be to appoint an estate agent or you can get quick house sale with speed property buyers. Don’t select the first estate agent that you see, shop around, as their fees and commissions can differ. If you’re selling a property abroad you’re going to need the services of a notary to guide you through this process and to translate all the necessary legal documents. VP Notaries have experience in this area.
Talk to lawyers
If you’re selling your house in the UK, you’re going to need a firm of solicitors to deal with all the necessary documents so that the transaction can proceed smoothly.
This process is known as conveyance. In common with estate agents, solicitors’ fees can differ so compare their prices and also ask trusted friends whom they have used. Make sure you have your house deeds and any certificates relating to work that’s been completed in your property available.
Accepting an offer
Once you’ve received an offer from the prospective buyer, you’ll then have to fill in a mountain load of forms. The TA6 will bring to light any historic boundary disputes and any proposed developments. If a motorway is planned for the bottom of your garden, you should declare this fact.
You can then proceed to the TA 10, this form will give the buyer the details of what you’re actually including in the price of the property. For example, you may want to take all the garden furniture as well as the garden shed. The TA 10 is the place to detail all fixtures and fittings.
The last form you’ll need to fill in is the imaginatively named TA 13. This details the actual time of completion (the selling date) and when the keys will be released to the buyer.
Draft Contract
The information on the forms will allow your solicitor to draw up a draft contract, ready for the buyer’s approval. Your mortgage company should, at this stage, be informed of your wish to sell and be given the completion date so that your mortgage can be paid off. If all goes smoothly, the buyer’s survey has come back with flying colours, and both parties are in agreement, you can exchange contracts. It usually only takes about 7-18 days between exchange and completion. At this stage 10% of the asking price will be deposited with your solicitor, and it will be costly for either side to pull out of the deal.
On the date of exchange you’ll receive the balance of your house price, most of which you’ll probably have to hand over to your mortgage company!
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