Helping with all Aspects of Selling Property
There are several reasons why you may be selling property, you may be moving to a new home or you could be selling property whilst administering the estate of a loved one. Whatever your reasons for the sale, the process can often be demanding and, at times, stressful. The property team at Fraser Dawbarns are here to make your property sale as straightforward and smooth as possible.
The Residential Conveyancing department at Fraser Dawbarns have a huge range of experience to offer someone who is selling property. Whether you are working with an estate agent or selling on your own, whether you are selling a freehold or a leasehold property, we will make sure that you are fully informed at every step of the process.
Services for Selling Property
As well as more standard property sales, our residential conveyancing department can help you in more specialised circumstances.
Fraser Dawbarns have a wide range of experience handling the transfer and sale of a property following a person’s death. Our team can help you to get a Grant of Probate, which you will need to sell the property and a Deed of Assent, which you will need to transfer the property. Our team can also help you with any Will and Estate disputes that you may encounter.
Selling Leasehold Property
Selling a leasehold property can sometimes present a few problems. However, by getting the right advice early, many of these issues can be managed. If you have 80 years or less on your lease, this may negatively affect the price you can get. Fraser Dawbarns offers a range of Leaseholder Property Services to help you get the most out of your leasehold sale.
What do I Need to Know about Selling Property?
Anyone who wants to sell their property can put it up for sale. You do not need to use an estate agent, however, many people choose to use one located in the same area as the property for the convenience and to get increased visibility for the property they are selling.
Getting a Valuation
The price you eventually ask for your property will very likely be led by a valuation that you have received from an estate agent. We recommend doing some research online beforehand using a property website such as Zoopla and getting the opinion of several estate agents before settling on a price.
Finding the Right Solicitor
A solicitor will help you through the process of selling property. Often, estate agents will recommend solicitors from firms that they are connected with, but you do not have to go with their suggestion. You may prefer to use a solicitor who is based locally to you as they will know the area and you will be able to meet them face-to-face if you would like. Fraser Dawbarns are part of the Law Society’s Conveyancing Quality Scheme, which is available to solicitors who meet high standards of client service and technical expertise.
Paying Your Mortgage
If you still have a mortgage on your property, you will need to be able to pay it off when you sell your home. Often you will have built up equity in your home (when your selling price is higher than the money left on your mortgage) through the value of your house increasing and by paying off your mortgage. You can either port your current mortgage to your new home or pay off your existing mortgage and apply for a new one. Each of these options will have costs associated with them and your solicitor can help you decide which of these options is best for you.
Using an estate agent is not mandatory when you are selling property but most people choose to use one as trying to sell property by yourself can be very time consuming. An estate agent will also advertise your property, find buyers for you, handle any offers made on your property and negotiate the sale. If your estate agent receives an offer on the property you are selling, they must tell you about it. When you receive an offer, it is sensible to take the time to properly consider it and not be pressured into immediately accepting it.
When you receive an offer that you are happy with, you can ask your solicitor to speak to the buyer’s solicitor and draw up a reservation agreement. This is not required when selling property but if you are sure you want to proceed, it is a good idea as the buyer will not be able to withdraw without paying you compensation. This works both ways, if you decide not to go ahead with the sale you will be liable to pay compensation to the buyer.
Searches and Surveys
The buyer’s solicitor will make enquiries and carry out searches so that the buyer has as much information as possible about the property you are selling. This is to identify issues such as legal disputes relating to the property (such as boundary disputes) or whether there are any planning constraints on the property. Your solicitor may get in touch with you at this stage for information to answer the buyer’s questions.
The buyer may also request a property survey which will highlight issues such as rising damp or any structural problems. If the searches or survey highlights any issues which the buyer is unhappy with you may have to drop your asking price or carry out repairs.
Once everything has been agreed with the buyer, you will both sign contracts which your solicitor and the buyer’s solicitor will exchange. Before the exchange either you or the buyer can decide not to go ahead, although if a reservation agreement has been signed, the side pulling out will have a financial penalty for doing so. The agreement is legally binding once contracts have been exchanged and you could be liable for breach of contract if you pull out of the sale. You will have to pay the buyer’s costs as well as compensation.
Completion takes place when your solicitor receives the purchase money from the buyer, they will use this money to pay off the mortgage, pay the estate agents and their own fees before sending the balance to you. Your solicitor will send the document transferring ownership to the buyer’s solicitor. Once completion has taken place, you will move out of your old property (making sure it has been fully cleared out) and give your keys to the estate agents.
How Long Does Selling a Property Take?
No two property transactions are exactly alike so it is not easy to give a definitive answer. Factors such as location, type of property, price and the state of the property market will influence how long the property takes to sell. Once you have found a buyer, other factors can influence the time it takes to get to completion such as the speed of searches and whether any problems are encountered during the transaction.
Selling property usually takes 6 to 10 weeks to get to the point where contracts are exchanged and a further 1 to 2 weeks before completion takes place. The residential conveyancing team at Fraser Dawbarns understand that you will want to sell your home with as little delay as possible and will work hard to complete your sale as quickly as we are able.
Get A Quote
By completing the short form below, one of our expert conveyancing lawyers will be in touch to give you a quote for the approximate cost of your transaction.
Selling Property Pricing
For a general idea of the cost of a basic property sale, please see our residential conveyancing pricing page. Fraser Dawbarns tailor our service to your individual circumstances, so the best way to get an accurate quote is to contact our team who will be happy to provide you with a quote.
What We Will Need From You
Selling A Freehold Property
There are several documents and details that we will need from you if we are instructed, getting everything ready at the beginning of the process will save you time later.
Documents we will need could include the following:
- personal identification documents
- proof of address
- the title documents for your property
- whether you have planning permission to undertake any building work
- proof of electrical and gas checks
We will also help you to fill in a TA6 Property Information Form which gives information about the property to a prospective buyer. If your home shares services with other houses, you may also have to pay for the service provider or their representative to complete an FME1 Freehold Management Enquiries Form.
Selling A Leasehold Property
If you are selling a leasehold property, we will need the documents listed above and we will also need to know:
- how many years are left on the lease
- the terms of the lease
- details and costs relating to ground rent and service charges
- whether any building work is planned
We will also help you to fill in a TA7 Leasehold Information Form which gives information about the property to a prospective buyer. You may also be required to pay for your managing agent or landlord to fill in an LPE1 Freehold Management Enquiries Form.
We started this matter before the COVID 19 lockdown commenced. Despite the difficulties, Rebekah and all of the staff have dealt with our calls and correspondence in a very efficient manner at all times, well done.Client - Wisbech Office
Why Choose Fraser Dawbarns to Help You?
Fixed Fee Service
It is important to us that our clients know exactly what they will pay and the scope of the services they will receive at the beginning of the transaction. That is why Fraser Dawbarns offer a fixed fee service for clients who are selling property with no hidden costs or unexpected charges. When quoting for our service, we will also detail any fees that will need to be paid to other agencies. These include Land Registry fees, VAT and search fees.
Some people would prefer to have enhanced levels of contact during their property purchase. In order to accommodate the different requirements of our clients, we offer a choice of service levels so that you can choose the level of contact that best suits your needs.
The Fraser Dawbarns App (Coming Soon)
For your convenience, Fraser Dawbarns allow you to follow your property purchase on your phone with the Fraser Dawbarns app. Find out at a glance what stage your property transaction is at and review and sign documents on the go. Available on the App Store and the Google Play store.
Contact Us Today
Our team will help you from the beginning of your case to the end, giving you total peace of mind. If you would like friendly, client focused advice on a wide range of legal issues, get in touch and see how we can help you.
Call or email us today and find out how we can make your life easier.