Preparing your home for sale

Preparing your home for sale has never been more important.  Are you thinking about selling your property? Are you looking to upsize or downsize? Are you looking to move to the country or take a leap and give city living a go?

If you already own a property, there are many things to consider and prepare even before you put it on the market.  You may have thought about giving the property a lick of paint or decluttering, however, have you thought about what happens after that and how to prepare to make sure there are no delays and disruptions during the transaction?

1. Choose an Estate agent

Gaining the right agent can be supportive of your sale. An agent will be the negotiator between you and your buyer, they will help push your sale through, be able to assist in negotiations and help guide the buyer to the specifics of your property.

The first step will be to look at agents in your local area and gain valuations of your property for how much your property could sell for in the local area. They will be aware of changes or updates which may affect the valuation of your property.

Once you have found an agent you will need to instruct them to carry out a listing including taking photographs, creating a floor plan and marketing your property. As part of the marketing, you will need to provide an in-date Energy Performance Certificate (EPC). You may have an in-date report of your property please check the Government Portal. If not, your estate agent will have contacts of specialist surveyors who will be able to inspect for you.

2. Financial check

If you are looking to purchase onwards have you considered your onward affordability?

Many people look to port their mortgage from their current property to a new property. Do note that your mortgage is registered against the property, it does not automatically move with you to your new property.

You will need to contact your mortgage lender or a broker about affordability and ability to lend to you on your new property. They will also need to carry out a valuation on the property and issue a new mortgage offer on the new property.

3. Choose a Solicitor

This is an important step and you do need to consider if the cheapest option is the best for you. Take time to review the firm and the solicitor you are using and think about the best firm suited to your needs. Would you like a firm where you are able to personally speak to or meet with the person dealing with your matter?

It is often best to have one solicitor dealing with both a sale and purchase for you, different solicitors may mean additional verification works need to be carried out and transfer of funds on completion may delay the time you are able to move into your new home.

It is also important to consider if you are selling a property on behalf of someone else, for example, a sale via Grant of Probate or Power of Attorney, you may wish to instruct their conveyancing department. This generally means less paperwork and communication needed between different solicitors as the teams that deal with the Trust and Estates matters will often sit in the same offices as the conveyancing counterparts and work with them on many other matters.

4. Gather Key Documents

The first thing your solicitor will ask for is your proof of Identity i.e. Passport, driver’s license, and proof of address (utility bill or bank statement). If you do not live at the property you will be asked to evidence of your ownership or link to the property – this will be separate from your title deeds.

The second thing will be Title Documents, if the property is unregistered you will need to provide the original documents provided to you when you purchased. These may be held by the solicitor who acted or a mortgage lender. Properties which are unregistered will likely be those where there has been no sale or mortgage since the 1990s. If your property is registered, your solicitor can obtain copies from the Land Registry.

You will also be asked for the details of any mortgages or charges that are registered on the property so be prepared to hand over account numbers and contacts for them.

Your solicitor will also provide you with a number of forms which act as part of the formal contract with the buyer and will be information they will rely on. It is extremely important to be as clear and honest about all information pertaining to the property. Intentionally concealing a dispute, unfinished works or adverse reports may result in a claim of misrepresentation.

5. Complete the Property Forms

You shall be provided with a Property Information Form (TA6) this is a long extensive documents and care and attention needs to be taken to complete the form. You may need to gather other documents in order to complete the form such as a copy of the title documents, utility bills or recent notices regarding planning permission in the area or indeed on your property. You will also be asked about the Energy Performance Certificate (EPC).

The form will require you to make disclosures about boundaries, disputes, services as well as previous works carried out at the property. You will need to evidence prior to planning & Building Regulations Documents and any approvals for work done on the property. This will include works carried out prior to your ownership.  You shall also be asked for guarantees & warranties for any work carried out (e.g., damp proofing, new windows, roofing).

It is important to additionally disclose any reports carried out, for example, asbestos, animal or insect infestations, woodworm or damp reports.

The Second standard form you will be asked to complete is the Fixtures & Fittings Form (TA10) this provides details of what is at the property, what is included in the sale as well as what you will be taking with you. This covers everything from light fittings to inbuilt wardrobes and garden ornaments. There is also space in the form to offer the buyer the option to purchase some items. For example, if where you are purchasing has an inbuilt oven that will remain you may not want to take your oven with you so instead you can offer this for sale. You may wish to discuss and negotiate these items through the estate agents.

If you are selling a Leasehold property you will also need to complete the Leasehold Information Form. Lease terms, service charges, and ground rent details. You may need to gather your recent invoices and proof of payment as you will be asked for the details of your Landlord, any management companies as well as anyone who acts on your behalf.

The form will also ask if there are any major works due. These are works that are to be carried out by the Landlord and can include anything from replacing fire doors, and windows or removing any cladding. It will also ask if you have received any notices about changes or disputes.

One major point that a number of sellers are not aware of is the need to gain a legal sales pack.  This pack contains all of the legal documents and accounting history that the buyer’s solicitor shall need to register their buyer with the management company or the landlord and for you to transfer the property to them.

With a leasehold property if there is a landlord as well as a management company i.e. where one company deals with the Ground Rent and another deals with Service Charges you will likely need to pay for two packs. Before finding a buyer, it may be prudent to find out what these costs are so you are able to make the payment for them once a buyer is secured. It is also important to be able to cover the cost of these packs at the beginning of the process as many 3^rd parties will take around 10 -15 working days to provide documentation.

6. Preparation is key

Overall, being prepared for your sale and having all of the above ready will mean that once a sale is agreed your solicitor will be able to provide a full pack of documents relating the to property.

Being able to provide all documents at the beginning will mitigate the number of enquiries raised by the buyer’s solicitors, it will also save you from searching for documents in your property whilst you are trying to pack.

An open and proactive approach to the process will often allow for a smoother faster and more relaxed process.

If you are preparing your property for sale and have any questions on the best way to proceed…Talk to Tollers our conveyancing teams are on hand to guide you through.