Selling your home
Home Information Packs
Sellers of all existing residential properties are unable to market their properties without first commissioning a HIP. Some properties are, however, exempt from this requirement and we will be happy to advise you whether you qualify for an exemption. Warners are able to provide your HIP. For more information please read our leaflet on Home Information Packs.
Procedure
You have found a buyer who will be arranging a survey and applying for a mortgage. You will need to instruct us so that we can help you complete the Property Information Forms and Fixtures and Fittings list. We will also apply for your title papers and prepare a contract package to send to the buyers solicitors. The buyers solicitors usually raise additional enquiries which we will refer back to you if necessary.
Buyers Survey
The buyer will want to arrange some form of survey on your property and you will be contacted by the estate agent or the surveyor direct. It is advisable to allow the surveyor access as quickly as possible as this should accelerate the issue of the buyer's mortgage offer.
Exchange of contracts will take place when the buyer is ready to proceed, has a mortgage offer in place (if needed), has the results of searches and replied to all enquiries. At exchange you become legally bound to sell. The timing for exchange will depend on the “chain” of transactions, but could be in as little as three to four weeks.
A completion date is fixed at exchange and this will be agreed with you in advance. Between two and four weeks is usual but it can be as little as seven days.
Before completion, we will agree the final transfer document for you to sign. We will also obtain a redemption figure for your mortgage(s) and have the estate agents commission account sent to us so we can co-ordinate the payment of both on your behalf out of the sale money. On the day of completion, you will be required to move out of the property and give possession to the buyer. Generally speaking you should aim to vacate completely by lunchtime.
Matters Affecting the Property
It is very important you tell us at the outset, details of any matters affecting the property which are not obviously discoverable from the title papers. If you are aware of any local authority schemes, planning permissions on neighbouring properties, notices or correspondence from the local authority or other bodies affecting your property or any neighbouring property, please send us particulars or speak to the person dealing with your conveyancing. The Property Information Form you will complete will prompt you for this type of information.
Failure to disclose any such matters might result in the buyer having a claim against you after completion if it is proved that you were aware of them and did not disclose them prior to exchange of contracts.
Contract Deposit
A deposit will be paid on exchange of contracts and will normally be held by us. If you are tying in a related purchase, then the sale deposit can be used to fund the purchase deposit but you may be required to “top up” the difference. The traditional deposit is 10%, but currently anything between 5%-10% is more usual.
We usually advise acceptance of reduced deposits where at least 5% is offered.
The purpose of the deposit is to compensate the seller in the event that the buyer withdraws after exchange but before completion. The likelihood of this is very small but you should be aware that, if the buyer does withdraw after exchange a deposit of less than 10% may not provide full compensation for any financial losses you may have suffered.
Buildings Insurance
Although the buyer will probably insure your property at exchange, our advice to you is to maintain buildings insurance until completion.
We accept this may result in “double insurance”, but the additional premium for a few weeks is small and problems can be avoided if the property suffers damage between exchange and completion.
How else can Warners help?
At a time of moving house it is always important to review your affairs. If you have not made a Will, or have a Will but need to amend it due to changes in your family circumstances, please ask us for further information.
This is particularly important because:
• If you are an unmarried couple living together your partner will not necessarily be able to inherit anything from you unless you make a Will.
• If you are separated but not yet divorced your spouse is likely to inherit what you leave.
• If you run a business your Will is the means to provide someone else with the legal right to take over the running of it after your death.
Please contact any of our offices or the person dealing with your conveyancing, who will either advise you direct or arrange for you to see a member of our Private Client team.
For further information, please contact:
Tonbridge:
John McAuliffe 01732 375343
Clare Harvey 01732 375322
Sevenoaks:
Claire Manning 01732 747933
Christine Ellis 01732 747954