Whether it's a small flat in London or a grand mansion in Nottingham, there may come a time when you will have to sell your property in the UK
. And you owe it to yourself to do it properly. Don't just hand your place down to some random person just willy-nilly. Not only will it get you in legal trouble, but you won't get anything out of it too. At the end of the day, selling real estate in the United Kingdom has many benefits. And you won't be able to enjoy them if you won't do the process properly!
What Are The Costs of Selling Your Property in The UK?
First, you ought to know about the different costs of selling your property in the UK. Don't think that because you're a seller, all you're gonna do is earn profit from the sale. That's only half of it when it comes to dealing with money in this process. The other half is all about paying the different fees, charges, and even taxes. According to The Advisory
, the costs of selling real estate in the United Kingdom include the fee for getting your Energy Performance Certificate (EPC), legal fees, Land Registry fees, conveyancing fees, and removal costs.
Should You Sell Your Property Privately in The UK?
Here in the UK, you have the option of selling your property all on your own
. You don't have to rely on a real estate agent to do the job. But should you? Selling on your own does come with a few pros and cons. One of the major pros is that you get to save a lot more money since you don't have to pay a real estate agent. But on the other hand, one of the main cons is that you'll have a harder time finding and dealing with buyers. Why? Because their real estate agent would likely prefer to work with other real estate agents.
How Do You Make a Property Valuation in The UK?
In relation to whether or not you should hire a real estate agent
, another pro is that they can provide a property valuation alongside their other services. Therefore, you won't have to look for a third-party company to do it. Although even if you sell your property solo, another great option is to let the Land Registry do the property valuation. They're probably one of the best sources you will find when it comes to property prices in the UK. Moreover, since your solicitor will be dealing with the Land Registry a lot anyway, you have nothing to worry about!
How Do You Survey Your Property for Selling?
Part of the property valuation process is surveying your property. It's actually part of your due diligence as a homeowner—and in this process, the seller—to survey your place beforehand. You'd do well to do it before you put the property in the UK for sale! Why? Because buyers will consider a lot of things before choosing your home. And if he searches and surveys see that your property is in need of repairs or renovations, they won't even give a second glance at it. Undergoing these required surveys will allow you to spruce up your place so that it'll be ready to be put on the market.
How Do You Market Your Property in The UK?
One of the most important parts of selling real estate in the United Kingdom is putting it on the market? If you hired a real estate agent, that'll be their job. But if you chose to sell your property on your own, your best bet is to submit it to a top property listing website in the UK
. Popular portals like Zoopla
are perfect since their reach goes far beyond the country. Many potential buyers, both from here and abroad, look at these websites in their search for a new property in the UK.
What is The Process of Notarizing Your Property in The UK?
Before anything else, it's better to prepare all the legal paperwork. Why? Because you have to get them notarized for them to be considered legal. It's particularly important that you get the title of the property and the memorandum of sale notarized. The former will prove that you are, in fact, the owner of the property and that you have the legal right to sell it to the buyer. The latter, on the other hand, though not legally binding, can still serve as proof that the buyer has every intention of acquiring your property.
What Documents Do You Need To Sell Your Property?
Speaking of the legal paperwork, you ought to know the important documents you'll need in order to sell your property in the UK. There's proof of identity, which your valid passport will do. Your Energy Performance Certificate (EPC), which ought to be valid for at least the last ten years. Your property title deed that names you as the legal owner of the property. And if applicable, shared freehold documentation. Usually, your solicitor will help you get all of these, especially the property title deed since they have to make sure that you are, in fact, listed as the owner in the Land Registry.
How Do You Set Up the Sale & Purchase Contract?
The sale & purchase contract in the UK is also referred to as the memorandum of sale. It's a legal document that explains the transaction between you, the seller, and the buyer. And while it's an important document in the process, it's not necessarily legally binding. When you sign it, you're essentially marking your property as 'sold to contract' (STC), thereby putting it off the market. The buyer then pays you a 10% deposit as proof of their intention to buy the place. Nevertheless, since the document isn't legally-binding, you or the buyer can still opt out of the agreement.
What are The Legal Issues in Selling Your Property in The UK?
Since buying property in the UK comes with a few legal issues
, it's no surprise that selling property has its fair share as well. The most common of which is dealing with the Land Registry. Before you can put your property in the UK for sale, you ought to make sure that you are, in fact, the legal owner. You need to let your solicitor go to the Land Registry and check if your name is on the property title deed. Furthermore, upon completing the transaction, you may have to pay the Capital Gains Tax
. This is imposed on the profit you earned from selling your property.
How Long is The Process of Selling Your Property?
The process of selling real estate in the United Kingdom can take around three to six months, tops! Though possibly even more! And while it depends on various factors, you, as the seller, have a larger impact than you might realize. For instance, one of the most time-consuming parts of the process is getting all the legal documents ready. As the seller, you have a lot more to prepare than the buyer. If you want to get this purchase over and done with, you'd better get all the legal paperwork ready before the buyer makes an offer!
What are The Best Tips for Selling Property in The UK?
Now, for some final tips
! Firstly, prepare a budget beforehand! As already mentioned, the process of selling property in the UK comes with a lot of costs. If you already have the money ready to pay for all of them, this can shorten the time of the process quite substantially. Secondly, you and the buyer have to agree on the moving dates. It makes sense that the buyer would want to move into the property as soon as possible but if you still need time, you need to let them know. Or else, you risk getting kicked out of your former home!
At one point in time, you may need to sell your property in the UK. Will you be able to do it? Don't worry! This real estate guide will show you the basics of what you need to do to accomplish this process!