"It’s always wise to arrange three in-person valuation appointments so you can get a feel for which local experts would be most suitable to represent you and your property"
- Kevin Shaw - LRG
In recent years, the property industry has worked together with the National Trading Standards Estate and Letting Agency Team to improve and help streamline the buying and selling process.
There are now clear guidelines in place around ‘material information’ that must be provided when a property is marketed, to ensure that even before viewing, buyers are armed with certain facts about the property that could impact their decision on whether to buy.
For many years, sellers have had to complete a property information form for their legal company, which is supplied to a buyer once a sale has been agreed – the NTSELAT guidelines mean that most of this information should be provided upfront.
So, in addition to providing information to your agent, there are other things you can do to make sure you’re well prepared for your sale, which could cut months off the time it takes to successfully complete your move.
Here are our 7 top tips for a smooth sales transaction:
Gather information for ID checks
Both your selling agent and legal company will ask for various documents that confirm your ID and address, in order to comply with anti-money-laundering regulations. These could include: a passport, photo driving licence, HMRC tax notification, recent bank statement and utility or council tax bill. Make sure you have these to hand.
Instruct a legal company before your property goes on the market
Your legal representative will have to gather title information from the Land Registry, get property information from you and complete all the paperwork required to prepare a sales contract. That can take time, especially in the case of leasehold and listed properties, and where there are things like access or right of way issues.
Instructing them before you go to market means any problems can be sorted before an offer is received and if you can get everything in place before a sale is agreed, the contract can be issued as soon as you have accepted an offer.
Prepare all the material information your selling agent will require
This includes:
Council tax banding
Service charges and ground rent for leasehold properties
Utilities information
Any issues with mobile phone coverage
Details of parking provision – e.g. allocated spaces and if a permit is required
Any building safety issues
Restrictions, rights and easements
Planning permissions that could affect the property and enjoyment of it
Risk from flooding or erosion
See NTSELAT’s guide for sellers and landlords, which is particularly helpful in highlighting where you can find the information required.
Consider having a survey before marketing
If you have an older property or suspect there may be any issues, it may be worth instructing your own survey so you can:
Remedy issues, if that makes financial sense
Put prospective buyers’ minds at ease over minor problems
Be transparent with your selling agent about any more significant issues and take them into consideration when pricing for sale, to help avoid price negotiations at a later stage
Speak to three qualified agents
To protect yourself and help ensure you get the best service, we recommend you work with agents who are members of Propertymark or RICS. These are self-regulating bodies whose agents are qualified, trained and work to a professional code of conduct, so they’re best placed to efficiently progress your marketing and achieve a successful sale for you.
It’s always wise to arrange three in-person valuation appointments so you can get a feel for which local experts would be most suitable to represent you and your property. You’re going to be dealing with them for several months, so make sure you engage someone you like and trust.
Prepare your finances well ahead of time
Transferring large sums of money can take time, especially if deposit funds are held in a high-interest savings account or an ISA. So, if you have a related purchase, make sure you know about the notice required to move funds and any limits on how much can be transferred at a time, so that there aren’t any last-minute delays to exchange or completion.
Be ready to move by 1pm on completion day
Once your legal company confirms that the sale has completed, the new owner is entitled to move in, and it’s generally accepted that properties should be vacated by lunchtime. Make sure you plan your removals well ahead of time, using a BAR member company or, if you’re moving yourself, ensure your van is packed the night before and your possessions are insured.
