Selling Your Home
When you place your property on the market or accept an offer on your property, you will need to instruct your solicitor to prepare the contract documentation to send to the buyers legal advisor. Until the contract documents are sent, the legal investigation on behalf of the buyer cannot begin.
At Fosters, we see the importance in ensuring that everything is in place to begin that process without delay and we will liaise with you from the very start to gather all the legal documents and practical information we need concerning your property.
In most cases we are able to offer a competitive fixed fee for selling your property so you can instruct us even before you have found a buyer. We will start the legal information and document gathering for you straight away so that the contracts are ready from the moment you accept an offer.
We will send to you the forms and questionnaires necessary to sell your property. Some of the questions are standard and are dealt with by the use of forms, but other enquiries may arise during the course of the sale which are specific to you, your circumstances and your property and we will require the your assistance. We will let you know as and when such matters arise.
If you require any assistance with the forms or questions we are asking of you at any stage of the transaction, there will always be someone available to meet with you and deal with these face to face, over the telephone or by email.
In addition to legal costs, there may be at least some of the following to budget for when selling a property:
- Repayment of any mortgages or other loans secured on the property (if applicable). This may include, in addition to the balance outstanding on the mortgage, a deeds' production fee and/or sealing fees; early repayment penalties and/or refund of cash-backs or other fees which may be payable to a lender.
- Cost of any essential work which may be required by the buyers or their lenders and in respect of which you have agreed to pay.
- Estate Agent's commission and VAT (if applicable)
- Capital Gains Tax, if you do not regard the property you are selling as your main place of residence.
- If you have had a local authority grant to assist with works of improvement to the property, please let us know as you may have to repay all or part of the grant.
- If you purchased the property from a local authority or a housing association, under the right to buy provisions, and if you were entitled to a discount when you bought, depending upon the period of time which has elapsed since the purchase, you may be required to repay the discount, or part of it.
Selling Your Home Frequently Asked Questions
- Inheritance Tax and Capital Gains Tax
- Cancelling your Buildings Insurance
- Apportionment of leasehold service charges
The Residential Property team at Fosters Solicitors have a wealth of experience and knowledge to assist you in relation to any legal property query or matter you may have. Call us on 01603 620508 or complete our online enquiry form and a member of the department will be in touch very soon.
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