When selling a property, the process unfortunately isn’t always as smooth as you would like. Many complications can arise during the exchange of paperwork or bidding process, while unforeseen circumstances can never be accounted for, but are always lurking in the background. Selling your property and worried that you may encounter a snag? Let the legal minds at Richards & Lewis provide that industry insight before you go any further. With years of experience in conveyancing, we’re the firm to trust.
Deciding Against A Sale
Deciding against a sale once you’ve already gotten the ball rolling can prompt legal issues, increasingly severe depending on how far through the sale process you are. Before exchanging contracts, you and the buyer have the right to decide not to go through with the sale, and if you’ve signed a reservation agreement prior, then there may be financial penalties if you decide against the sale at any stage.
After exchanging contracts with a buyer, the agreement becomes legally binding, upping the stakes so to speak. If you pull out of the sale at this point, you could be liable for breach of contract, paying the buyer’s costs and even owing them compensation in some instances If you decide not to continue with the sale of your home at this stage, you may even have to cover any costs the estate agent has already incurred.
Unexpected Expenses
During a property sale, you may not be fully aware of some expenses which can creep up alongside, with legal and processing fees not the only payments you may have to make – the average cost of moving house is projected at around £14,000 in 2024 in fact. The sale price of your property, the size of your home, location, estate agent and property lawyer chosen are all variables to factor in.
No two firms charge the same fee, though as an estimation, estate agent fees typically range from 0.9%-3.6%, depending on which estate agents you use, how many are selling your property and also how well you negotiate. You’ll need to factor conveyancing fees into your cost of selling a house too, with a reliable conveyancing solicitor dealing with the legal side of the sale.
Important Paperwork
If you’re selling your house, there are several pieces of information that you’ll need to have at the ready, hopefully all stashed away in one area for ease of access. These include but aren’t limited to, your proof of identity, property title deeds,fittings and contents form, property information form, building regulations certificates, warranties and guarantees. Not in possession of these documents and worried about the repercussions? Richards & Lewis Solicitors in Blaenau Gwent are able to offer you residential law advice.
In addition to these documents, an energy performance certificate assesses how energy efficient the property is, and should be presented prior to a sale, giving the buyers guidance. Sellers and landlords can be fined up to £5000 in some cases for not having an energy performance document, while the contents of the document must be verified by an accredited domestic energy assessor.
When working with Richards & Lewis, you will always get a dedicated point of contact to talk with, who is an expert in their field. Every one of our solicitors is polite, friendly, and sympathetic, and we’ll be with you every step of the way through your home sale or other conveyancing matter. Contact us today for further details.
