Seller FAQ's (England Only)
Firstly, you need to receive a valuation to find out how much your home is worth. We recommend asking at least three or four different estate agents to value your home and ask them about their services, the local market, and the purchase price you can hope to achieve. Also, consider how this sits with your timescales and priorities.
There are three key costs involved in selling a property:
Estate Agent Fees – This will be a fixed fee or a percentage of the purchase price. When estate agents visit to value your home ensure you are aware of their fees before making your decision.
Energy Performance Certificate (EPC) – This is a document which sets out the energy efficiency of a property on a traffic light system of A to G (A being the most efficient). An EPC is valid for 10 years and contains information about a property’s energy use, typical energy costs and recommendations about how to reduce energy use and save money. This is a legal requirement when selling your home and an accredited assessor is required to complete the process. You can contact us for a quote for how much this will cost.
Conveyancing – This is the legal transfer of your property to the buyer, and you will need to employ a solicitor to make this happen. Prices will vary depending on your circumstances.
You don’t need to arrange a survey, but it is likely that the buyer will, and so a surveyor will arrange an appointment to visit you home. The key things a surveyor will be looking for are problems with the roof, problems with utilities, damp, cracking, and timber defects. In addition, your buyer’s mortgage lender will organise a mortgage valuation to confirm that the property is worth the money being lent.
Your estate agent should accompany all viewings and that is the approach that we like to take, but you may decide that you’d like to be present or even conduct the viewings yourself. It’s a personal preference that we can support either way.
This depends on the conditions of the offer as neither the buyer or the seller is bound to the purchase or sale until the contracts are signed and exchanged. Again, it is a personal preference that we can support you with.
Every sale is different and both your and the buyer’s circumstances need to be considered before this question can be answered accurately. If your home is realistically valued, you should expect to receive offers within the first four weeks. You also may need to factor in the buyer has to apply for their mortgage. Then the exchange of contracts usually takes between 4 and 6 weeks and completion is between 2 and 4 weeks later. Therefore, you can expect it to take 12-14 weeks to complete the sale.
As part of the conveyancing process, your buyer’s solicitor will perform searches of Land Registry and Local Authority information in relation to your property. They will check for planning history, any potential developments around roads, and drainage and mining near the property.
The seller or the buyer can pull out of the sale at any time and for any reason until the point that both solicitors have received signed contracts from both parties.
Once a sale is agreed, your solicitor will draft a contract. The seller’s solicitor will confirm the details of the property and perform searches. At the same time, the buyer’s mortgage lender will conduct a mortgage valuation and send a mortgage offer to the buyer. When all of this is complete, you will be ready to sign the contract and agree the completion date.
When both contracts are signed, the buyer’s solicitor will request the mortgage from the buyer’s lender. Once these funds are released, then your solicitor and the buyer’s solicitor will consult both parties and agree a completion date.
Your title deeds are proof of ownership of the property and will need to be transferred to the buyer as part of the conveyancing process. These are usually held by your mortgage lender in deeds store, and your solicitor will obtain these.
You are not required to leave any furniture or furnishings in the property, but you may agree with the buyer to include some as part of the terms of the sale.
The contract will specify the completion day agreed by the seller and buyer. The buyer will be asked to collect the keys to their new home from the estate agent. In most cases the seller is asked to vacate the property by 12pm.
The buyer is responsible for paying Stamp Duty.
In most cases, Capital Gains Tax is required to be paid if the property is not your main home.
Buyer FAQ's (England Only)
Ensure you have applied for a Decision in Principle from a mortgage lender. We here at Walker & Wilson Estate Agents can provide you with details of this service. You should also secure a solicitor before making an offer.
This is the legal transfer of your property to the buyer, and you will need to employ a solicitor to make this happen. Prices will vary depending on your circumstances.
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. For the most up to date information on thresholds and how much you need to pay, please visit www.gov.uk/stamp-duty-land-tax
The deposit is paid at exchange of contracts to the seller’s solicitor.
Yes, your mortgage lender will organise a mortgage valuation to confirm that the property is worth the money being lent. You will be required to pay for this.
If you arrange your own survey before you purchase a property, you can see the current condition of the property in advance. This will reduce the chance of nasty surprises in the future. There are different types of surveys available, all with different costs. Be sure to do your research before choosing which option is right for you.
Every purchase is different and both your and the seller’s circumstances need to be considered before this question can be answered accurately. If the property is vacant and you have already secured your mortgage, exchange of contracts and completion can happen relatively quickly.
However, if you need a mortgage and/or the seller is still in the property, the exchange of contracts usually takes between 4 and 6 weeks and completion is between 2 and 4 weeks later. Therefore, you can expect it to take approximately 10 weeks to complete your purchase.
As part of the conveyancing process, your solicitor will perform searches of Land Registry and Local Authority information in relation to the property you wish to purchase. They will check for planning history, any potential developments around roads, and drainage and mining near the property.
The seller or the buyer can pull out of the sale at any time and for any reason until the point that both solicitors have received signed contracts from both parties.
Once a sale is agreed, the seller’s solicitor will draft a contract. Your solicitor will confirm the details of the property and perform searches. At the same time, your mortgage lender will need to conduct a mortgage valuation and send you a mortgage offer. When all of this is complete, you will be ready to sign the contract and agree the completion date.
Your solicitor will request the mortgage from the lender which usually takes around 4-5 working days for the money being loaned to be released. This time will need to be considered when deciding on a completion date.
Firstly, both contracts are to be signed and your solicitor is required to request the mortgage from the lender. Once these funds are released, and your solicitor and the seller’s solicitor will consult both parties and agree a completion date.
Your title deeds are proof of ownership of the property and will need to be transferred to you, the buyer, as part of the conveyancing process. These are usually held by your mortgage lender in deeds store, and your solicitor will obtain these.
An agreement is required regarding leaving any furniture or furnishings in the property as part of the terms of the sale before the contracts are signed. The seller is not required to leave any furniture or furnishings however this may be agreed as part of the sale.
Once we receive confirmation from the seller’s solicitor receipt of funds to confirm the transaction has completed your estate agent will be able to confirm where and when you may collect the keys.