Legal issues around selling a house

May 16, 2016 11:00 am

People often want to sell houses for different reasons – it may be they are looking to start a family and want somewhere larger and more suited to their needs. In some cases they may wish to downsize and have something more manageable. Whatever the reason, it is important to be aware of the legal issues around selling a house.

Representation

The way in which a legal representative charges you can vary. Therefore it is worth discussing this with them and getting a breakdown of their services before agreeing to use them. With conveyancing this can vary depending on whether a firm goes by a fixed fee or if more work is necessary an hourly fee (VAT and expenses may be separate charges as well.)

Estate agents

As with legal representation check what you are paying for- typically this will be 1.5-2.5% commission on the sale of the house price. While this will often include expenses be wary as some firms may not include advertising, VAT or other costs as part of this.

Auction

If you choose to sell at auction then you will usually be expected to pay around 2.5% commission (this may or may not include advertising costs so you should check this first).

However, do not feel pressured to do this – if you feel this is the case then you should discuss this with your legal representative.

Offers

Legally you can change your mind on a price up until the exchange of contracts. After this point, if you decide to sell then you will incur additional charges.

It is also important to check who makes an offer – equally they can pull out at the last minute. Typically this can be due to finance issues or being a property chain (ie not being able to sell their own property in order to buy your own).

Quick house sales

Be wary of companies that offer “quick house sales”. These are often done by companies that buy properties at a discount in order to sell on at a profit. In some cases they can use underhanded tactics such as pressuring you to accept a lower offer at the last minute.

Go with experience

It is possible to do the conveyancing work yourself when selling your home or using the services of a solicitor who does not specialise in that. However, the short term savings of doing this could lead to big problems further down the line.

Therefore, it is better to use the services of specialists who can guide you through the process and to make sure the selling of the property goes through as smoothly as possible.

At Larcomes the motto we often say is “Big enough to specialise, small enough to care.” While there are a lot of legal issues to settle when selling a property it can be emotional as well – you could be selling a childhood home or having to relocate from somewhere you’ve lived all your life. This on top of the stress of selling can make the process difficult.

This is why when you go on our website you know who you are talking to and they can guide you through the process. Contact us today and we will be happy to discuss your needs in more detail.


Posted in: News
Tags: