Day: May 17, 2021

Property Owners Guide: All the Legal Stuff you Need to Know!

Selling your property can be overwhelming and it involves a lot of work, this makes moving difficult as if you’re also searching for a new house whilst selling your own there is a lot to keep up with. Some decisions you make when trying to sell your property may seem unimportant to you, but often when people make the wrong decisions it can cost them hundreds if not thousands of dollars. Before you read this handy guide about all the legal stuff you need to know about selling your property, you should make sure that you definitely want to sell it. Think about why you’re selling your property, for example, if you need more space you may think that you need to move when in fact, it could be cheaper to build an extension or undergo a loft conversion. There are many scenarios like this so make sure you think about why you’re selling your property so that you’re sure that you want and need to. Selling a home is a long process and often an expensive one so you don’t want to start the process are realize a few months down the line that you don’t want to sell. Once you’re sure about selling your property, there is a lot to consider. We’ve made this guide for you so that you can find all the legal stuff that you need to know in one place.  

Your mortgage

Most people who own a property and are moving have not yet fully paid off their mortgage. This is the first bit of legal advice you need to be aware of. When you sell your house, you will be able to pay off whatever is left of your mortgage, you should figure out how much you will have left before you put the house up for sale to make sure you can afford another place if you’re moving. You’ll have to take out another mortgage on your new home, so this is the important legal bit, you’ll need to check with your current mortgage provider if there are any additional charges that you’ll be required to pay for switching early. This is also an opportunity for you to look at different lenders to see who the current best mortgage provider is.  

 

Find an estate agent

Selling your property can be one of the most stressful things you’ll ever have to do. If you’re not sold a property before then it is hard to imagine just how much work is involved with preparing your house for sale and finding people who may be interested in purchasing it. By finding an estate agent, a lot of the responsibilities are passed on from you to the estate agent making it a much less stressful process. There are a variety of legal requirements when selling a house, for example, getting a house inspection is a necessity so that potential buyers are aware of what condition the property is in so they’ll know if they will have to budget to fix things once they arrive. Finding the right person or company to conduct the inspection can be difficult but estate agents will make sure they are certified home inspectors and that everything goes smoothly. Those conducting the home inspection are vital to the process and it’s definitely better to have someone who is well known by your estate agent to be reliable than to find someone yourself.  

Offers

It may take a while for you to receive an offer on your property or if you’re in a popular area, have a great price, or just have an amazing property you may receive many offers fairly quickly. Once you receive the offer you can choose to accept or reject it depending on if the price is right for you, if you think there is a price that you and the potential buyer could agree on then you can also negotiate through your estate agent. Once you have an offer that you are happy with, your estate agent again will take care of the legal work. The next legal business in this process is drawing up the draft contract, this will clearly lay out any agreements between you and the other party like if any discounts are applicable after problems being flagged up by the home inspector.  

Other helpful tips

All of the main legal issues have been covered in this guide and we think that it is definitely worth hiring an estate agent to deal with all of the legal business rather than doing it yourself. You should take some care when choosing your estate agent as there is a lot to consider, you should look at the sales time of any potential estate agent you would use, and you should compare their fees. There is also the option of using an online estate agent whose services are often much cheaper so if you’re not wanting to do the work yourself but not wanting to pay a lot, these could be a good in between to do some research into.  

The other important thing when trying to sell your house is making sure that it always looks presentable so people can start to imagine their lives there and you should also make sure that it smells pleasant too. The nicer the environment in the house the more likely you are to receive an offer.  

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