Four Simple Steps To A Stress Free Property Sale

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Selling a house can be a very stressful time for most people. Avoiding making the mistakes laid out below can change this, giving you a greater chance for a stress-free sale.

1. "I do not have to tell them that"

If you are asked any questions by the buyer (or their solicitor) about your property, then you must answer these honestly. For example, you might have to complete a Sellers Property Information Form, giving details such as whether you and your neighbours have had any disagreements, specifying which of the boundaries it is your responsibility to maintain etc. If you fail to answer these questions, you could endanger the sale at a later point, and you could also be accountable to the buyer for failing to provide correct information.

2. "Capital Gains Tax never applies to me"

You do not normally have to pay Capital Gains Tax on the sale of your home as there is a specific exemption which covers private residence. If you are selling a house that you do not live in, such as a rental property or second home, then you might still be liable for Capital Gains Tax.

3. "I want to stay in my house until after the sale has completed" Your contract will require you to move out of your property upon completion day. This indicates that you must have vacated the property, usually by 2.00 pm on the day of completion. However, agreeing on an earlier time, such as 12 noon, is not unusual. As well as physically vacating the property you need to remove all furniture etc and the property should be left clean and tidy.

4. "I have moved out of my property and it is still fully insured"

When a property is empty it is often wrongly assumed that as long as the building insurance policy is maintained then it will cover all the usual circumstances. However, with a large number of insurance companies, it is usual that specific risks will be excluded if the property has been empty for over 30 days. For example, common exclusions can include risks such as vandalism and burst pipes. Therefore, it is important that you ensure that such risks are covered on your policy in the event of the property being left empty.


Taking care to hire an expert, local solicitor who specialises in residential conveyancing, and being open and honest with them will help you to avoid extra complications and unnecessary problems when selling your house. In addition, don't leave anything to chance - if you're not sure what to do or what happens - simply ask your solicitor.


About the Author:
Tim Bishop is Senior Partner at Bonallack and Bishop, a firm of Salisbury, Andover and Warminster Property Solicitors who specialise in residential Property Sales. Tim is responsible for all major strategic decisions and has grown the firm by 1000% in the last 12 years. He sees himself as a businessman who owns a law firm.



Article Originally Published On: http://www.articlesnatch.com


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