Legal Obligations on Selling a Property in the UK

Selling a property in the UK can be a complicated job considering the series of legal hassles surrounding the transactions and the authority transfer procedures. The property solicitor is the most important aid in this regards who simplifies the process at the same time taking the majority of the responsibilities on his shoulder till the deal is completed and the funds are transferred to you. The below information was provided by an impartial estate agent in Kings Heath

Advanced Deposit

The seller can ask for a deposit of up to 10% of the total purchase price. In some rare cases, the buyers on the advice of their solicitor can negotiate for a lesser amount. However in recent cases, the mortgage value over 90% is a rare event. Hence it is recommended to negotiate for at least 10% of the amount.

Property Solicitor

The property solicitor is your prime aid in selling your house in the UK. The lawyer’s fees depend on the factors such as:

  • Amount of work done
  • Total value of the property
  • Duration involved in the process

The costs can vary and range between 200-1500 GBP. Do not hire the property solicitor once you find him. Opt for a consultation instead to find if he has previously dealt with similar property purchase settlements or not. You can also judge his level of cooperation and attitude towards the clients during the meeting. If you know someone of similar quality, you can approach the person as well for greater assurance.

Real Estate Agents

You can find several real estate agents who can find you the suitable buyer at the desired price you are looking forward to. In most of the cases, the commission of the property agent varies from 1.5 to 2.5 percent of the total value of the property. Your solicitor will prepare a contract you enter with the property agent that will include details such as:

  • Charges levied on advertising costs
  • VAT
  • Costs of the sale of the property on part of the agent inclusive of his fees

Some sellers work on the basis of sole agency contract with the real estate agent to transfer the exclusive authority of selling the property. A joint agency contract will help you to take a joint decision with the broker while taking property selling decisions.

Property Selling

You can choose the offer that you feel is offering the best value. The deal procedures are finalized between the two solicitors working on the part of the buyer and the seller. A contract paper is prepared by the two solicitors on the basis of mutually agreed terms. Once the purchase amount is fixed, the sale completion date is finalized.

Sale Completion

On the final stage of the deed and registry the lawyer of the buyer transfers the remaining purchase to the solicitor’s account of the seller. Once the fund transfer is completed, the seller’s solicitor transfers the Land Registration Certificate and the transfer deed papers and the keys to the solicitor of the buyer as part of the ownership transfer process. This brings an end to the successful deal completion.

It is the solicitor who monitors the issues of payments made to the registered clients, sending notification of the property sale to the HM Land Registry etc. In case of any surplus amount in the wallet, the sum is always returned to the client after the completion of the entire set of procedures.

 

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