To make things easier for you, we’ve put together a list some of the most frequently asked questions by our sellers. If you can’t find the answers you are looking for here, please get in touch and we’ll be happy to help.
I want to sell a property in Manchester. Where do I begin?
The first step is to determine the value of your property, and then instruct an estate agent to find you a buyer. During the valuation process, enquire about the services the agent offers, the current condition of the local market and a realistic sale price you can hope you achieve. Consider your priorities and timescales and agree a marketing plan with your chosen agent.
How much will it cost to sell my property?
Selling a property typically involves three main costs:
Estate Agent Fees
This will either be a set fee or a percentage of the final purchase price.
Energy Performance Certificate
Most properties in England are legally required to have a current Energy Performance Certificate (EPC) in place before they can be sold. Edward Carter Properties can arrange this for you, if required.
Conveyancing
This is the legal transfer of your property to its new owner and must be done by a solicitor or conveyancer. Prices will vary depending on your circumstances.
Do I need to be present for viewings?
There is no requirement for you to be present for viewings, unless you wish to be. Your estate agent should accompany all viewings where possible, unless you decide you would prefer to conduct them on your own.
Will there be more viewings once I have accepted an offer?
This is dependent on the conditions of the offer. As neither the buyer or the seller is legally bound to the purchase or sale until contracts are signed and exchanged, it can be wise to continue viewings until you have accepted an offer. It is standard practice for viewings to stop once an offer has been accepted and solicitors instructed to handle the sale.
Buyers may ask to revisit a property after their offer has been accepted. This is not uncommon and could be to check certain points, measure up or to simply show family members. Where reasonable, we would recommend such requests be allowed.
How long will it take to complete my sale?
Every property sale is different, and it depends on a number of factors such as whether the buyer needs to secure a mortgage, whether you are still in the property yourself, and whether the sale of your buyers’ property is going smoothly. As a rough indication though, it can take an average of around 8 to 15 weeks to complete a sale, once you have accepted an offer and solicitors are instructed.
Do I need an EPC?
In England, almost all properties are required to have a current EPC (Energy Performance Certificate) before they can be sold. This must be displayed when marketing the property.
What is Conveyancing?
Conveyancing is the legal transfer of your property to its new owner and must be done by a solicitor or conveyancer. Prices will vary depending on your circumstances. Edward Carter Properties can assist with providing you a quotation from our conveyancing partners.
Do I have to pay Stamp Duty?
No. The buyer is responsible for paying Stamp Duty.
Will my property be surveyed?
You do not legally need to arrange a property survey, but the buyer may request one. A surveyor will be looking for problems with utilities, damp, cracks, problems with roofs and timber defects. If your buyer requires a mortgage, their mortgage lender will organise a valuation to confirm that the property is worth the money being borrowed, which may also require a survey.
What are searches?
Searches in relation to your home are carried out by the buyer’s solicitor as part of the conveyancing process. These will likely include searches of Land Registry and Local Authority information. They will be checking for planning history and any potential developments around roads, drainage and mining near the property.
When do I sign the contract?
Your solicitor will draft a contract once the sale has been agreed. The buyer’s solicitor will then check through this, 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 a completion date.
When is the seller and buyer bound to the sale/purchase?
The sale is not legally binding until the exchange of signed contracts between the buyers and sellers’ solicitors.
How is the completion date chosen?
When both contracts have been signed, the buyer’s solicitor will request the mortgage funds 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 that is suitable for both of you.
Where are my title deeds?
Your title deeds may be held by your mortgage lender, or they may be held electronically by the Land Registry. It will be your solicitor’s responsibility to obtain these and provide the buyer’s solicitor with proof of ownership of the property. They will be transferred to the buyer as part of the conveyancing process.
What do I have to leave in the property?
You are not required to leave any furnishings or furniture in the property, but you may have agreed to include some, as part of the negotiations of the sale.
When do I have to move out?
You need to vacate the property on, or before, the completion date specified in the contract. At which point all monies for the purchase will have been transferred to your solicitor and legal completion will have occurred. Keys can then be released to the buyer who will usually be asked to collect them from the estate agent.
Do I have to pay Capital Gains Tax?
In most cases, you are only required to pay Capital Gains Tax if the property is not your main home.
