Avoid making mistakes when selling your property.
Selling a property is often seen as one of the most stressful events in life. However it does not have to be so. Avoid making the mistakes set out below, and you will be well on your way to a stress free property 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 will be asked to fill in a Sellers Property Information Form that asks for details such as which boundaries you maintain on the property, whether you have had any disputes with your neighbours etc. Failure to answer these enquiries may jeopardise the sale later on and equally you could be liable to the buyer for withholding or providing false 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. However, if you are selling a property in which you do not live, such as a second home, then you may have to pay Capital Gains Tax.
3. “I do not want to move out until after completion.”
The contract states that you must vacate your property on the day of completion. This means that you must have moved out, normally by 2.00 pm on the day of completion. However, it is not uncommon to agree an earlier time such as 12 noon. 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, it is quite normal with a lot of insurance companies that certain risks will be excluded after the property has been left empty for more than 30 days. For example, risks such as burst pipes and vandalism are commonly excluded. Therefore, it is important that you ensure that such risks are covered on your policy in the event of the property being left empty.
To avoid unnecessary problems or complications when selling your property, make sure that you appoint an experienced local residential conveyancing solicitorand that you are both open and honest with them. In addition, don’t leave anything to chance – if you’re not sure what to do or what happens – simply ask your solicitor.
If you are thinking of selling your house, make sure you speak to Patrick Kilby, Head of Conveyancing on 0118 947 8638 or email patrick@cavershamsolicitors.co.uk
