Having accepted an offer for the sale of your property how can you ensure that the sale process proceeds as quickly and efficiently as possible? The answer, as with many things in life, is that a little prior preparation can make all the difference.
Whether you are selling commercial or residential property you will be need to provide the buyer with a sales pack which includes details of the title to the property together with replies to various standard enquiries.
The standard enquiries cover a wide range of matters affecting the property and the process of compiling the replies to the enquiries can help us to identify potential issues that might be of concern to a prospective purchaser. By compiling the replies when you put the property on the market we can identify the potential issues and present the buyer with a solution at the outset of the transaction rather than being on the back foot dealing with a problem after it has been raised by the buyer's solicitor as part of their due diligence.
You can also help the process by ensuring that you have the information that is likely to be required by a purchaser to hand and, in particular, you should bear the following in mind:
- If you've carried out works to the property you will need to provide the buyer with copies of all relevant planning permissions and building regulations certificates together with copies of any relevant guarantees and warranties.–
- If the property is leasehold:
- the buyer will need details of the rent, service charge payable including the most recent rent and service charge demands and service charge accounts for the previous three years;
- the buyer will want to see copies of any consents from the landlord in relation to any alterations which have been carried out to the property regardless of whether or not planning permission is required;
- we will need contact details for the managing agents of the building so that we can obtain what is known as a "management pack" from them which will include details of any planned maintenance works and the insurance of the building.
- If the property is tenanted the buyer will need copies of the relevant leases and tenancy agreements together with details of any deposit and also the tenant's rent payment history.
- If the property is mortgaged we will need the mortgage account details so that we can liaise with the lender to arrange repayment of the loan on completion.
Therefore we suggest if a quick sale is important to you, preparation is key. We look forward to hearing from you the next time you put your property on the market!
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.