With the country coming to an effective standstill in the face of the coronavirus pandemic, the housing market is certainly no exception. Richard Donnell, director of research and insight at Zoopla, reported a 70% drop in ‘buyer demand’ since March 7th (Zoopla, 2020). Understandably this has left many prospective homebuyers and sellers questioning where they stand and when should they look to put their property on the market. Although prospective sellers are limited to what they can do in this current climate, one of the things which can be done, saving potentially weeks when Government restrictions are lifted, is instructing a property solicitor early on.
Davisons Solicitors remains open and able to assist with enquiries via telephone or email, while making use of the latest technology we can deliver our service remotely respecting Government guidelines and social distancing.
Preparation is key to making a sale transaction as painless and as quick as possible. The following key points should be undertaken as early as possible, even if a buyer is yet to be found:
- Instruct your solicitor to prepare the contract pack ASAP in readiness for a buyer.
- Provide all necessary ID and Proof of Address to your solicitor at the outset.
- Inform your solicitor of any unusual aspects of the property or title. Any title defects can be resolved early on.
- Gather and provide certificates/guarantees and any other documents provided at your time of purchase, works done etc to your solicitor.
- If the property is affected by a Management Company, whether freehold or leasehold, the Management pack (that has to be provided to any buyer) should be ordered and paid for ASAP. The pack can often take several weeks to come from the Management Company.
Things to consider under unusual circumstances:
- If selling on behalf of a deceased have the death certificate AND Grant of probate ready.
- If you find yourself in the unfortunate position of a sale due to a relationship breakdown it is helpful to be on amicable terms and to agree any split of sale proceeds ahead of the sale taking place.
Other handy tips:
- Try not to pre-agree any completion timeframes to avoid disappointment.
- Try not to make any false promises to a potential buyer unless you are prepared to act on them should the need arise (for example agreeing to split any sale and purchase and move out should your buyer be ready to complete before any related purchase that you might have).
- In readiness for completion ensure the loft, garage and shed are cleared. Don’t leave behind anything that hasn’t been agreed to be left at the property.
Contact our expert property team for further information on how we can better assist prospective clients with the sale of their property.
Zoopla, 2020. Coronavirus: the impact on house prices. [Online]
Available at: https://www.zoopla.co.uk/discover/buying/coronavirus-impact-on-house-prices/