Selling A House In The UK

Relocating is part of our lives. Some may have to do it because of work, while some may just want to change the view. Unless you have the money to buy a second house, you will obviously have to sell the one you currently reside in.

Selling a house is usually done through a third party, much like in the case of buying one. Talking to different estate agencies will provide you with detailed information about what kind of money you can expect. Depending on the reasons for selling, some agencies will meet your needs better than others. For example, if you want to sell so that you can relocate and purchase another property somewhere else, telling the real estate agent what kind of money you need will let him know what kind of buyers the can target. Keeping in mind that they do get up to 5% of your final selling price, there is no need to worry about them not getting you the highest amount of money possible.

One other reason you have to use a third party is the time you will save. While finding buyers is not in theory hard, the hours you have to put in it and the research you have to do without professional assistance will be. A person who does this for a living will already have the resources as well as the contacts to put you on the market.

Along with the price appraisal that is done by the agent, a HIP (home information pack) must also be attached in order for your property to be put up for sale on an open market (this according to the Housing Act of 2004). This  pack will contain a sale statement, an energy performance certificate a local authority and drainage search results, an index and a copy of the title documents and other deeds to the property.  This is often performed by a conveyancing solicitor for a fee. Not complying with this will result in a 200 pounds fine.

The Hip costs are usually in the range of £300 to £600 for properties in England as well as Wales. Although this can be done free of charge by some agencies, the Law Society suggests the use of independent HIP providers.

In Scotland however, things are done a bit differently. After setting put your property on the market, the interested buyer will hire a solicitor which will then do a survey, which is the same as in England and Wales, the offer then made is considered legally binding between seller and buyer. This ensures a refund in the event that the seller or the buyer would decide to back out during the transaction. As the seller you will receive compensation for the lost interest while the buyer receives cover payment for all surveys and valuation costs.