Morrisons want to make selling easier – so here are our Top 5 Tips for making sure there are no delays now you have a Buyer:
#1 Check you are instructing the right solicitor
It is hugely important that you can instruct a local solicitor who will be able to guide you through the transaction. There may be firms that are cheaper than your local solicitor, but consider what will happen if documents need to be signed at short notice. Also, check whether you will have direct line access to the Conveyancer who will be dealing with the sale for you. It can be very frustrating if you either go into a team where no one specific is dealing with the matter for you, or if you are only able to speak to a receptionist.
#2 Check you know the Cost of your Move
When you are instructing a solicitor you should check that any fee that is quoted to you contains all of the costs that are likely to be incurred and this means checking the small print. Some firms will quote you a lower baseline figure and then add on additional extras if the property is leasehold, or if there is a mortgage to redeem. Make sure you ask about these.
#3 Ensure your Agent has checked out the Buyer’s finances
It can be very frustrating to find out, late into a transaction, that a Buyer who you thought was a cash buyer does in fact have a related sale, or does need mortgage finance to be able to proceed. At the point the offer is made to you, the Estate Agent should have seen evidence of how the Buyer will fund the purchase and you should make sure they confirm this to you.
#4 Check the amount owing on your existing mortgage
When you first took out your mortgage it is possible that there was a condition in stating that you will be liable for penalty charges if you pay the mortgage off before a certain period has elapsed. Check with your lender that you are not liable for any early redemption penalties so that there are no nasty surprises further down the line.
#5 Do you have a tight timescale?
If you have to move by a certain date, then let your Buyer know at the point that they make their offer so everyone knows from the outset and can gear up to this date. Let your solicitor know also so that they can work towards this date or advise if this is likely to be unfeasible.
Although correct at the time of publication, the contents of this newsletter/blog are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position.