George Berry, Residential Area Manager of Durrants, explains what happens during the process of a house sale. This article first appeared in the Diss Express.
What happens during a house sale?
I often meet vendors who have not sold a property for a number of years who ask, “It has been a long time since we last moved, can you talk us through the process?
There are two areas to cover the marketing process and the sales process. Each are different and it is important to know the difference and how to avoid possible pitfalls that may arise.
The marketing process happens first, but there’s a good reason why I want to mention the sales process at the start. Following successful viewings, you should receive offers on your property. Whether those offers are acceptable or not, your agent should put each of them in writing to you within 24 hours of receipt until hopefully an offer is acceptable.
Appoint a solicitor early
At that point a memorandum of sale will be issued to both vendor and buyer plus their two respective solicitors. Many vendors wait until a sale is agreed before appointing a solicitor. This is the first pitfall in my view. I would advise appointing a solicitor as soon as the property goes on the market and ask them to send over all forms.
For example, there may be works you have done or other supporting documents that will be required. If you are aware of these at the start of the process it gives you more time to collate relevant information.
This leads on to the next pitfall. As part of the sales process the buyers’ solicitor will ask when the electrics were last tested, when the boiler was last serviced and if there is private drainage, when was it emptied?
Having these questions early means you can get the various points actioned and be in a position to supply the necessary paperwork.
Private drainage often crops up as the laws changed in 2015 with regard to water being discharged from septic tanks into a water course. Many properties in rural areas have private drainage and often only at the point of selling does the question get raised. Because of the change in the rules many vendors have discovered their drainage system is non-compliant.
Firstly, it’s worth checking whether the existing system is compliant with either the company that empties the tank or the Environment Agency. If it complies then a letter to confirm this is sufficient to go to the solicitor. If it is noncompliant then a new treatment plant will be required. You can either install this yourself prior to marketing the property or discount your asking price to factor in that your buyer will have to install it.
Discover any issues as soon as possible
The more you are aware of at the start of the process and can potentially address or alternatively be transparent about with buyers, the smoother the sales process will be.
My advice in dealing with this at the start of the marketing process means it will reduce the risk of a sale falling through once agreed. The largest reason for sales falling through is issues coming to light during the sales process that could potentially have been avoided if dealt with earlier.
The marketing process is the start of the working relationship with your appointed agent up to the point of agreeing a sale. This involves photography, floorplans and then brochure production. Once approved it is put on the internet portals.
Viewings then start and you may choose to accompany viewings or your agent may do this.Your agent will then give you viewing feedback. There should be a lot of contact with your agent during this time,
We as agents work FOR you as the client but we also work WITH you and it should absolutely become a working partnership. If that partnership is formed during this time, it will equally in turn lead to a far smoother sales process.
Catch up with the latest property news in George’s Diss Express column next month.
