Is it easy to sell a house without using an estate agent?
It’s relatively straightforward to sell your own home without involving an estate agent, although you should be warned that it’s a time-consuming process (which is why agents set a certain fee to pay for their time in getting your home sold).
First you need to get a proper valuation of your home, which can be done by paying a chartered surveyor and registered valuer, or you can research the house prices in the area for similar properties to get an idea of how they are selling.
Once you are happy with the price, you can advertise the property (there are several free sites that allow you to do this). Legally, you’re required to obtain an Energy Performance Certificate for the property before putting it up for sale, so you’ll need to organize a registered energy assessor to create this for you. Then you can start arranging viewings and negotiate an agreed price with anyone who is interested.
We would recommend, however, that you sign up with an estate agent as they can do all the leg work for you. The key thing, though, is to understand their fees and rates before signing an agreement with them.
What is stamp duty and land transaction tax?
Stamp Duty Land Tax (SDLT) is a proportion of the final sale price of a property payable to HMRC by the buyer. The current trigger threshold is for any property priced at £125,000 or over (unless you’re a first-time buyer, in which case you pay less or no tax for properties priced at less than £500,000). Your solicitor will handle the transfer of the tax as part of the final tasks on your conveyancing.
In Scotland, buyers have to pay Land and Buildings Transaction Tax and, in Wales, the Land Transaction Tax is triggered at properties priced over £180,000.
In all cases, the amount payable is based on a sliding scale as the price goes up as a proportion of that range added together than an overall flat tax amount or percentage. So, the higher the price goes up, the greater the amount of tax you have to pay.
Is there a benefit to going to auction over a standard estate agent sale?
The majority of homes sold via an estate agent will be in a reasonable condition and usually modernised, whereas auction properties will often require a lot of modernisation or structural work before it can be lived in. That’s not to say you can’t use either for your sale, of course, irrespective of the state of the property.
Whichever option you choose, you should line up a focused, proactive solicitor on a fixed-fee agreement protected by a ‘No Completion, No Fee’ guarantee. You should appoint them as early as possible, too, so that the conveyancing work can start immediately – this is particularly important for auctions, as there is usually a four-week completion stipulation on its sale.
At Homeward Legal, we offer you’re the best quality service on all types of sale and purchase, including auctions, for competitively low fees protected by our 'No Completion, No Fee' guarantee. Try our online quote calculator or call our team on 0800 038 6699.
For our lender, we have chosen Basinghall Finance - what do I need to be aware of?
Some lenders have reduced their 'solicitor panel', potentially creating increased conveyancing costs for purchasers. Homeward Legal can act on behalf of all large UK mortgage lenders, keeping buyers' legal costs to a minimum.
We are on a very tight budget - Can doing the conveyancing myself without the help of a lawyer in Gilberdyke possibly save any money?
It is possible for you to carry out the legal process unaided. In reality however, a solicitor is in charge of a large array of functions including drafting contracts or checking for any restrictive covenants most of which need a skilled professional. Additionally legal firms always carry suitable indemnity insurance that protects you from any professional errors on the part of the solicitor.