Top tips for Sellers

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With reports that the summer has continued to be an unsettled time for the Prime Central London market and prices having been down year on year, the outlook for sellers could appear gloomy. However, some buyers are seeing an opportunity in the current uncertainty so, once a sale has been agreed, what can sellers do to secure a sale of their property in the timescales they require?

Be prepared: the buyer’s solicitor will require lots of information about the property before they can get started on carrying out their due diligence. Sellers should liaise with their solicitor as early as possible to make sure a full sales pack can be provided to the buyer’s solicitor as soon as a deal is agreed. Sellers will need to complete the property information forms and the fittings and contents form and provide copies of associated documents. Sellers should fill in these forms as comprehensively as possible to avoid issues being discovered at a late stage and causing delays.
Timescales: agree timescales for exchange and completion at the outset but make sure they are realistic. The agents will be able to assist with this and it focuses all parties’ minds. The agent will also encourage the buyer to book their building survey as soon as possible after the offer has been agreed and help agree any other terms of the sale such as the price for any contents in the property which are being left for the buyer.
Consents: make sure the correct documentation is available in relation to works which have been carried out to the property. One of the biggest delays we see in transactions is due to the necessary documents for alterations/extensions which have been carried out not being provided. Works may have needed planning permission, listed building consent, landlord’s or estate’s consent, and a building control completion certificate. Sellers should discuss this with their solicitor as they can advise what would have been required so that copies can be provided to the buyer’s solicitor.
Management Packs: If the property being sold is leasehold, the buyer’s solicitor will need to review the management sales pack. The seller’s solicitor will usually obtain this pack from the building’s managing agent but it can take some time to obtain so the seller’s solicitor needs to request this as soon as possible to avoid delays.
Dealing with issues: sellers should discuss any issues which they suspect could arise with their solicitor as they will be best placed to advise on these issues and work out a solution. For example, if the seller doesn’t have some of the consents mentioned above then this needs to be addressed as soon as possible. Buyers may be willing to accept an indemnity insurance policy to cover the issue or the seller’s solicitors may need to obtain retrospective consent. Discussing this with solicitors at the start of the sale ensures that a strategic approach can be taken to find a solution which suits all parties.
Communication: good communication between all parties is essential in making a transaction proceed smoothly. Instruct a solicitor who will be available to discuss matters and who will move the sale on proactively. Good solicitors and agents will work together to deal with any issues which may arise.
Flexibility: Be open and flexible to the buyer’s requirements. There is no getting around the fact that it is a difficult market at the moment so it is important for sellers to listen to any issues which the buyer raises and then have a realistic conversation with the agent and solicitor about options. Your solicitor will have experience of facing many challenges in the sales process and so they should be able to provide you with innovative and commercial ideas for dealing with any issues faced.

further information

For more information on any of the issues mentioned in this blog, please contact Vanessa Rhodes.

about the author

Vanessa is a partner in the Real Estate team and is experienced in a range of commercial and residential property matters. Vanessa has acted for high net worth individuals, celebrities, developers, landlords and tenants and investors.