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More information about EPCs, including how to find an accredited assessor, can be found on the government’s website. If your property does not have an up-to-date EPC, in most cases you will need to commission one however if your home is listed or in a conservation area you may not need an EPC. You can look up your property’s latest EPC through the online EPC register. If you bought your home recently it will have an Energy Performance Certificate (EPC) which you might be able to reuse as they are valid for 10 years (provided you have not done anything to affect the rating – if you have, you will need a new EPC). If you gather together the relevant documents at this stage, you can avoid future delays and provide your estate agent with key information to share with prospective buyers from the outset. You are likely to have received some of it when you purchased your property. Your estate agent and legal representative will ask for various pieces of information throughout the selling process. Before you market your home – getting ‘sale ready’īefore you begin to think about putting your property on the market, you should spend some time getting your paperwork together and making your home ‘sale ready’. More advice on negative equity can be found from the Money Advice Service. If you still want to move, lenders may consider allowing you to transfer the debt to a new property, but you must speak to them as soon as possible and tell your legal representative what has been agreed. This means your home is worth less than the amount you owe your mortgage provider, and so you may not want to sell your home as you will still be liable for the outstanding balance. While it is currently a rare problem, you may find that you are in negative equity.
It is important to do this early on so that the final exchange of contracts is not delayed.Ī helpful checklist of costs to think about is available from the Money Advice Service. When you know how much money you are likely to release from selling your property, you can budget for your next move. It is therefore very important you know how much your property is likely to be worth so you can compare it to the outstanding balance on your mortgage and the other costs of moving.
for essential home repairs or improvements.capital gains tax if the property is not your primary home or includes a lot of land.Energy Performance Certificate (EPC) fees (unless the property is exempt or a valid certificate already exists).any other outstanding debts secured against the property.In addition, when selling, you may also need to pay:
You should speak with your lender or broker to find out how much you owe, including any possible penalties for early repayment. When you sell your home, you will need enough money to pay off the remainder of your mortgage, if you have one. If you are thinking of buying a property, you should seek independent financial and legal advice. It is intended as a helpful overview of the process it is not a definitive statement of the law and not all of the steps are mandatory for all cases. More information on buying property in Scotland or Northern Ireland is available through the links. It is intended for people purchasing a home in England or Wales. It includes a short overview of how to sell a leasehold property – more detailed information is available in government’s How to lease guide.First-time sellers may find it particularly useful, but even more experienced sellers need to know what processes or requirements have changed since their last sale. This guide is for people who are thinking of selling a home.
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