How To Sell Your Home in a Buyer’s Market

Mark ShiptonAdvice & tips

The property sales market has been very tough for sellers this year. Thanks to the high cost of living and the lack of confidence associated with it, buyer numbers have been reduced. 

Cautious buyers take their time to decide to make offers, and the process can feel quite touch and go. Some of these tripwires are out of your hands, but we’d suggest being prepared for your sale to the best of your ability to minimise the sale falling through. 

Here is a list of information you will need to sell your property. Much of it can be obtained and prepared in advance for your agent and/or solicitor. Lack of momentum is a frequent culprit in sales falling through, so we advise you avoid delays in forwarding information where possible.

Before selling

Material information

Government guidance defines material facts as things that may significantly impact whether a buyer decides to purchase your home. This could include information such as whether it regularly floods or is of non-standard construction. Estate agents are now legally required to collate and share this information with potential buyers when we prepare your marketing material, so we will ask you to provide relevant details. 

If your property is on a new-build estate, you’ll also be asked for any non-optional financial commitments, such as council tax, leasehold charges and rent charge costs.

Government guidance for selling a house also suggests you should provide any relevant Party Wall Agreements. These are agreements needed when carrying out any building work near or on a party wall, which can impact your neighbour’s property or boundary wall. 

You’ll also need to show any relevant restrictive covenants – binding conditions written into a property’s deeds or contract by a seller to determine what a homeowner can or can’t do with their house or land under particular circumstances.

While you want to present your home in the best possible light, you shouldn’t mislead potential buyers by covering up defects, such as painting over damp patches. Any problems are likely to come up in the buyer’s survey, and this could lead to price negotiations, possible delays (and a draining away of goodwill) that could’ve been avoided. 

The more material information and documentation you can provide up-front to your solicitor, the better. You can then get their advice on what needs to be passed on to the buyer. This will reduce the risk of avoidable delays and costs and buyers pulling out when unwelcome information materialises later, making them change their minds. 

HMLR Land Registry title deeds

To sell your house, you must prove that you own it. This document could be a property register or title deeds which demonstrate you’re the legal owner of the property. The Land Registry is responsible for maintaining property ownership records in the UK, and you can obtain an official copy of the register from the Land Registry website or request that a physical copy can be sent to you. 

As well as being legal documents that prove your ownership rights to a property, title deeds contain detailed information about the property’s boundaries, ownership history, and any rights or restrictions associated with the property, and they need to be provided to the buyer of your property or their solicitor to facilitate the transfer of ownership.

If you’ve lost the title deeds, you can apply for a replacement from the Land Registry. Your lawyer will guide you through the process, but some deeds will be harder to obtain than others.

Lease details 

Make sure you find your lease document. This vital document provides very important information about your property, such as the years remaining on the lease, any current and future ground rent, service charges, planned increases, and rules and regulations an owner will need to adhere to. 

So many leaseholders we deal with don’t have a copy of their lease. If you’re struggling to find yours, you should be able to obtain a copy from the Land Registry. 

Proof of ownership and Identification

You must pass Anti-Money Laundering (AML) regulations for the government to allow your estate agent to advertise your property and your solicitor to work on your transaction. 

To combat money laundering, passing AML is a legal government requirement for sellers and buyers under the government’s Anti-Money Laundering Regulations and The Proceeds of Crime Act 2002. To pass you must produce proof of your identity and address to your estate agents and legal representatives.

Acceptable forms of proof of identity include a valid passport or driving licence. Proof of address can be demonstrated through a driving licence, bank statement, or utility bill issued within the last three months. It’s more common now for an agent to use a company to conduct thorough checks. At Grace Miller, we use a company called Thirdfort, which carries out comprehensive identification checks on both buyers and sellers. 

Energy Performance Certificate (EPC)

An Energy Performance Certificate (EPC) is a mandatory document required when marketing for most residential properties in the UK. It provides an energy efficiency rating for a property and recommendations for improving its energy efficiency. An EPC is valid for 10 years and must be provided to potential buyers. To obtain an EPC, you should hire a qualified Domestic Energy Assessor to assess your property and issue the certificate.

You can’t sell your residential property without an EPC, as it’s a legal requirement. However, certain exemptions, such as listed buildings, temporary structures, and places of worship, mean you don’t have to have one. If you’re not sure if your home needs one, ask your estate agent. 

Once you have agreed a sale price with a buyer

Obtaining the leasehold information pack

If you own a leasehold property, your conveyancer will contact the freeholder or managing agent to obtain the leasehold information pack (LPE1). It’s crucial not to delay this process, as completing the pack can take some time. Ensure you set the wheels for this in motion as soon as possible. This is usually done via a request and payment from your solicitor. 

Leasehold enquiries

Your buyer will want to understand key lease terms, including service charges, ground rent, future works, and building and administration costs. Much of this list will be provided as part of the leasehold information pack, but it will be helpful if you are able to provide any information you have that you feel is relevant to your solicitor. 

  • Service charge records
  • Health, safety & fire risk assessments
  • Memorandum and articles of association 
  • Share certificates
  • Buildings insurance
  • Recent correspondence from the freeholder or managing agent
  • Planned works and assessments scheduled for the property, such as roof replacements  
  • Asbestos reports
  • Building Safety Act issues, including cladding and other safety legislation 

Mortgage statement

If you have an outstanding mortgage on your property, you must obtain a mortgage statement from your mortgage provider. This document outlines the outstanding balance, payment schedule and any other relevant mortgage details. It’s a requirement from the buyer’s conveyancers to ensure they can pay off the mortgage and leave the property legal charge-free. No financial obligations are impending on the seller’s title at completion. It’s therefore essential to inform your mortgage provider about your intention to sell and obtain an updated statement reflecting the current status of your mortgage.

Gas safety documents

If your property has gas appliances, such as boilers, fires or cookers, you must provide your solicitor with a gas safety certificate or recent boiler service record to provide to the buyer. These will verify that all gas installations and appliances in your property have been inspected and deemed safe. Your buyer will want assurances that the gas installations in the property meet safety standards and that the appliances have been well maintained. If you don’t have such paperwork, it might be worth having an inspection done in advance so you can show the boiler and appliances are safe and well maintained, giving the buyer confidence in their purchase. 

Electrical safety certificate

The safety of electrical installations will be important to any buyer. An Electrical Safety Certificate, also known as an Electrical Installation Condition Report (EICR), verifies the safety and compliance of the electrical systems in your property. A qualified electrician issues this certificate after thoroughly inspecting the electrical installations. Again, being able to provide one of these in preparation for a sale will save time and reassure your buyer. 

Planning permissions

If you’ve made alterations to your property, you must ensure any necessary planning permissions were obtained. Planning permissions are official approvals granted by the local planning authority for specific building works. 

Buyers will want assurance that any changes made to the property comply with local regulations and that the appropriate permissions are in place. Failure to provide the required planning permissions can raise concerns and potentially delay or lose the sale. If you feel this applies to you, it’s important to make sure you have permission before going to market, as these could take time should inspections need to be carried out by the local authority or building control. 

Guarantees and warranties

If you’ve made significant renovations or improvements to your property, it’s essential to provide potential buyers with any relevant guarantees and warranties you may have. These documents demonstrate that qualified professionals did the work and offer assurances regarding the quality and longevity of the improvements. Examples of guarantees and warranties include those for roofing, damp proofing, double glazing and central heating systems. Seeing these documents up front will only give peace of mind to the buyer and strengthen their confidence in the property they are buying.

FENSA Certificates

As a homeowner, you must obtain a FENSA certificate from a registered installer when they replace windows or doors on your property. The certificate serves as proof that the installation complies with building regulations and is in accordance with the energy efficiency, performance standards, and safety regulations.

New build warranties 

For new builds or properties under 10 years old, you must have a copy of your Buildmark (NHBC) or other new home policy/warranty documents. These documents provide essential protection and peace of mind to homeowners, ensuring that any potential issues or defects with the property are addressed and covered by the warranty.

When the market is tough and good buyers are hard to come by, being scrupulously honest and having all the necessary paperwork prepared can positively impact the chances of the sale going through. 

“I had the good fortune of landing into the professional hands of Chris Brewer. He has been honest and straightforward with me in the buying process. For me it was a long rocky journey with conveyancing but any time I needed help Chris went above and beyond to help me find the best there is to move the sale forward For me it was important to know Chris will always respond promptly to my emails or texts and never leave me in the dark! If you are first time buyer or selling your property, I won’t trust anyone more than Chris and his outstanding department at Grace Miller and Co! Thank you!” – BV

If you are thinking of selling in the new year, please get in touch with us to discuss the market and arrange a valuation. 

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Since opening Grace Miller & Co. in 2000, we’ve given all our clients proactive, professional and personable care. We’re very proud of the reputation we’ve built, and the client reviews we’ve received. If you have a property in London or Surrey and would like to benefit from our outstanding service and unrivalled knowledge in residential lettings, sales and block and estate management, please contact us today.