How to Sell Your Property in Great Britain

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How to sell your property in Great Britain

There are potentially two major ways of selling your property in the UK and the process can take two or three months. You can sell via online using instant cash offers websites for example PropertyCashBuyers or you can use  an estate agent or by yourself via and attorney. In either case you must always sign a contract that binds both of you to the terms of the contract failure of which either party can seek legal recourse in a court of law for breach of contract or otherwise.If you decide to use and estate agent , make sure any person interested in buying must submit their offer through the agent.However, these contracts are never valid until both the buyer and the seller exchange contracts and agree to those terms in them.

Whatever option you choose, the steps involved are very similar in nature.

First, a homeowner must provide an Energy Performance Certificate which is required by law for all property being rented, sold or bought.This certificate contains information about your property’s energy use and costs and a list of recommendations about how to reduce energy use and save money.EPC ratings range from A (most efficient) to G ( least efficient) and valid for ten years.However, there are certain buildings that are exempted from obtaining an EPC. They include residential or holiday accommodation buildings intended to be used less than four months a year , listed buildings , places of worship like churches and mosques , industrial sites etc. EPCs can be verified on the Department for Communities and Local Government EPC Register by retrieving it via the property address or the report reference number.

Secondly ,as a seller , you are responsible for drawing up a legal contract to help in the transfer of ownership to the buyer.Usually you can include the property’s legal restrictions , services , boundaries , planning restrictions , fixtures and fittings , sale price and indicate when the sale will be complete.When the buyer and yourself are satisfied with the terms , both of you can sign the contracts and have final copies of each contract handed over to each party.Once contracts are exchanged, the buyer will transfer money to your account as you transfer ownership to them using legal documents.You will then move out and leave the house in the state and condition as agreed in the contract, hand over the keys and the house belongs to the new owner.

Lastly, never forget to pay tax.It is required by law that when you sell your house the buyer pays the revenue authority stamp duty land tax if the price is more than £125,000.For you as the seller, you will pay capital gain tax.However there are certain instances that you are exempted from paying Capital Gains Tax as you will receive a Private Residence Relief if you have lived in the property as your main home , not done business in it and is less than 5,00 square metres.