If you have a property to sell in Bristol but have questions about the process and what’s involved, check out our Seller FAQs. There is a lot to learn when it comes to selling a property. Being prepared can help make the process as stress-free as possible. Our Seller FAQs cover everything you need to know about selling a property in Bristol including associated fees, conveyancing, surveys and more.
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If you want to sell a property, you will need to find out how much your home is worth. Things you should consider when selling are the current state of the local housing market and the purchase price you hope to achieve. Hydes of Bristol offer no obligation free property valuations for properties in the Bristol area.
There are three main costs involved in selling a property:
Estate Agent Fees
Estate Agent Fees will vary and consists of either a percentage of the purchase price, or a fixed fee.
Energy Performance Certificate (EPC)
You are legally required to provide an EPC when selling a property. This outlines the energy efficiency rating of your property.
Conveyancing
Conveyancing covers everything that needs to happen to legally transfer your property to the buyer. This needs to be covered by a solicitor. Hydes of Bristol can recommend a highly regarded local solicitor who can offer a conveyancing service at a competitive price.
Other costs involved with selling a property can include removals and other repair jobs you want to carry out to enhance the value of the property.
The time is takes to complete a sale depend on the position of both the seller and the buyer. If your home has a realistic valuation, it is normal to receive offers within the first month. Additional steps to factor in include your buyer applying for a mortgage, the exchange of contracts, and completion after that. In total, you should expect at least 12 weeks to complete the sale.
Things that can speed the process up include your property being vacant, the buyer not being in a chain and the buyer not requiring a mortgage.
Yes. All sellers in England are required to purchase an EPC for their property before selling. Estate agents must display the EPC rating in their marketing of the property.
Conveyancing covers everything that needs to happen to legally transfer your property to the buyer. This needs to be covered by a solicitor. Hydes of Bristol can recommend a highly regarded local solicitor who can offer a conveyancing service at a competitive price.
No. It is the buyer who is responsible for paying stamp duty.
In most cases, you are not required to pay Capital Gains Tax if the property is your main home.
In England you do not need to arrange a survey when selling your home. However, it is likely that the buyer will arrange a survey so a surveyor will arrange to visit you home. A surveyor looks at the condition of the property and any problems with utilities, damp, cracks, roofs, and timber. Your buyer’s mortgage lender will also organise a mortgage valuation to confirm the property is worth the funds being lent.
Included within the conveyancing process are ‘searches’ carried out by your buyer’s solicitor. These include searches of Land Registry and Local Authority information relating to your home. The solicitor will be looking at the planning history and any potential issues brought about by developments around roads, drainage, and mining close to the property.
Once you have agreed a sale price with the buyer, your solicitor will draft a contract. The seller’s solicitor will confirm the details of the property and perform any searches. Following this, the buyer’s mortgage lender will conduct a mortgage valuation and confirm the mortgage offer with the buyer. Once all of this is complete, contracts can be signed and the completion date set.
Either party is free to pull out of the transaction at any point up until both solicitors receive signed contracts from the seller and the buyer (referred to as ‘exchange of contracts’).
When both contracts have been signed, the buyer’s solicitor requests the mortgage from the buyer’s lender. Once the funds have been released, both your solicitor and the buyer’s solicitor will agree a completion date with both parties.
Title deeds give proof of your ownership of the property and are usually held by your mortgage lender. These will need to be transferred to the buyer’s solicitor as part of the conveyancing process. It is solicitor’s responsibility to obtain these.
Fixtures and fittings are typically included within the purchase cost of your home. These should be agreed between the solicitors acting for both parties. You do not need to leave any furniture or furnishings in the property. However, some of the contents can be offered for inclusion as part of the purchase cost.
The contract will specify the completion day when legal completion has occurred. It should outline when you must vacate the property by, along with when the buyer should collect the keys (usually from your estate agent). Normally, the seller must vacate the property by 12pm, with the keys being collected from the seller’s estate agent two hours later – 2pm.