DOCSLIB.ORG

Sellers Guide from Nationwide

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sellers Guide from Nationwide Home Guides FOR SALE An easy, step-by-step guide to selling your home If you are thinking about selling your home, this guide is for you! Your home is probably your largest financial asset, so it’s not surprising that the thought of the whole selling process can be a daunting one. So whether you are a first time seller or just want to remind yourself how it all works, this guide will take you through the necessary steps to successfully selling your home. Read straight through the Guide or jump to a particular section of interest as outlined on our contents page. We’ve included a user-friendly glossary to help you make sense of the jargon! You can find all purple words throughout the Guide in the glossary. If you are looking to buy, why not check out our new Buyers Guide, SOLD which will help steer you through the whole process, giving you handy tips along the way. Provided by Part of www.NationwideEducation.co.uk. Independent of Nationwide products and services. Selling Guide Home Guides Selling Guide CONTENTS Click on a Step to jump straight to that section. Step 1: Things to consider before you sell Step 9: Property not selling? Step 2: Where to begin Step 10: Getting organised to move out Step 3: Preparing to sell Step 11: Moving Day action plan and checklist Step 4: How much is your house worth Step 12: After the move Step 5: Selling through an estate agent Step 13: Top Tips for selling or privately Step 14: Frequently Asked Questions Step 6: Getting the most out of viewings Appendix Step 7: Legal work a) What does all this jargon mean (glossary) b) Useful contacts Step 8: Ensuring the sales goes smoothly c) Home seller checklist for those to contact - Part 1: England, Wales and Northern Ireland Available on - Part 2: Scotland www.NationwideEducation.co.uk Independent of Nationwide products and services Provided by contents Selling Guide Home Guides 1 Things to consider before you sell STEP Remind yourself why you are considering selling, and make sure you’ve considered all your options! Main reasons to sell Alternatives to selling Main reasons to sell • If too little space is the issue: you might want Firstly, what are some of the main reasons why to consider borrowing more to extend your present Alternatives to selling people put their home on the market? home – perhaps out into the garden, down into the • Space: upsize or downsizing! basement or up into the loft space. • Location: to move closer to work or family • If too much space is the issue: have you and friends. considered renting out a room or rooms? • If you need to relocate: what about keeping • Financial Difficulties: you may want to your home and renting it out? You may be able clear debts. to get a ‘Buy to let’ mortgage, or, if your current • Divorce or the breakup of a relationship: this house is mortgaged, contact your lender who may is sadly one of the most common reasons; couples be happy for you to rent out, (usually at a slightly need to sell to move on. higher interest rate). Similarly, if you have inherited a property this might be an attractive option. • Bereavement: perhaps you have lost your partner Remember, in addition to your mortgage provider and want to downsize or you have inherited a (if you have one) you will need to tell your property and want to convert it to cash. buildings and contents insurer if you do decide to rent out your home. • Ill health: your home is no longer suitable. • Repossession: you may decide to sell your home Available on yourself to clear the debt owed. www.NationwideEducation.co.uk Independent of Nationwide products and services • Necessary costly repairs: your home may need repairs and you can’t fund the expense or face the upheaval. Provided by STEP 1: page 1 of 2 Selling Guide Home Guides Things to consider before you sell 1 Alternatives to selling cont’d... • A home reversion loan: may be a suitable alternative for some. This is where you sell your STEP • If it is your finances: have you thought about home, or part of it, to a company in exchange for a changing your mortgage, such as extending your cash lump sum, a regular income or both. You have current term to reduce your monthly payments the right to continue to live in your home, under a or remortgaging to release some of the equity lease, until you die. You can usually sell between Main reasons to sell in your home and borrow a little extra? (See our 25% and 100% of your property, but the amount Remortgaging Guide) These options might be Alternatives to selling you get in return will be significantly less than that worth considering, for example, if you want to share of the market value. The actual amount will finance expensive repairs, but you’ll need to think depend on your age – the older you are, the more very carefully before changing your mortgage and you’ll get. make sure that if you do increase your mortgage you can afford the monthly repayments. If you have • House swapping or part-exchange: there are the space, renting out a room could be an option websites that specialise in putting you in touch with here too, but bear in mind that the rent you receive others who are willing to consider this interesting may be taxable (depending on how much you way of avoiding getting stuck in a chain or paying receive). those estate agency fees. • If you are older: a lifetime mortgage might be • Sell and rent back: there are specialist companies the answer if you’d rather not move. This is a type that offer to buy your home from you and then rent of equity release loan that is based on the value of it back to you under a tenancy agreement. This can your home. You get a lump sum or regular income be done quickly for cash and you benefit from being but you are charged interest on the additional loan, able to continue to live in your home, but you would which is added to the original loan amount. You need to be sure this is right for you. still own your home and the loan is repaid when your home is eventually sold. Note though that the • Wait and see: if you’re concerned about the Available on interest accruing is compounding (interest on the market or having difficulty selling, it might be wise www.NationwideEducation.co.uk previous years’ interest) and there may be a risk to put off selling for a while if you possibly can. Independent of Nationwide that the loan could become larger than the value of You might want to use the time to make any repairs products and services your home. However if there is any extra value in or alterations that will add to its value. That way the property after it’s sold, say in the event of your you will be ready to move when you feel the time Provided by death, it will be paid to your heirs. is right. STEP 1: page 2 of 2 Selling Guide Home Guides 2 Where to begin STEP So you have decided to sell. There are a few things you should consider first, including making sure you get your timing right, your options if buying and selling, getting an EPC and budgeting appropriately! Get the timing right Get the timing right If you’re buying • If you don’t need to sell immediately, you can give and selling your property the best chance by choosing to sell Get an EPC when demand is high. This is usually in spring, early summer and autumn; avoid mid-summer and the Budget for your sale winter festive period if you can. FOR SALE • Take in the wider picture too, what is happening in the housing market nationally? Be aware of interest rates and lenders current attitudes. • What is happening locally? Too many ‘For Sale’ signs at one time in your area may put off potential buyers or force house prices down. However, you might be lucky and live in a location that seems immune to the national trends and always has a buoyant market. Available on www.NationwideEducation.co.uk Independent of Nationwide products and services Provided by STEP 2: page 1 of 3 Selling Guide Home Guides Where to begin 2 If you’re buying and selling? STEP You have three main options: • Buy and sell at the same time: this is the most Gazumping is when a seller accepts an offer but common scenario. Whether you manage to sell then before contracts are exchanged, accepts a or find your dream home first is often a matter of higher offer from another buyer. Get the timing right planning, preparation and a bit of luck, but bear in If you’re buying mind it can be stressful trying to do both things at Gazundering is when a buyer who has agreed to pay a certain amount for your home and you have and selling once! If you’ve found the house you want, see Step 3 ‘Preparing to sell’ for tips on how you accepted this offer, then tries to reduce the price Get an EPC could speed up your sale. they will pay for your home at a crucial point in the selling process. Budget for your sale • Sell first: you will be in a stronger negotiating position when you come to buy, since you will be chain free and be clearer about what price you can Get an EPC offer.
Load more

Recommended publications
  • Risk Management Self-Assessments
    Australian Institute of Conveyancers (NSW Division) RISK MANAGEMENT SELF-ASSESSMENTS Introduction and the Risk Management Program: The Australian Institute of Conveyancers NSW Division (the Institute) first introduced the Risk Management Program in the year 2000. At the time, it was introduced as a tool to assist members in the running of their files and practice to reduce the stresses of day-to-day file and business management and to help reduce the likelihood of a professional indemnity claim. The program was updated in 2005 and made mandatory for all Business Owner Members wishing to receive the Institute’s member discount on the PI insurance policy. Originally, the program required a mandatory annual inspection of the participating member’s business. By 2010, the membership had increased to the point where mandatory annual physical inspections were no longer possible and the program was changed to allow for a mandatory annual online self-assessment together with random physical inspections. To meet the requirements of the program, a business owner member must be able to show: • a reasonable knowledge of risk management procedures (as evidenced by the annual online self- assessment and any physical assessment conducted on the conveyancer’s business), • that a risk management program has been put in place; and • all staff members are familiar with and are uniformly following the risk management procedures set down by the business owner. The program also requires that the business owner’s files be conducted at least in the manner set out in the guidance manual (as discussed below) where it is practical to do so.
    [Show full text]
  • CONVEYANCERS LICENSING ACT 1992 No
    CONVEYANCERS LICENSING ACT 1992 No. 55 NEW SOUTH WALES TABLE OF PROVISIONS PART 1—PRELIMINARY 1. Short title 2. Commencement 3. Definitions 4. Conveyancing work 5. Disqualified persons PART 2—LICENSING Division 1—Preliminary 6. Effect of licence 7. Procedure for obtaining a licence 8. Licensee to have paid fidelity contribution 9. Licensee to be covered by an approved policy of professional indemnity insurance Division 2—Certificates of eligibility 10. Applications for certificates of eligibility 11. Committee may require further particulars 12. Determination of applications 13. Imposition of conditions 14. Notice of Committee’s decision to be given 15. Duration of certificates of eligibility 16. Withdrawal of certificates of eligibility ii Conveyancers Licensing Act 1992 No. 55 Division 3—Licences 17. Applications for licences 18. Determination of applications 19. Duration of licences 20. Suspension and cancellation of licences Division 4—Appeals 21. Appeals PART 3—CONVEYANCING PRACTICE Division 1—GeneraI 22. Effect of contravention of Division 1 23. Fees 24. Nature of conveyancing business 25. Attendance at business premises 26. Business names 27. Sharing of receipts with unqualified persons 28. Employment of disqualified persons 29. Sharing staff of legal practitioners and real estate agents etc. 30. Advertising 31. Conduct of other businesses 32. Committee may establish guidelines for conduct of conveyancing business Division 2—Trust money and controlled money 33. Money received by licensee on behalf of another 34. Keeping of accounts 35. Audits 36. Deposit of trust funds with Law Society 37. Money not claimed from licensee 38. Relief for bankers Division 3—Inspection of trust accounts and investigations generally 39.
    [Show full text]
  • Secrets of Conveyancing What Conveyancers and Estate Agents Don’T Tell You
    Secrets of Conveyancing What Conveyancers and Estate Agents Don’t Tell You Introduction I am a former Solicitor, Licensed Conveyancer and Legal Executive with over 29 years’ experience in private practice and running my own firm as well as being a partner dealing with mainly property matters, both commercial and residential. In England and Wales, certain aspects of conveyancing (which is the business of transferring legal ownership of land and buildings) can only be carried out for a fee, reward or gain by solicitors, licensed conveyancers and curiously, barristers. One of the many misconceptions of conveyancing is that it is straightforward and simple, yet year in year out it still accounts for over a third of all negligence and/or breach of contract claims against law firms. Despite what you may have been told or read in the newspapers, land law in this country is still very complex and the Land Registry really only records a fraction of the true position. Yet notwithstanding its complexity, time and time again law firms will delegate residential conveyancing to their most junior members of staff, some with little or no qualifications or experience, to make it financially viable, bearing in mind a senior Solicitor in private practice even in the provinces will probably charge out at between £150 - £200 per hour. It occurs to me that calling a qualified property lawyer a “conveyancer” is rather like referring to a family lawyer as a “divorcer.” In 2007 there were 4446 sole practitioners and 4237 practices with 2 – 4 partners. Combined these firms represented 86% of all solicitors practices in England and Wales employing 31% of qualified solicitors.
    [Show full text]
  • Registrar's Requirements for Paper Conveyancing
    Registrar’s requirements for paper conveyancing transactions Section 106A Transfer of Land Act 1958 Version 1 – Published 30 September 2015 Land Victoria Department of Environment, Land, Water and Planning 570 Bourke Street Melbourne VIC 3000 Phone: (03) 8636 2010 Fax: (03) 8636 2999 Web: www.delwp.vic.gov.au > Property and land titles > Surveying © The State of Victoria Department of Environment, Land, Water and Planning 2015 This work is licensed under a Creative Commons Attribution 4.0 Australia licence. You are free to re-use the work under that licence, on the condition that you credit the State of Victoria as author. The licence does not apply to any images, photographs or branding, including the Victorian Coat of Arms, the Victorian Government logo and the Department of Environment, Land, Water and Planning logo. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ Accessibility If you would like to receive this publication in an alternative format, please telephone the DELWP Customer Service Centre on 136186, email [email protected] or via the National Relay Service on 133 677 www.relayservice.com.au . Disclaimer This publication may be of assistance to you but the State of Victoria and its employees do not guarantee that the publication is without flaw of any kind or is wholly appropriate for your particular purposes and therefore disclaims all liability for any error, loss or other consequence which may arise from you relying on any information in this publication. Contents Registrar’s Requirements 2 1. Preliminary 2 2.
    [Show full text]
  • SLC Call for Evidence Submission Ongoing Competence
    LSB Call for Evidence: Ongoing Competence Response from The Society of Licensed Conveyancers Introduction The Society of Licensed Conveyancers (‘the Society’) is the professional body (formed in 1988) representing Licensed Conveyancers and Licensed Probate Practitioners (‘LC’) regulated by the Council for Licensed Conveyancers. It is independent of but maintains good relations with the Council for Licensed Conveyancers (‘CLC’) and is governed by an elected board of Directors. In 2013, the Society to open its membership to Solicitors and Legal Executives who can join as Associates and enjoy all the benefits of membership. The CLC ‘Continuing Professional Development Code and Framework’ requires a LC to keep an up to date training record recording continuing education and training in recognised courses in each licence year (1st November to31st October). For each LC manager the minimum requirement is 12 hours if they only hold a conveyancing licence or 16 hours if they hold both a conveyancing and probate licence. For a LC, other than a manager, the requirements are 6 and 8 hours respectively. On each licence renewal the LC must declare that the annual training record for CPD is true and accurate and, if requested by the CLC, provide documentary evidence in support. To support LCs in achieving the required hours the Society holds roadshows, workshops, webinars and other CPD activities throughout the year as well as holding an Annual Conference that is well established and has a great reputation for delivering a well-structured and highly topical agenda (which allows members to claim up to 6 hours CPD on the day).
    [Show full text]
  • Gf, 5, Grosvenor Gardens, Edinburgh, Eh12
    HOME REPORT GF 5 GROSVENOR GARDENS EDINBURGH EH12 5JU ENERGY PERFORMANCE CERTIFICATE YouEnergy can use this Performance document to: Certificate (EPC) Scotland Dwellings FLAT 1 , 5 GROSVENOR GARDENS, EDINBURGH, EH12 5JU Dwelling type: Mid-floor flat Reference number: 2821-1913-0200-0880-2200 Date of assessment: 22 October 2020 Type of assessment: RdSAP, existing dwelling Date of certificate: 28 October 2020 Approved Organisation: Elmhurst Total floor area: 85 m2 Main heating and fuel: Electric storage heaters Primary Energy Indicator: 551 kWh/m2/year You can use this document to: • Compare current ratings of properties to see which are more energy efficient and environmentally friendly • Find out how to save energy and money and also reduce CO2 emissions by improving your home Estimated energy costs for your home for 3 years* £5,319 See your recommendations report for more Over 3 years you could save* £3,303 information * based upon the cost of energy for heating, hot water, lighting and ventilation, calculated using standard assumptions Very energy efficient - lower running costs Current Potential Energy Efficiency Rating (92 plus) A This graph shows the current efficiency of your home, (81-91) B taking into account both energy efficiency and fuel costs. The higher this rating, the lower your fuel bills (69-80) C 79 are likely to be. (55-68) D Your current rating is band E (45). The average rating for EPCs in Scotland is band D (61). (39-54 E 45 (21-38) The potential rating shows the effect of undertaking all F of the improvement measures listed within your (1-20) G recommendations report.
    [Show full text]
  • International Law Practicum a Publication of the International Law and Practice Section of the New York State Bar Association
    NYSBA SPRING 2003 | VOL. 16 | NO. 1 International Law Practicum A publication of the International Law and Practice Section of the New York State Bar Association Practicing the Law of the World from New York ARTICLES: International Trademark Protection in the United States and the European Community............................................................................. 3 L. Donald Prutzman International Title Insurance................................................................................... 11 John E. Blyth Products Liability Prevention: What Every International Business Should Know About Selling Products in the United States.............................. 43 John F. Zulack and Jennifer K. King Jurisdiction and Choice of Law in Cyberspace in Europe..................................... 48 Marco Berliri Ten Important Points to Remember About International Estate Planning......... 53 Michael W. Galligan Doing Business in China After Its Accession to the World Trade Organization ........................................................................ 63 George A. Ribeiro Liability Online: Choice of Law and Jurisdiction on the Internet, or Who’s in Charge Here? .................................................................................... 66 Andre R. Jaglom Harmonization of Rules of Origin and Developments in Antidumping ............. 74 Jon R. Johnson Section Executive Committee—Officers, Section Committee Chairs and Co-Chairs and International Division Chapter Chairs and Co-Chairs................................. 83
    [Show full text]
  • New South Wales Review of the Conveyancers Licensing Act 1995
    National Competition Policy Review and statutory review under section 95 of the Conveyancers Licensing Act 1995 Final Report DEPARTMENT OF FAIR TRADING NSW Consumer Protection Agency Table of Contents 1. EXECUTIVE SUMMARY AND RECOMMENDATIONS ..................................... 1 Background to the Review........................................................................................... I The regulation of Conveyancers.................................................................................. I The Act's objectives .................................................................................................... 1 Justification for government interventim .................................................................... 2 Effects of the licensing regime on competition ........................................................... 3 Evaluation of the net public benefit ofthe current regime .......................................... 3 Alternate regulatory options ........................................................................................ 4 Conclusions .................................................................................. ,................... .. ......... 5 RecolIllllCndations ....................................................................................................... 6 2. BACKGROUND TO THE REViEW ................................................................... 10 National Competition Policy and statutory review obligations ........................ ,........ 10 Marketfailure and consumer
    [Show full text]
  • Sets out the Regulatory Responsibilities for Licensed Conveyancers Contents
    Sets out the regulatory responsibilities for Licensed Conveyancers Contents CLC Handbook Pages Introduction: Outcomes-Focused Regulation 3 - 6 Regulatory Arrangements/Responsibilities – Universal 3-58 Code of Conduct 7 - 16 Accounts Code 17-26 Anti-Money Laundering and Combating Terrorist Financing Code 27-29 Complaints Code 30-31 Conflicts of Interest Code 32-33 Continuing Professional Development Code 34-35 Dealing with Non-Authorised Persons (third parties) Code 36-38 Disclosure of Profits and Advantages Code 39-40 Equality Code 41-42 Estimates and Terms of Engagement Code 43-45 Management and Supervision Arrangements Code 46-47 Notification Code 48-50 Professional Indemnity Insurance Code 51-54 Transactions File Code 55-56 Undertakings Code 57-58 Regulatory Arrangements – Specific Acting as Insurance Intermediaries Code 59-65 Acting for Lenders and Mortgage Fraud Code 66-72 Licensed Body (ABS) Code 73-76 Litigation & Advocacy Supplementary Code 77-78 Recognised Body Code 79-81 Other Frameworks: links to 82 a) Compensation Fund Operating Framework b) Continuing Professional Development Framework c) Professional Indemnity Insurance Operating Framework Regulation and Enforcement Policy 83-101 Glossary of Terms 102-119 Words presented in bold/italicised font – such as Compensation Fund above – are defined in the Glossary of Terms provided at the rear of this Handbook. 2 Introduction - Outcomes-focused Regulation The Legal Services Act The 2007 Act introduced Regulatory Objectives championing the interests of consumers of legal services: Protecting and promoting the public interest; Supporting the constitutional principle of the rule of law; Improving access to justice; Protecting and promoting the interests of consumers; Promoting competition in the provision of services; Encouraging an independent, strong, diverse and effective legal profession; Increasing public understanding of the citizen’s legal rights and duties; and Promoting and maintaining adherence to the professional principles.
    [Show full text]
  • Conveyancing Crammed Into Bitesize Chunks: First Bites
    Conveyancing Crammed into Bitesize Chunks: First Bites. FOR SALE Contents Chapter 1: Getting/Steadying Your Home Ready for Sale: 1 Is Your House All Ship Shape and Bristol Fashion? Chapter 2: 10 Timely Top Tips To Help You 3 Choose The Right Estate Agent 7 Chapter 3: Choosing the Right Conveyancer For You 10 Chapter 4: New House, No Survey: A Gigantic Mistake? Chapter 5: 10 Property Websites You Simply 13 Must Visit Before You Buy Clutton Cox | Conveyancing Crammed into Bitesize Chunks: First Bites. | Contents But enough: you’re already ahead of me. What if you are thinking of selling soon? Chapter 1 Spring is in the Housing Market Air Spring is the optimum time for putting your property on the market for sale. Estate Agents just love the Spring. The Housing Market Getting/Steadying Your traditionally stirs, and more Buyers are lured from their Winter hibernation. Home Ready for Sale: Winter’s drab appearance is making way for the optimism and colour Is Your House All Ship Shape of Spring. And, you can achieve a sale this Spring by sticking to some and Bristol Fashion? tried and trusted tips and quick fixes. I’ve counted (now I’m way ahead of you) Spring is the traditional time of the year to put your property on the 5 top tips for moving home. market (other seasons are available of course). So if you’re minded, whatever the time of year, here’s how to get your house “All Ship Don’t Rush: Take your Time To Get Shape and Bristol Fashion” and ready for sale.
    [Show full text]
  • Single Survey
    Single Survey survey report on: Property address Ground Floor Right, 49 Glenbervie Road, Aberdeen, AB11 9JH Customer Mr N Henderson Customer address Prepared by Harvey Donaldson & Gibson Date of inspection 29th August 2019 Ground Floor Right, 49 Glenbervie Road, Aberdeen, AB11 9JH 29th August 2019 KR/JA Terms and Conditions PART 1 - GENERAL 1.1 THE SURVEYORS The Seller has engaged the Surveyors to provide the Single Survey Report and a generic Mortgage Valuation Report for Lending Purposes. The Seller has also engaged the Surveyors to provide an Energy Report in the format prescribed by the accredited Energy Company. The Surveyors are authorised to provide a transcript or retype of the generic Mortgage Valuation Report on to Lender specific pro-forma. Transcript reports are commonly requested by Brokers and Lenders. The transcript report will be in the format required by the Lender but will contain the same information, inspection date and valuation figure as the generic Mortgage Valuation Report and the Single Survey. The Surveyors will decline any transcript request which requires the provision of information additional to the information in the Report and the generic Mortgage Valuation Report until the Seller has conditionally accepted an offer to purchase made in writing. Once the Seller has conditionally accepted an offer to purchase made in writing, the Purchaser's lender or conveyancer may request that the Surveyors provide general comment on standard appropriate supplementary documentation. In the event of a significant amount of documentation being provided to the Surveyors, an additional fee may be incurred by the Purchaser. Any additional fee will be agreed in writing.
    [Show full text]
  • Referrals from Third Parties – Provision of Cost Information the CLC’S Interim Report and Conclusions January 2010
    Referrals from Third Parties – Provision of Cost Information The CLC’s Interim Report and Conclusions January 2010 Introduction 1. On 4 August 2009 a Call for Evidence was circulated to licensed conveyancers (see Annex 1) with a reminder sent on 17 September 2009. That stated: Concern has been expressed to the CLC that the procedures applied by some firms of estate agents to persuade buyers and sellers to instruct specific conveyancing firms are detrimental to the interests of consumers. In particular, there is concern that a buyer or seller may be persuaded to sign a form confirming details of a transaction which also has the effect of instructing a specific conveyancing firm. Initial Information about costs may be given by the estate agent followed by more detailed cost information from the conveyancing firm in its introductory letter to the client. At either stage, if these circumstances have been correctly reported, there may have been breach of the CLC’s Guidance Note on Estimates and Terms of Engagement. In addition, there is anecdotal evidence that the buyer or seller may also be asked by the estate agent to make a payment which is treated as a payment on account of costs or, in some cases, as a non-refundable deposit. Arguably, the buyer or the seller (having parted with money) may believe that they are committed to instructing a specific conveyancing firm. In the CLC’s view, sufficient information has been received to justify a wide ranging enquiry to find out whether these assertions are correct and, if so, how prevalent they are and to determine if any further action is necessary.
    [Show full text]