Mon 26 Dec 2016 View all news articles
Have you lived in a property for more than 20 years?
If you have been living in your current property for more than 20 years and are thinking of selling, you certainly aren’t alone.
New research suggests that over one in three Wirral sellers had lived in their current property for over 20 years before looking to sell.
When it comes to making a move either for the first time or after a lengthy stay, it is natural to have many questions about how things will unfold throughout the sale process.
In this article, we have answered some FAQs from people who have lived in a property for over 20 years.
Frequently Asked Questions (FAQ’s)
When should I put my property on the market?
The Wirral market, particularly when downsizing, can be very competitive. When you are looking to move, you should be actively marketing your own property before making an offer on another. Smaller properties tend to sell quicker than larger ones, so securing a sale on your property before downsizing will make the process much smoother when you find a new, smaller property.
How long should the moving process take?
This is a difficult question to answer as each transaction will differ in length. However, once a buyer has been found for your property, it typically takes around 12 weeks for solicitors to conduct searches, make relevant communication and finalise contracts. This will vary depending on the size of the chain, but a good agent will keep you updated with timings throughout the process.
What is meant by ‘no sale no fee’?
At Karl Tatler, this really does mean ‘no sale no fee’. If you decide to withdraw your property from the market, there is no cost implication to do this. Estate agent and solicitor fees are due upon completion, however you will need to purchase an Energy Performance Certificate (EPC) prior to sale. Be cautious before instructing an estate agent or solicitor - make sure they are ‘no sale no fee’ just in case it doesn’t work out.
What is the difference between ‘exchange’ and ‘completion’?
The term ‘exchange’ refers to the exchange of contracts between two parties after a sale has been agreed; this makes the transaction legally binding and normally a deposit of 10% is paid. ‘Completion’ refers to the date in which the title to the property is then transferred to the buyer and they take possession of the property. At this point the balancing payment is made. The date for this will be agreed before exchange of contracts takes place.
As leading Wirral estate agents and lettings agents we have plenty to talk about and like to give our opinions on a few things too! Read about what we have to say, our latest news and industry news.