Are you thinking of moving home and selling your current house? If so, you may be unfamiliar with the sales process and legal issues that can arise during the transaction. There's more to the process than placing your property on the market and waiting for potential buyers to contact you. Certain mishaps along the way can delay the sale, cost you money or lead to lawsuits in the future.
As you consider making this important decision, here are four conveyancing issues that you should address.
1. Find Correspondences for Structural Changes
Have you made any structural changes to the original building? For example, did you build a new garage, pool, shed or extension on the property? Such structural changes require approval by the local building regulatory body. During the sale, your buyer will need correspondences to show that the changes were approved. Find these documents and hand them over to your conveyancing solicitor for presentation during the sale. If you lost the papers, let your solicitor know so they can find copies.
2. Get Your Title Deed and Survey Documentation
You require a valid title to transfer ownership of the property. This is the time to start searching through your drawers and self-storage unit for the title deed. If the title is unregistered, talk to your solicitor so they can follow due process and register it. Also, if you carried out a survey when buying the property, it's crucial to present the survey documents as well. With a current survey at hand, the new buyer won't have to pay for a new one, and this will speed up the sale.
3. Find Certificates for Major Upgrades and Repairs
Major repairs and upgrades affect the value of a property. You need documentation to show that professionals conducted the repairs. For example, if you replaced the roof, upgraded electrical wiring, installed new plumbing or replaced the boiler, you need to produce certificates of compliance for the upgrades and replacements. These show that the installations done complied with the prescribed standards. If you don't have the requisite documents, talk to your conveyancing solicitor for professional help.
4. Prepare a Property Disclosure Document
A property disclosure document outlines any faults and defects that may exist in the home before the sale. These include foundation and roofing problems, pest infestations, electrical issues and much more. If the buyer unearths a fault after purchasing the home, they can sue you for the cost of repairs. Therefore, disclose any existing issues that may spark a lawsuit from the property buyer.
Before you initiate the sales process, contemplate these issues which can prolong the sale or expose you to suits in the future. Work with a conveyancing solicitor who can help you navigate the legal hurdles of selling a home.