In a volatile market, it’s easy for sellers to overvalue their property – and only realise that they have done so after months have passed without any serious interest. This can become a serious problem if house prices have fallen during that period. By the time the seller adjusts the asking price in line with their lower expectations, the market has fallen further, so the new price is once again overvalued.
Furthermore, when a buyer is found, if prices continue to fall during a lengthy conveyancing process the buyer could easily lose confidence and back out.
This is a familiar situation for sellers in Sheffield, where average prices have fallen across the year, as evidenced by recent figures from the land Registry’s house price index. In these areas of the country where property values are dropping, we strongly advise sellers to take prompt and proactive action to ensure that when they do get a buyer the sale will complete quickly, and without issue.
One successful strategy is to instruct a Conveyancing Solicitor in Sheffield at the point of putting your property on the market. Getting a ‘no sale-no fee’ Conveyancing Quote means that you won’t have to pay legal fees until your house is sold. As the Home Information Scheme has now been abolished, you will not have to pay out for local searches. An Energy Performance Certificate (EPC) however will be required, which can also be carried out before you have a buyer, as they are valid for 10 years.
Solicitors will need to obtain a copy of the Land Registry title and check details of any existing mortgages. Any queries on the legal title can then be dealt with, so that your Conveyancing Solicitor can proceed more quickly once you have a buyer. You can also complete the property information forms which will be required by buyers, so that your replies can be sent out with the draft contract.
If you’re selling in Sheffield, don’t forget that your Conveyancing Solicitor is there to help you – they want your sale to go through as quickly as you do, and with a ‘no move, no fee’ guarantee, there is no reason not to instruct a Solicitor as soon as possible.