Trying to sell property before 1 April? Tips to stay ahead of the game.

22
Jan

Trying to sell property before 1 April? Tips to stay ahead of the game.



Many of our clients are waking up to the realisation that with the upcoming changes to SDLT affecting Buy to Let investors (for more information click on our Autumn Statement Property Review) and the changes to the treatment of mortgage interest on residential property, now is the time to sell. 

Time is clearly starting to tick away before 1 April and prospective sellers would be well advised to get themselves ahead of the game.  Consider all or any of the following:

-  Organise an EPC (they generally last for 10 years anyway).

-  Selling at Auction? Check the auction dates and instruct your solicitor to start preparing the pack.  You might need to change the contractual completion date to fit it in before 1 April.

-  If you are selling a flat, obtain the freehold / management pack even if you do not quite have your buyer lined up.  Check if you need any consents to the sale or other documents (share certificate?) as well.

-  Consider ordering searches (like the good old days of HIPs) so that these are ready for your buyer.  You may well find you can have your costs reimbursed by the buyer in the circumstances.

-  Check with any lender in good time for their requirements for redeeming your mortgage.

-  Ensure that where relevant you have taken tax advice on any specific structuring (de-enveloping) which might slow down the sale process.

Feel free to contract us if you have any more ideas and remember, forewarned is forearmed.

Some thoughts by Avi Barr who is a partner in the Property team at RRR and Head of the Leases for Landlords team.