Things to keep on top of to complete your sale efficiently
Once you have accepted an offer for the sale of your property, and your solicitor is taking care of the legal transfer to the buyer, there are a few things you need to keep on top of.
If your buyer is using a mortgage to purchase your home then they will need to have a survey done for the finance company. This should be organised as soon as possible after you have accepted an offer. If you've heard nothing within a week then contact the buyer for an update. In a bouyant market there could be a backlog of survey requests but you should try to find out exactly what is happening.
When the surveyor is instructed he will contact you via whatever contact numbers you have provided your buyer. This is to arrange a suitable time for him to visit and survey your property. Please note that surveyors will almost certainly be trying to contact you during office hours - if you work and don't have an answering machine or voicemail at home then you may want to give your buyer a work/relatives number that can be used during the day. Ask the surveyor for an estimate of how long the survey will take - there are different levels of survey and if you own, for instance, an old house then your buyer may ask for a full structural survey which will take a lot longer than a simple valuation survey. This information will help if you are taking time off work or asking someone to meet the surveyor for you.
You should also be aware that for simple valuation surveys some surveyors carry out what is refered to as a 'drive by' valuation. For this they will assess the value of your property from the street and won't therefore contact you for access. These aren't too common but could explain things if your buyer says the survey's been done yet you've not had a phonecall to arrange access.
Your buyer may use a survey to revise his offer. You need to be fair with this - if you know your central heating boiler is on it's last legs or that there are some damp patches and you hadn't mentioned them to your buyer then you should be prepared to discuss a fair reduction in the agreed price.
Don't readily accept the reduction offered unless you know it to be fair. If the buyer wants you to knock £3000 off the asking price of your small terrace because the house needs some damp-proofing then you might want to get some quotes and use these to negotiate a more reasonable reduction. If in doubt then seek expert advice so you can accept any reduced offer with confidence.
Once you have agreed a final sale price you should inform your solicitor so it can be amended on his documentation.
Keep in regular contact with your solicitor. Not only will this keep him focused on your sale, he will be able to highlight any issues with the buyers or their solicitor. If he isn't receiving information as quickly as he would expect from the buyer's solicitor then you can chase things with your buyer.
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Please note. The information contained within the MyKeys.co.uk 'Guide to selling my own home privately' is for guidance only.
For the legal aspects of selling your own home please contact your solicitor.