Selling a Property FAQs
At Lovell Chohan, we are leading experts in selling property in London and the South East, so can offer a swift, smooth and reliable conveyancing service to match your needs.
We know that many people have questions about how selling property works, so the following are some of the most common questions we hear and the answers you need.
If you have a question we haven’t covered, or want to find out more about our residential conveyancing services, please contact your local Lovell Chohan office in Hounslow, Slough, Twickenham, Mayfair or Chancery Lane now.
How long does it take to sell a property in the UK?
How long it takes to find a buyer will depend on the circumstances, but once a sale has been agreed, most residential property purchases can be completed in around 6-12 weeks.
What costs are there when selling a property in the UK?
There are various costs involved in selling a property in England and Wales, including:
Estate agents’ fees – Usually either a percentage of the sale price or a fixed fee.
Conveyancing fees – For the legal process of selling the property, including preparing the contracts of sale, exchange of contracts with the buyer’s solicitor and handling the transfer of funds.
Energy Performance Certificate (EPC) fees – You are legally required to have an up-to-date EPC when advertising your property for sale.
Capital Gains Tax (CGT) – May be due on the property if it was not your main residence.
Do I need an Energy Performance Certificate (EPC)?
Yes, all sellers are required to have an EPC when selling a property. The assessment must be carried out and the certificate received before you place your house on the market as the estate agent will need to include this information as part of the advert for your property.
Do I need a property survey when selling a house?
In England and Wales, the seller is not required to have a property survey as it is for the buyer to investigate the condition of the property and identify any potential issues.
When does the sale of a property become legally binding?
Property sales become legally binding on both parties once the contracts have been exchanged. Before exchange of contracts, either party can pull out of the sale with no legal consequences.
If you, as the seller, were to try to pull out after exchange of contracts, the buyer can take legal action to force you to sell the property on the agreed terms.
If the buyer tries to pull out, you can keep their deposit and you could also take legal action against them.
Do I have to pay stamp duty to sell a property?
No, in the UK it is the buyer who has to pay Stamp Duty Land Tax (SDLP), commonly referred to as ‘stamp duty’.
Will I have to pay Capital Gains Tax when selling a property?
You will usually only need to pay Capital Gains Tax (CGT) if the property was not your main home. CGT is paid on the amount in which the property has increased in value since you purchased it, not the total sale price.
You will usually have to pay Capital Gains Tax on:
- Second homes
- Buy-to-let property
- Investment properties
- Inherited property (if the property has increased in value since you inherited it)
Speak to our residential conveyancing solicitors in London and South East England
For reliable, expert advice on selling property in London and the South East, please get in touch with our highly experienced conveyancing solicitors now.