ASK ROSS: Selling a property at auction can be just as daunting as buying. This month, Ross discusses some of the preparatory work needed before the gavel drops…
Our eminent residential property expert, Ross Ward, answers your questions about moving home. If you have a query about buying or selling, email marketing@tayloremmet.co.uk
I’m hoping to sell my property at a forthcoming auction. Do I need to inform my solicitor beforehand?
Your solicitor will need to prepare a contract that must be available for inspection, alongside your deeds, by any prospective buyers up to seven days before the date of the auction.
An Energy Performance Certificate (EPC) must also be produced for the house if there isn’t one in place already and your estate agent or solicitor can organise this. An EPC is required on all properties going to auction, even if they are being sold subject to tenancies. It must be commissioned in good time, so it is available for prospective buyers to view.
Your solicitor will usually attend the auction on your behalf to answer any queries that may arise and you should let him or her have your deeds as soon as possible. If you have a mortgage on the property, the deeds will be obtained from the lender so they too can be made available before the auction.
What does the Energy Performance Certificate (EPC) include and who produces it?
An EPC provides prospective buyers with information about the energy efficiency of your property.
It gives the building a rating, showing its environmental impact in a graphical format, similar to those you see on home appliances such as refrigerators. It also contains recommended improvement measures.
A domestic energy assessor, who has been trained specifically to review the property, will complete the EPC. They are accredited and regulated by a scheme accountable for quality that is approved by the Secretary of State.
Why does my solicitor want to know if there have been any additions, alterations or extensions to the property I am selling?
Your solicitor is probably just anticipating questions from your buyer and is making sure the information is to hand to keep the transaction progressing smoothly.
Although planning matters do not normally fall within the seller’s duty of disclosure, the solicitor acting for your buyers will raise various questions about any alterations you have made. He or she will be reluctant to advise them to proceed with the purchase unless they are reassured that the property satisfies current planning and building regulations.
If it is a listed building or is located in a conservation area, special provisions apply and the buyer’s solicitor will be even more careful to ensure all necessary local authority consents have been obtained.
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