Selling property, no EA. First step?

jayjay2010

I am considering selling my apartment and I have a buyer ready. We have decided on figures etc.

What is my first move? Do u need to contact my bank who I have a mortgage with and tell them I want to sell? Or do I just get a solicitor to handle everything?

I'm in a variable mortgage loan and in positive equity currently, apart from standard solicitor fees are there any other charges that I should budget for?

Thanks

Graham

jayjay2010 wrote: »

I am considering selling my apartment and I have a buyer ready. We have decided on figures etc.

What is my first move? Do u need to contact my bank who I have a mortgage with and tell them I want to sell? Or do I just get a solicitor to handle everything?

I'm in a variable mortgage loan and in positive equity currently, apart from standard solicitor fees are there any other charges that I should budget for?

Thanks

You will need a solictor, let them handle everything.

I would double-check with a local agent that you're selling for the current market value, unless you have specific reasons not to.

campingcarist

I sold my apartment 18 months ago without using an estate agent.

You should give all the relevant details of the purchaser and the purchaser's solicitor to your own solicitor.

Then advise the bank that you are selling - as you are not in negative equity there should be no problem. However, I didn't have a loan with a bank (or anywhere else) so I could be wrong here.

Apart from your solicitors fees there aren't any extra payments that are of any significance.

Presumably your OMC management fees are up to date, your current year's fees will be apportioned up to the day of sale.

Once everything is in the solicitor's hands, there is very little you can do but wait - signing the contracts will probably be somewhere about 3 months down the line.

jayjay2010

campingcarist wrote: »

I sold my apartment 18 months ago without using an estate agent.

You should give all the relevant details of the purchaser and the purchaser's solicitor to your own solicitor.

Then advise the bank that you are selling - as you are not in negative equity there should be no problem. However, I didn't have a loan with a bank (or anywhere else) so I could be wrong here.

Apart from your solicitors fees there aren't any extra payments that are of any significance.

Presumably your OMC management fees are up to date, your current year's fees will be apportioned up to the day of sale.

Once everything is in the solicitor's hands, there is very little you can do but wait - signing the contracts will probably be somewhere about 3 months down the line.

Thanks for your feedback. Just another quick thing, if I know the buyer personally there shouldn't be any reasons for any delays. Could we sell as quickly as in a months time? Or is there elements that will take time regardless?

Samuel T. Cogley

A sale can go through in days (more like weeks though) with a motivated buyer and vendor and decent solicitors.

myshirt

jayjay2010 wrote: »

Thanks for your feedback. Just another quick thing, if I know the buyer personally there shouldn't be any reasons for any delays. Could we sell as quickly as in a months time? Or is there elements that will take time regardless?

Depends on the quality of title, any encumbrances, and any questions the purchasing might have on review. A clean sale could be done in 4-6 weeks no problem.

myshirt

Samuel T. Cogley wrote: »

A sale can go through in days (more like weeks though) with a motivated buyer and vendor and decent solicitors.

I'd love to see your professional indemnity quote if you're churning them out that fast!

Samuel T. Cogley

myshirt wrote: »

I'd love to see your professional indemnity quote if you're churning them out that fast!

I only defend Starship captains.

I'm going on the experience of myself and others here. People have had sales go through in two weeks.

jayjay2010

Ok, well if I do decide to go ahead then I shall let you know of how long it takes me!

Another quick thing, is there any way 1 solicitor can handle contract for both the vendor and buyer? Say I have someone lined up to buy my property, could this all be done in one transactions? Trying to be cost effective here

Samuel T. Cogley

jayjay2010 wrote: »

Ok, well if I do decide to go ahead then I shall let you know of how long it takes me!

Another quick thing, is there any way 1 solicitor can handle contract for both the vendor and buyer? Say I have someone lined up to buy my property, could this all be done in one transactions? Trying to be cost effective here

No, each party needs independent legal advice.

catrionanic

jayjay2010 wrote: »

Ok, well if I do decide to go ahead then I shall let you know of how long it takes me!

Another quick thing, is there any way 1 solicitor can handle contract for both the vendor and buyer? Say I have someone lined up to buy my property, could this all be done in one transactions? Trying to be cost effective here

That would be a conflict of interest on the solicitors part

4ensic15

jayjay2010 wrote: »

Ok, well if I do decide to go ahead then I shall let you know of how long it takes me!

Another quick thing, is there any way 1 solicitor can handle contract for both the vendor and buyer? Say I have someone lined up to buy my property, could this all be done in one transactions? Trying to be cost effective here

A solicitor is not allowed by the Law Society to act for both sides in a conveyance. It would be very foolish to do it anyway, particular for the buyer.

Askthe EA

Do you have BER Cert?

Rua1

Did you own the property at any stage between 2009 and 2013?
You need to get an NPPR certificate, even if you were an owner occupier. Basically all this says is that you paid the NPPR charge if rented out, or were exempt. Our solicitor applied for ours (Wicklow CoCo), but we needed to provide utility bills for each of the years 2009-2013 to show we were living there. Other county councils have different criteria, but we ended up having to contact our relevant suppliers to get bills reissued.

Regarding the OMC, many solicitors will require a form be filled in (Multi-Unit Development pre-contract enquiries). The management company is often best placed to fill this in. Ours is managed by a property management company, and we had to pay 250 for this to be completed by them.

The solicitor will deal with all of this, you will just need to provide the requested documentation/details, most of which you will probably have to hand.