Published: 16/09/2022
Are you looking to sell your property and want to ensure a smooth and efficient transaction process? Preparing and having all the necessary information readily available can help you avoid any unexpected hiccups and make the process run smoothly.
To help you get ahead of the game, we’ve compiled a list of frequently asked questions from prospective buyers that you should be prepared to answer. By gathering all the relevant information beforehand, you’ll be able to provide prompt and accurate answers, helping to move the transaction forward smoothly.
- Length of the lease: This is an important factor for many buyers, as it can impact the value of the property. Make sure to have the length of the lease on hand and be prepared to discuss its impact on the property’s value.
- Annual service charges: Prospective buyers will want to know what they can expect to pay in terms of service charges. Have a breakdown of the charges and their frequency readily available.
- Building insurance: Make sure you have the details of the insurance policy, including the coverage and premium, to hand.
- Ground rent: Buyers will want to know what the yearly ground rent is, any planned increases, and the frequency of these increases.
- Significant work planned on the building/development: Buyers will want to know if any important work is planned that could impact their investment. Have information on any scheduled work readily available.
- Essential works carried out in your period of ownership: If any important works have been carried out during your period of ownership, buyers will want to know about them. Make sure you have details of any works carried out and their impact on the property.
- Freehold ownership: Buyers will want to know if you own a share of the freehold and, if so, how many shareholders there are. If you do not own a share of the freehold, buyers will want to know who does.
- Building management: Who manages the building, and has a managing agent been appointed? Make sure you have details of the building’s management structure readily available.
- Residents’ association: Is there a residents’ association for the building? If so, what is its role, and how does it operate?
- Building insurance coverage: Is the building insurance per block or individual property? Buyers will want to know the extent of their coverage in the event of a loss.
Your solicitor will request all the necessary information via various forms. You can complete these forms more efficiently by having all the relevant documents ready, such as your lease and copies of the annual service charge accounts.
In conclusion, being one step ahead of the game and knowing what prospective buyers may potentially ask will allow you to gather the necessary information beforehand to answer their questions promptly and help the transaction proceed smoothly. If you have a property for sale in central London, call Circa London.
