MW Keller & Sons Solicitors , exhibitors at the 2019 South East House and Home Show, share a vast pool of experience and knowledge across all areas of legal practice and are experts in the purchase and sale of private homes and property.
In advance of this year’s South East House and Home show, they offer their expert advice to anyone selling their home or property.
It is important that you are ready to sell when the opportunity arises.
Things to consider:
· Is the buyer a first-time buyer with mortgage approval in place?
· Will the buyer have to sell his property first to purchase yours?
· Is the buyer a cash buyer or will they have to get a mortgage?
Steps to take:
If there is a mortgage on your property then, title documents will be held by your bank. The title deeds are required to allow a contract of sale to be drawn up in anticipation of negotiating a sale and in turn this prevents any delay from selling a property once the sale has been negotiated. Any extensions or alterations to the property should be made known to the firm of solicitors selling at the outset so they can review the title deeds to make sure all appropriate Certificates of Compliance with Planning Permission and Building Regulations are held with the title documents.
Any house built after the 1st October 1964 requires planning permission. All planning documentation should be held with your title deeds but should be reviewed as soon as you decide you are going to sell to make sure that the paperwork is in order. If it is not, this will give you an opportunity to get the appropriate paperwork in order by engaging an architect or engineer as appropriate and your solicitor will assist you in setting out exactly what is required.
It is important that a seller deals with any issues relating to alterations of the property because if they do not, it may result in a loss of sale.
Selling the Property
· BER Certificate
· Contract Completion
· Requisitions on Title
· Closing and Receiving the Keys
Selling the property through an estate agent, who may sell it at auction or by private-treaty. A reserve can be set for a house at auction, so it will not be a worry that a house will be sold too cheaply.
The costs involved are usually: solicitor’s fees, auctioneers fees and bank-related matters (mortgage).
Other charges that may or may not apply: Capital Gains Tax, Service Charges (Commercial Property), Rates (Commercial Property), Residential Property Tax.
Receipts of all the above should be kept as they are the easiest and most time-efficient method of proving that all costs relating to the property have been paid up in full.
· Capital Gains Tax
· Local Property Tax (LPT)
· Septic Tank Charges
This only applies where you are selling a property that is not your main residence. If the property you are selling was your main residence for the entire period of ownership, then you do not have to pay Capital Gains Tax.
Currently, CGT is payable at 33% on the profit made by selling a property. It is the seller who pays CGT, not the purchaser. The gain is the difference between the price you paid for the property and the price you received when you have sold the property. Example: a property was purchased for €100,000 in 2001, it was then sold for €200,000 in 2006, the amount that capital gains tax is payable on is €100,000 because that is the increase on the purchase price (the profit) the rate of capital gains tax is – 33% of the €100,000 (the profit). The CGT payable is €33,000 if the house sells for €200,000.
It is important that the above steps are carried out as effectively and efficiently as possible as there can be many small issues that take time to resolve even in the clearest and cut of sales. Whatever your property requirements we at MW Keller & Son Solicitors Waterford can help you with practical and legal knowledge. Please contact us for more information or any queries that you may have.