Selling your house

How do I start?

Get an idea of the value of your home from the local paper property section and estate agent windows. Most estate agents provide a free valuation service and you should invite more than one to carry out a valuation to compare their opinions, marketing strategy and charges. Before instructing your chosen selling agent, check the costs with them. Their costs may include a registration fee, advertising costs (including brochures and photographs) and commission. The percentage of the commission element is usually negotiable. You may of course choose to avoid the expense and market the property for yourself.

If I say I will accept an offer from a viewer, am I bound to it?

Not normally. Scots Law has always recognised the binding nature of a promise. But for that promise to be binding, it must be construed as a promise, and not as an offer which would require to be accepted in writing in the normal manner. Agreement has to be reached in writing, in what we call missives. These are the letters which are exchanged between the purchaser and seller's solicitors to form the contract for the sale. At any time prior to a letter "concluding the bargain" being received, either party may pull out of the transaction without penalty. Missives take on average 10-14 days to conclude, but each transaction is different.

Do I need a solicitor?

Yes, you do. You may also choose to seek out a "licensed conveyancer" who can also act on your behalf. A solicitor or licensed conveyancer is required to complete the legal transfer of the policy from the seller to the purchaser. The sooner you instruct your solicitor or licensed conveyancer, the better. This should help to prevent delays when an offer is received for your property.

What will the sale cost me?

In addition to any fee quoted to you, there will be VAT on the fee, the cost of the search of the local authority and water board records, a search of the government property and personal registers and the cost of registering a discharge of your existing mortgage. In some areas a Coal Authority Report may also be required. These are the basic additional costs which you will incur, but on occasion special reports and additional documents may be required at additional expense.

What is a "closing date"?

Your property has been on the market and been advertised by your estate agent, and you have had viewers, a few of which have had surveys carried out. These viewers will probably have told your estate agent of their interest - this is called "noting interest" and once your estate agent has two or more noted interests, he will probably approach you about setting a closing date. A "closing date" is a date on which offers for your property must be received. Your estate agent will normally appoint a specific hour (noon is very common) - and all interested parties must submit their offer by that time. You are not obliged to accept the highest or any of the offers made if they do not meet your expectations. You should take your estate agent's guidance on the offers before making your decision. Once you have chosen an acceptable offer, it is passed to Macdonald Henderson who will deal with the missives for you.

What else do I need to do?

If you have any documentation in the house relating to alterations, extensions, timber or damp treatment, double glazing etc., look them out and hand them in. We will soon be able to decide if they are necessary for your sale. Shortly before the date of entry, you have agreed with your purchaser and we have put in the missives, you will need to sign the disposition transferring title to your property to the purchaser. We will hand this over to the purchaser's agents in exchange for the purchase price at the date of entry.

What if I have any more questions?

Contact Macdonald Henderson and ask for Morinne Macdonald.