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rics

Regulated by the RICS


 

1. Objective

To ensure that the property is made as attractive to the market as is possible in all the circumstances in order to enable a successful transaction to be achieved as quickly as reasonably possible. Therefore we recommend the following procedure.

2. Initial Considerations

  1. The property must be considered having regard to its location, physical structure and condition. 
  2. Factors relating to the Energy Performance Certificate are likely to be important and it may be in the owner’s interests to consider making some improvements to the energy efficiency of the building/accommodation, particularly if it is to be let.
  3. The existing use must also be considered.  There maybe a more valuable use and favourable comments from local planning officials in respect of a possible change of use could improve the value.  It may even be advisable to obtain a planning consent for this possible alternative use before marketing the property.
  4. The price or rent for the property must be considered and agreed with the client and - where the property is to be let - a broad outline of the terms to be offered for the proposed lease must also be agreed.

3. Marketing

  1. Property particulars (giving basic information about the property being offered) must then be prepared.  A marketing campaign must be agreed; whether a ‘for sale’ or ‘to let’ board will be erected on the property, the degree to which it will be advertised in the local and/or national press, also the degree to which it will be promoted on the internet.  Then marketing can commence.
  2. The client should be informed of progress and responses received to the marketing campaign and viewings arranged.
  3. When the market is strong it could be that a disposal will be agreed within a relatively short period.  When the market is weak it could be necessary to proceed with further marketing campaigns before a buyer/tenant is found.

4. Conclusion of the Deal

  1. Once an offer has been made and accepted and a deal has been agreed, details must be confirmed to both parties’ solicitors so that the transaction may be completed in accordance with legal requirements.
  2. In the case of a sale it is probable the buyer will require additional funds to assist with the purchase and will therefore need to obtain a mortgage.  The buyer will often have made informal arrangements before finding a suitable property, but now these will need to be confirmed and a mortgage offer obtained.  Alternatively they will need to arrange financial facilities if these are not already in place.

Please contact us on 01603 488023 (quoting 3. Rating. List 2010.  110503) if you are in need of advice or assistance on this topic