Selling My Parents House: Part 2
I wasn’t planning on writing a second post about the sale of my late parents’ home but the entire process has been so different from what I expected, I thought there may be some interest in exploring some of the aspects that have come up. The last time I had any dealings in buying and selling property was back in 2003 when Mrs P and I moved from one home to another, to gain more space. It was at a time when the UK economy was booming, and the banks were taking a “relaxed attitude” (some would say cavalier) toward mortgages. The flat that we were selling found buyers very quickly, who offered the full price. Mrs P and I similarly found a bungalow that we liked, and it didn’t take long to secure its purchase. Due to the chain involved it took 8 months to move but the paperwork was handled efficiently, and I don’t recall the bureaucracy being excessively complex. Perhaps due to the busy nature of our lives, I didn’t notice. Plus, memory can be deceptive.
Twenty years later and the UK housing market is very different. My parent’s house was listed (to use an American phrase) on June 19th and interest has been slow, with only a dozen viewings in three months. The house was originally listed at £30,000 more than its probate valuation but due to the housing market, we had to drop the price after two months by £25,000. The reasoning behind this being that the two major housing websites in the UK, list prices in increments of £25,000. If you wish for a property to appear in search results for those who may not have previously seen it, you have to drop the price by that amount. Furthermore, it is very much a buyers’ market at present. Interest rates are high and therefore mortgages are harder to secure. Many currently buying are upsizing and as there is not so much “competition” the pace of selling has slowed. Buyers are also negotiating hard and often not offering the “asking price”.
Fortunately, two weeks ago an acceptable offer was made on the house by a buyer with an uncomplicated property chain. Due to these factors my sister and I agreed to it. This naturally had a tangible impact upon the ongoing sales process. After weeks of everything moving at a glacial pace, things have suddenly accelerated. I asked our family solicitors to handle the conveyancing work and within hours I was inundated with emails with multiple PDF attachments. Although the process of selling a house in the UK appears to have embraced modernity, there are occasional moments when it betrays its arcane and archaic origins. For example, I was sent a document called “Overriding Interests Questionnaire” that included the following questions about the property for sale. “Is there a liability to pay corn rent”. “Are there rights of fishing, shooting or grazing”. “Is there a liability to repair the chancel of any church”.
There are plenty of online guides and FAQs that provide a detailed overview to selling a house. I have found that both my estate agents and solicitors have been very helpful in explaining processes and procedures. However, this is ultimately a legal matter and that means there is a degree of complexity which makes it somewhat daunting regardless of the support you may get. I think there is a psychological element to it all, as the selling or buying of property is potentially the most expensive transaction that most people undertake during the course of their lives. It also bears repeating that selling and buying a property is not cheap. There are additional costs on top of the property price. Estate agents have fees and there are conveyancing charges to cover. Then there is stamp duty to be paid (effectively a tax on the property purchase) unless you’re a first-time buyer. You may also incur costs from having to survey a property. Finally moving or clearing a property add to the total cost.
Having completed all the paperwork regarding the sale and conveyancing of my parent’s house, the process once again returns to a waiting game. Although we are not in a large chain, we still have to wait for our buyers to sell their home. Like any sale, no matter how well organised all parties may be, there is always scope for some unforeseen problems to delay or derail the process. However, the matter is now beyond my control, so I am content to just let things run their course. I would be happy if the sale went through by December with a moving day scheduled for the early New year. That would give my sister one more Christmas in the family home before moving into her new house. If it happens earlier, then that would be an added bonus. Due to the professional manner in which this process has proceeded, so far this is not as stressful as I had thought it would be. I hope it remains that way.
