equus property questions & answers february
Q. A reader who will be putting her property on the market later this year writes ‘judging by the experiences of several of my friends, successful selling is largely dependent on selecting the right agent and appointing the right solicitor. I am told that the latter frequently create hold-ups! Agents aside, although Equus might like to know they are currently on my short, short list, I would like advice about ensuring I don’t incur totally unnecessary delays when a sale has been agreed.
If you can Provide helpful advice, it will confirm that Equus should be my first choice estate agent! I really want to avoid hassle!’
A. We accept the reader’s challenge! We always endeavour to free our clients from as much hassle as possible, whether they are buying or selling, and we hope our advice about solicitors will prove helpful. Needless to say, we shall look forward to hearing from the reader when she is ready to put her property on the market.
Successful selling involves preparation. The first essential is to select agents capable of producing specifically tailored marketing and PR coverage who also maintain a comprehensive database of clients seeking specialist properties. Appointing agents who don’t specialise in the particularly type of property involved can delay sale because their database will largely consist of inappropriate buyers and their marketing and advertising will not be targeted to the right sector of the market.
A solicitor should be selected with equal care but, before that, we recommend the reader (and all vendors) to check that they know the whereabouts of the Deeds to their property. Are they held by the building society or other mortgage provider, the bank, solicitor or elsewhere? Next, it’s very important to select a solicitor who specialises in conveyance work. Most of the properties we sell involve land, and this can sometimes increase the solicitor’s work and make the searches and other legal requirements more complicated. This makes it especially important to appoint a solicitor used to dealing with properties of this type. A further consideration is that it’s now possible to appoint a solicitor on a ‘no sale, no legal fee’ basis, so if the sale of the property doesn’t proceed, the vendor will not be left with a hefty legal bill to settle. Equus retains a list of solicitors who work on this basis and who also specialise in undertaking conveyances for properties with land, stables and other buildings.
Equus now has a secure ‘conveyancing on line’ service available for those who wish to keep costs down and are keen to keep tighter personal control of the sale. Whilst this form of conveyancing is not for everyone, we are very happy to provide vendors with guidance and details of the solicitors who provide this extra service. This innovative form of conveyancing is already catching on and all the indications are that it will be a success story.
Sometimes, a vendor has enlarged or altered the property, built stables or other outbuildings, or changed those that were already in existence without first obtaining planning consent. It’s imperative to be completely honest with the agent and the solicitor before the property is put on the market so that application can be made for retrospective planning permission or any other necessary steps can be taken. Withholding such information will inevitably come to light during conveyance processes and may cause substantial delay. Even worse, undisclosed issues of this type may cause the buyer to lose confidence at a late stage and so result in loss of the sale.
Providing solicitors with the fullest possible information about the property is one of the keys to speedy completion of the transaction. We give clients a list that prompts them to check information needed in relation to the sale. Very importantly, we employ an experienced sales progress executive to keep a totally up-to-date check on the processes involved and liaise with vendor, purchaser and solicitors, thus making the transaction as hassle-free as possible.
Above everything, the vendor must have confidence in the agent and the solicitor they appoint and the relationships must be based on integrity and professional ability.
Q. A reader recently purchased a property with land. He is not a horse owner but explains that he was attracted to the property primarily because of its peaceful and private location. He now realises that he can’t simply leave the paddocks totally untended and the stables and outbuildings to deteriorate. He would like to free himself of some of the responsibilities and expense involved. Do Equus have any suggestions to offer?
A. Because of the fairly complicated issues involved, we have spoken to this reader at length on the telephone and hope to have found the ideal solution.
Any number of business opportunities are available to the reader but we realise that his priorities are protection of his privacy and absolving himself of the responsibilities of maintaining the land. We have introduced him to an event rider who was looking for an equestrian property to rent for her own horses and those she rides for a number of owners. As part of the agreement, she is taking on responsibility for maintaining the paddocks, hedging, ditches and so on. The arrangement has the added advantage that she will not be undertaking any business or other work on the premises that could possibly disturb the peaceful location.
We are often asked for advice about business opportunities by owners with land and buildings in excess to their requirements. Every situation is unique and it’s a question of matching up ideals and needs.
Questions for Equus should be addressed to Pat Crawford PO Box 498, Wateringbury ME18 5WA.
