Selling a freehold property is comparatively easier and hassle-free than the sale of a leasehold property. Sellers desire a smooth sale process and the best possible price. For this to happen, instruct your qualified legal representation about the sale of the freehold to proceed with the matter further.
Knowing the process of a freehold sale will help you avoid several typical complications. The process is similar to selling a residential property; however, it involves a range of different legalities and procedures. It is wise to know how to sell a freehold before making any move.
Research
Freehold property can be sold through a specialist freehold, at a public auction, or on the open market. The selling process is different for each of the said methods, therefore, research the market to ensure what process would result in a quick sale with the best price.
Freehold Valuation
Find out the worth of the freehold property that you intend to sell. Each company follows different criteria for selling freehold property resulting in a disparity of thousands of pounds. Consult several experts and companies to obtain a valuation or guide price for the freehold.
Collect Arrears
Although it is possible to sell the freehold with arrears from leaseholders, make sure to collect any rent or service charges due as the buyer would not pay for any outstanding payments.
Hire a Conveyancing Solicitor
Similar to any other property sale, the seller needs a qualified conveyancer to take care of the legal paperwork on the seller's behalf. Hire an experienced solicitor that has previously dealt with the sale of freehold properties for the transaction to go smoothly.
For a private sale, instruct the solicitor to prepare the necessary documents and present them to the prospective buyers. For an auction sale, place the freehold at auction for the public to bid on. If the reserve price is achieved, the sale can progress with the successful bidder.
Exchange of Contracts
If both parties are happy to proceed, arrange for buyers to sign the contract and request the deposit. Once the deposit has been received, exchange contracts and propose a completion date.
Completion
On the completion date, the buyer will pay the remaining purchase price and the seller will give the keys to the buyer.