How to sell your student (HMO) property with Student Haus

Selling your property with Student Haus is a straightforward process. Once you have accepted an offer we will input your and the vendors details onto our online sales platform. The platform is accessible by all parties including their solicitors 24/7. The online sales platform shows the progress of your sale which cuts out having to chase the solicitor or Estate Agent for an update.

 

Should you have any queries throughout the sales process you can contact one of our dedicated sales agent who will be able to assist you via phone, email or instant chat.

 

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The different stages you can track via our online sales platform are as follows:

 

1. Set Up

- Seller Details

- Buyer Details

- Seller's Position

- Buyer's Position

- Offer details (accepted price & conditions)

- Key possession and access

Seller's conveyancer details

Buyer's conveyancer details

Preferred date for move

Memorandum of sale

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2. Preparing to Sell

Seller's conveyancer instruction: Most conveyancers require a small payment on account before they can start work. This payment will secure the conveyancer's instruction.

Energy Performance Certificate: An Energy Performance Certificate must be supplied for the property. Provide a copy of the Energy Performance Certificate. You can access and download a copy from https://www.epcregister.com (England and Wales) or https://www.scottishepcregister.org.uk (Scotland).

Proof of seller's identity: The seller should provide proof of their identity to their conveyancer.

 

- Property information form: The seller must complete the property information questionnaires and disclosable overriding interests questionnaire, which capture detailed information about the property.

Fittings and contents form: The seller must complete the fittings and contents form, detailing items that are intended to remain at the property and items that will be removed.

Certificates and warranties: The seller should provide copies of any certificates or warranties for fixtures or work undertaken to the property.

Title plan:  The seller's conveyancer must obtain the title plan for the property from the Land Registry.

Contract pack: The seller's conveyancer will prepare and issue the contract pack, including the title.

 

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3. Preparing to Buy
 
Mortgage consultation and application for pre-approval:  If the buyer requires a mortgage or bridging loan, they may wish to consult a mortgage advisor. They should then apply to one or more providers for pre-approval, also known as a decision in principle.
 
Buyer's conveyancer instruction: Most conveyancers require a small payment on account before they can start work. This payment will secure the conveyancer's instruction.

Purchase information questionnaire: The buyer may be asked to complete a purchase information questionnaire, confirming details of how they are financing the purchase along with details of their financial adviser and mortgage provider if applicable.

Proof of buyer's identity: The buyer should provide proof of their identity to their conveyancer.

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4. Finances

- Full mortgage application: The buyer should choose their preferred mortgage provider and submit a full mortgage application.

Mortgage valuation survey: If the buyer's mortgage provider requires a survey to confirm the value of the property, the buyer should arrange for this to take place.

Survey access: If the agent is holding keys for the property, they should arrange access for the valuation survey.

Private survey results: The buyer should review the results of the survey and consider any remedial work that may be required. It may be appropriate to negotiate a price reduction or changes to the offer conditions.

If the results of the survey identify any remedial work required, agree with both parties any changes to the offer price or conditions of sale.

Cash funds: The buyer should prepare any cash funds ready for transfer to their conveyancer.

Mortgage valuation survey results:  The buyer should review the results of the survey and consider any remedial work that may be required. It may be appropriate to negotiate a price reduction from the seller.

If the results of the survey identify any remedial work required, agree with both parties any changes to the offer price or conditions of sale.

Mortgage offer: The buyer should instruct their conveyancer to review their mortgage offer, and act on any advice received.

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5.  Searches

- Searches: The buyer's conveyancer must commission the required searches.

- Search results: The buyer's conveyancer should confirm when all search results have been received and are satisfactory.

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6. Enquiries

- Contract pack review: The buyer's conveyancer must review the contract pack provided by the seller's conveyancer.

Pre-contract enquiries: The buyer's conveyancer should make enquiries of the seller's conveyancer, and renegotiate the offer if appropriate.

Responses to enquiries: The seller's conveyancer should respond to enquiries raised by the buyer's conveyancer.

Additional enquiries: The buyer's conveyancer may raise additional enquiries as a result of the searches.

Responses to additional enquiries: The seller's conveyancer should respond to any additional enquiries raised by the buyer's conveyancer.

 - Report on title: The buyer's conveyancer must prepare a report based on the results of searches and enquiries, and send it to the buyer, together with the contract, title plan and a draft of the transfer deed.

Report on title review:The buyer should review the report on title and discuss any concerns with their conveyancer.

 

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7. Exchange
 
Mortgage redemption statement: The seller's conveyancer must obtain a redemption statement for the mortgage on the property to be sold. If the lender holds the title deeds for the property, these should also be requested at the same time.

Mortgage deed: The buyer must sign their mortgage deed, with witnesses, and pass it to their conveyancer.

Contract signature (seller): The seller must sign their copy of the contract.

Contract signature (buyer): The buyer must sign their copy of the contract, and the plan, and return them to their conveyancer.

 - Completion statement: The buyer's conveyancer should prepare a draft completion statement, indicating how much cash the buyer needs to transfer and the relevant bank details.

 - Cash funds transfer: The buyer must transfer the cash funds for the purchase to their conveyancer. To avoid fraud, they are recommended to confirm the bank details with their conveyancer before making the transfer.

Agreed completion date: The buyer's conveyancer must confirm the exchange and completion dates with the seller's conveyancer, and write the completion date into the contract.

 - Fixtures, fittings and agreed works check: The buyer may wish to visit the property with the estate agent to check the fixtures and fittings included in the sale and confirm any agreed work has been completed.

- Buildings insurance: The buyer should obtain buildings insurance to start from the date of exchanging contracts and supply evidence to their conveyancer.

Certificate of title: The buyer's conveyancer must prepare the certificate of title, a report which will be required to request the mortgage monies.

Exchange contracts: The buyer's conveyancer must exchange contracts with the seller's conveyancer.

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 8. Completion
 
Deposit transfer: The buyer's conveyancer must transfer the deposit to the seller's conveyancer immediately upon exchange of contracts.

Mortgage monies: The buyer's conveyancer must obtain the mortgage monies by sending the certificate of title to the buyer's lender.

Final balance - Completion: The buyer's conveyancer must transfer the balance monies to the seller's conveyancer.

Final meter readings: The seller should take final meter readings for all utilities and provide these to their suppliers.

Authorisation for release of keys: The seller's conveyancer must check that the monies have been received and authorise the release of keys to the buyer.

- Monies to seller's lender: The seller's conveyancer must distribute the required proportion of the monies received to the seller's mortgage lender, if the property is under mortgage.

Monies to agent: The seller's conveyancer must distribute the required proportion of the monies received to the seller's agent to pay the agreed fee.

Monies to seller: The seller's conveyancer must distribute any remaining balance from the monies received to the seller.

Release of deeds: The seller's conveyancer must send the title deeds and transfer deed to the buyer's conveyancer.

 - Collection of keys: The buyer must collect the keys to the property from the estate agent.

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 9. Final Formalities
 
Land transaction returns: The buyer's conveyancer should file the Land Transaction Returns with HMRC.

Stamp duty: The buyer's conveyancer must arrange payment of the Stamp Duty Land Tax.

Fixtures and contents confirmation: The buyer should inspect the property and its fixtures and fittings to confirm items are as agreed.

Change of ownership: The buyer's conveyancer must register the change of ownership with the Land Registry.

Legal documents: The buyer's conveyancer should supply all legal documents relating to the property to the buyer.

 

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 If you have a student (HMO) property for sale feel free to contact us today to see how we can assist you.

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 
 
 
 

 

 
 
 
 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 
 
 

 

 
 
 
 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 

 

 
 
 
 
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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