You’ve sold your property, but what is the sales pack that you’re told you need and why do you have to pay for it?
You’ve decided it’s time to move and have put your property on the market. Once you’ve received an offer and accepted this, you and the buyer will have to appoint a solicitor to manage your side of the transaction.
One of the first things the buyer’s solicitor will ask for is the sales pack. This is normally created by the building management company. The sales pack contains documents relating to your property such as:
Service charge statements
Ground rent statements if the agent collects these
Accounts for the last three years
Reports on the building such as electrical inspections and fire reports
Memorandum and articles for the management company
Leasehold tribunal rulings
Information on cladding
And other items specific to buildings
You can read more about this here:
The buyer’s solicitor will also send a list of normally 30 – 40 questions about the site which have to be answered by the property management company. These questions are often about such things like future maintenance of the building, finances, lease issues and apportionments.
All the information is put together and sent to the seller’s solicitor. (This is done within 48 hours by Revolution. We’ve heard of other agents taking weeks to complete these requests). They then send these to the buyer’s solicitor who will normally raise further questions which can be very in depth, for example, ‘There is a licence for shale gas within 3 miles of the building. Please provide more details.’
The whole process of collating information through to dealing with the solicitors and their questions takes around 4 – 6 working hours per sale.
When you have sold your property the property management company will provide you with a sales pack. Please don’t think they are simply taking money off you for nothing. At Revolution, we have a dedicated conveyancing manager to ensure all sales happen quickly and efficiently. If it’s your completion day and something is going wrong, you need a person at your property management company to be able to deal with it there and then.
We’ve heard about and experienced the service other agents provide on sales packs, and so we decided a long time ago this was not how we wanted our customers dealt with at the end of their relationship with us. We have therefore applied a lot of thought and energy into our process to ensure the quickest and best possible service.
Please see below for more information about the cost of selling your property: