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Selling a new build property, especially leasehold, will involve additional considerations and documents. It's essential to be well-prepared to minimise complications and ensure a smooth selling process.
Unlike many other sales it is not as straight forward as you may think. Appointing an agent with experience in selling New Build properties is advised. It’s essential to be well-prepared to minimise complications and ensure a smooth selling process.
With that in mind please find a list of required documents and a helpful checklist to help you navigate your sales journey.
Here's a checklist to help you;
Gather and review essential documents: Start by collecting all the relevant paperwork associated with your new build property. This may include:
REQUIRED DOCUMENTS
✔ Re-sale Management Pack
You get this from the managing agents/freeholders for the development, they usually require a small fee to put this pack together.
The standard pack will contain an LPE1 (leasehold property enquiries) form, 3 years worth of service charge accounts, buildings insurance, up to date ground rent and service charge statements, service budget for current year, fire risk assessment, asbestos report (if built before 2006), any S20 notices for any major works and EWS1 form + cover letter
✔ EWS1 Form and Cover Letter (External Wall System Fire Review certificate)
This should come with the management pack, but its best to get this prior to receiving the pack if possible. The buyers lender will require this and in some cases require it before the application is even made. If your property doesn’t have an EWS1 Form, please consult with a broker who understands what else can be used in order to get through the mortgage application with a lender. For example, some lenders are happy with confirmation letters from the managing agents/freeholder to confirm the height of the building (less than 18m) and there is no fire risk. But this is best advised from a knowledgeable mortgage broker.
✔ Energy Performance Certificate (EPC)
This should have been provided when you purchased the property.
✔ Planning and Completion Certificates
Installation certificates (Gas Safe, NICEIC, FENSA - certificate is your assurance that the installer who fitted your windows or doors has complied with Building Regulations) and any other guarantees for works done at the property.
If the client has the latest service charge/ground rent statements then these are also useful for us to have and issue with the contract while the management pack is awaited.
✔ Sales contract
They will send you their standard letters and forms to complete.
✔ Leasehold agreement
The lease agreement outlining your rights and responsibilities as a leaseholder.
✔ Title deeds
Documents proving your ownership of the property.
✔ Landlord Certificate
Building Safety Act 2022 - The Leaseholder’s certificate needs to be served first on the Landlord, then the Landlord has 4 weeks to provide.
✔ Section 106 Agreements
Section 106 (S106) Agreements are legal agreements between Local Authorities and developers; these are linked to planning permissions and can also be known as planning obligations.
Always useful to have given how slow Councils are, as they are not always available to download on the portal like the planning permissions are. It’s worth enquiring into this with the management company or council.
✔ TLG pre-sale
If a client instructs TLG pre-sale, then we will ensure we have ID and protocol forms on file so it’s ready to issue when agreed as this will mean we can get the contract out quicker;
• TA6 - detailed information about the property.
• TA7 - supplies information regarding the leasehold of the property, such as how and by whom the property is managed.
• TA10 - Fixtures & Fittings Form
✔ New build warranties
For new builds (or properties under 10 years old) you should also have a copy of your Buildmark (NHBC) or other new home policy/warranty documents.
The Conveyancing Process
1.) Instruct a solicitor to act on your behalf
They will send you their standard letters and forms to complete.
2.) Solicitors Forms Completed
Together with evidence of your identity they will draft the Contract and send this together with your forms to the buyers’ solicitors.
3.) Settlement Figures Calculated
Your solicitor will send you a breakdown of all the monies in the sale.
4.) Further Buyer Enquiries
These are likely to come in from the buyers’ solicitors and they may liaise with you about these where required to resolve any unanswered questions.
5.) Contract Approved
Once enquiries are satisfied a contract of sales is completed and sent to you.
6.) Exchange Date Set
Details of the sale, such as the price etc, will be double checked with you and a formal ‘Exchange of contracts’ date will be put in place.
7.) Exchange
The solicitors exchange contracts on your behalf. This is the point that all parties are committed to the transaction and within the Contract is the agreed Completion Date which is the official date the sale is completed.
8.) Transfer Deed
This will need to be with them before they complete the sale on your behalf.
9.) Completion & Statement of Settlement
A final statement is created which shows the monies paid by the buyer at Completion and how that is accounted for, for example mortgage repayments etc. Any balance will then be sent to you either in cleared funds or by cheque depending on your request.
If you're considering selling your property and looking for expert advice on how to achieve the best result, do get in touch: 020 3150 0733 / hello@moveli.co.uk
Perhaps you're an experienced estate agent looking to provide a better service to your clients? Contact us here for further information on the platform, or email: joinus@moveli.co.uk
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