If you want to sell a property, there is no doubt that you will want to do it as quickly as possible. At least, you would want your sales process to be smooth and hassle-free. To sell a freehold land, firstly, you have to understand how the freehold sale process works. Then you need to choose the right selling avenue. Selling a freehold is not different from a typical residential property. But to sell a freehold, you will have to face a range of different legelities and procedures.
Here is a guide that will help to make your freehold selling process easier –
Investigate Properly
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There are many ways to sell a freehold property like – you can sell it through a specialist freehold buyer, on the open market, or at public auction. Each of these has a different sale process, time scales, and fees. That is why it’s very important to investigate the market properly. This investigation will help you to understand their processes for how to sell a freehold land. Then it would be easy for you to choose the right selling avenue which will fulfill your need for the selling of your freehold interest.
Acquire Valuations
It’s most probable that every company will value your freehold differently irrespective of which selling avenue you choose. Before making any decisions, always contact a few different companies to acquire a valuation or guide price for your freehold. Otherwise, choosing a wrong avenue can mean a disparity of thousands of pounds, which could see you really lose out on extra capital.
Get a Solicitor
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To take care of the legal things on your behalf, you’ll need a qualified conveyancing solicitor for selling any property. To ensure that the transaction goes through without a hitch, it would be wise to have a solicitor which is experienced in freehold property matters. So, you need to best value conveyancing choices. You can also go for Homebuyer Conveyancing as Homebuyer Conveyancing provides conveyancing choices without the need to enter personal details.
Send Notice to Qualifying Leaseholders
You will need to send notices to the qualifying leaseholders, if your land and leaseholders qualify for the right of first refusal. Before another party, they will get the chance to purchase the freehold collectively and to offer them the chance, you’ll need to send them notices. Both the leaseholders and the property will need to meet certain criteria to qualify.
Sale Progression
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You can go ahead with the selling of your freehold, if leaseholders do not accept the right of first refusal. You will have to do it with the same venue as stated in your notice. However, you must continue with the disposal under exactly the same terms as stated in the notice. Otherwise, it would be considered a criminal offense.
Sale Completion
It would be wise to ensure that the new landlord sends a notice to leaseholders to provide their contact information, if the sale has completed. Otherwise, you remain liable for breaches of covenants and can therefore be subject to legal action.
