Selling My Parents House: Part 3
Last month, my sister and I finally sold our parents house. Our late mother’s will has now been fully administered, all funds have been distributed and I finally signed off the “executor’s approval” document and returned it to the solicitors. A line has finally been drawn under a process that has taken about 15 months. Dealing with an estate (in the legal sense of the word) and selling a family home is not something that you do everyday. It’s usually something that comes up maybe once or twice in your life. Few people (myself included) are fully prepared for such an undertaking when it occurs. Hence I have some observations to share about my experience of dealing with the esoteric world of estate agents and solicitors.
Last month, my sister and I finally sold our parents house. Our late mother’s will has now been fully administered, all funds have been distributed and I finally signed off the “executor’s approval” document and returned it to the solicitors. A line has finally been drawn under a process that has taken about 15 months. Dealing with an estate (in the legal sense of the word) and selling a family home is not something that you do everyday. It’s usually something that comes up maybe once or twice in your life. Few people (myself included) are fully prepared for such an undertaking when it occurs. Hence I have some observations to share about my experience of dealing with the esoteric world of estate agents and solicitors.
It really pays to do some research and find an estate agent that is right for you. Selling a house is a unique process because it is very personal. Therefore you want to be dealing with people you can trust, who listen to you and who aren’t just going through the motions. So read reviews and ask other people for recommendations.
Some estate agents are very obliging. Others do very little for their fee (which is substantial). Do not add to the stress of selling a house by having to constantly chase your estate agents to do things. It is their job to arrange viewings, answer the questions that potential buyers raise and to liaise with your solicitors. If they’re asking you to do any of these things then tell them politely to do it themselves.
You also have to harden your heart. The house you are selling should not be viewed as your home but an asset being professionally marketed. You may not like the manner in which your home is described in the marketing material but it is wise to defer to those who do this for a living. A feature that you may think is quaint and quirky may be an absolute eyesore to others. Those viewing your home may not like your choice of decor and might be vocal about it. Simply put, don’t take things personally. Remain detached from the process and elsewhere when there are viewings.
With regards to solicitors and conveyancing, despite a superficial veneer of modernity, this process is still quite archaic in the UK. The language used is frequently very old fashioned and therefore hard to penetrate. Many of the procedures seem to take purely arbitrary amounts of time. Solicitors also tend to play their card close to their chest and communication between them can be vague at times.
Never make the mistake of using an online company for your conveyancing needs as you’ll often find that their postal address is miles away from where you live. Considering the amount of paperwork this process generates, it’s best to find one that is local.
Also, ensure that you are aware of all the fees involved in this process in advance. Selling a house is expensive. The greater the value of the property, the more it costs. The last thing you need is a final invoice with lots of additional costs, eating into your profits.
Don’t be afraid to ask, if you’re not sure about something or do not understand the legalities. This industry is rife with jargon. However, the answers to many of the obscure questions that arise are often very simple. Therefore, seek clarity from those you are paying.
Finally, be patient. Selling a house can be a lengthy and time consuming process. Use this time to your advantage. Don’t just accept the first offer that’s made. A slightly lower offer from a cash buyer may be a far safer bet than a higher offer from someone who hasn’t sold their own property yet, or has a mortgage offer that’s due to expire. It is also worth remembering that until you’ve signed anything, you can always change your mind. I’m not advocating being difficult for the sake of being, but if you feel that a buyer may be problematic or that something just isn’t working, then vote with your feet.
Overall, my own experience of selling my parents home hasn’t been too problematic or traumatic. I am glad that it is now done and that the house has a new family living in it. I think that my parents would be pleased that my sister and I have dealt with the matter and are now moving on. If I ever have to deal with such a process again, I think I am better prepared now. However, I am hoping that nothing of the kind arises in the immediate future.
Selling My Parents House: Part 2
I wasn’t planning on writing a second post about the sale of my late parents’ home but the entire process has been so different from what I expected, I thought there may be some interest in exploring some of the aspects that have come up. The last time I had any dealings in buying and selling property was back in 2003 when Mrs P and I moved from one home to another, to gain more space. It was at a time when the UK economy was booming, and the banks were taking a “relaxed attitude” (some would say cavalier) toward mortgages. The flat that we were selling found buyers very quickly, who offered the full price. Mrs P and I similarly found a bungalow that we liked, and it didn’t take long to secure its purchase. Due to the chain involved it took 8 months to move but the paperwork was handled efficiently, and I don’t recall the bureaucracy being excessively complex. Perhaps due to the busy nature of our lives, I didn’t notice. Plus, memory can be deceptive.
I wasn’t planning on writing a second post about the sale of my late parents’ home but the entire process has been so different from what I expected, I thought there may be some interest in exploring some of the aspects that have come up. The last time I had any dealings in buying and selling property was back in 2003 when Mrs P and I moved from one home to another, to gain more space. It was at a time when the UK economy was booming, and the banks were taking a “relaxed attitude” (some would say cavalier) toward mortgages. The flat that we were selling found buyers very quickly, who offered the full price. Mrs P and I similarly found a bungalow that we liked, and it didn’t take long to secure its purchase. Due to the chain involved it took 8 months to move but the paperwork was handled efficiently, and I don’t recall the bureaucracy being excessively complex. Perhaps due to the busy nature of our lives, I didn’t notice. Plus, memory can be deceptive.
Twenty years later and the UK housing market is very different. My parent’s house was listed (to use an American phrase) on June 19th and interest has been slow, with only a dozen viewings in three months. The house was originally listed at £30,000 more than its probate valuation but due to the housing market, we had to drop the price after two months by £25,000. The reasoning behind this being that the two major housing websites in the UK, list prices in increments of £25,000. If you wish for a property to appear in search results for those who may not have previously seen it, you have to drop the price by that amount. Furthermore, it is very much a buyers’ market at present. Interest rates are high and therefore mortgages are harder to secure. Many currently buying are upsizing and as there is not so much “competition” the pace of selling has slowed. Buyers are also negotiating hard and often not offering the “asking price”.
Fortunately, two weeks ago an acceptable offer was made on the house by a buyer with an uncomplicated property chain. Due to these factors my sister and I agreed to it. This naturally had a tangible impact upon the ongoing sales process. After weeks of everything moving at a glacial pace, things have suddenly accelerated. I asked our family solicitors to handle the conveyancing work and within hours I was inundated with emails with multiple PDF attachments. Although the process of selling a house in the UK appears to have embraced modernity, there are occasional moments when it betrays its arcane and archaic origins. For example, I was sent a document called “Overriding Interests Questionnaire” that included the following questions about the property for sale. “Is there a liability to pay corn rent”. “Are there rights of fishing, shooting or grazing”. “Is there a liability to repair the chancel of any church”.
There are plenty of online guides and FAQs that provide a detailed overview to selling a house. I have found that both my estate agents and solicitors have been very helpful in explaining processes and procedures. However, this is ultimately a legal matter and that means there is a degree of complexity which makes it somewhat daunting regardless of the support you may get. I think there is a psychological element to it all, as the selling or buying of property is potentially the most expensive transaction that most people undertake during the course of their lives. It also bears repeating that selling and buying a property is not cheap. There are additional costs on top of the property price. Estate agents have fees and there are conveyancing charges to cover. Then there is stamp duty to be paid (effectively a tax on the property purchase) unless you’re a first-time buyer. You may also incur costs from having to survey a property. Finally moving or clearing a property add to the total cost.
Having completed all the paperwork regarding the sale and conveyancing of my parent’s house, the process once again returns to a waiting game. Although we are not in a large chain, we still have to wait for our buyers to sell their home. Like any sale, no matter how well organised all parties may be, there is always scope for some unforeseen problems to delay or derail the process. However, the matter is now beyond my control, so I am content to just let things run their course. I would be happy if the sale went through by December with a moving day scheduled for the early New year. That would give my sister one more Christmas in the family home before moving into her new house. If it happens earlier, then that would be an added bonus. Due to the professional manner in which this process has proceeded, so far this is not as stressful as I had thought it would be. I hope it remains that way.
Selling My Parents House
Last August my mother died at the age of 91. Since last September, her will has slowly been processed by our family solicitors. To cut a long story short we received the Grant of Probate in March this year. Three months on and my sister and I have finally put the family home up for sale. My sister still resides at the property and has done so all her life. Hence not only are we looking to sell our parents house but also find my sister a flat or maisonette. Both of us agreed when we embarked upon this process not to rush and to let things run at their own pace. The last few years of caring for our parents was a very difficult and exhausting experience. Hence, both of us have taken some time out to rest, recuperate and take stock of our lives. My sister has recently retired and it was important to get that matter resolved first, before addressing the sale of the family home.
Last August my mother died at the age of 91. Since last September, her will has slowly been processed by our family solicitors. To cut a long story short we received the Grant of Probate in March this year. Three months on and my sister and I have finally put the family home up for sale. My sister still resides at the property and has done so all her life. Hence not only are we looking to sell our parents house but also find my sister a flat or maisonette. Both of us agreed when we embarked upon this process not to rush and to let things run at their own pace. The last few years of caring for our parents was a very difficult and exhausting experience. Hence, both of us have taken some time out to rest, recuperate and take stock of our lives. My sister has recently retired and it was important to get that matter resolved first, before addressing the sale of the family home.
One of the most challenging aspects of this process has been the house clearance. This has involved going through all our parents’ possessions and deciding what to do with them. It is a very sobering experience to be confronted with all the personal items and clothing that a person has amassed during the course of their life. At times it feels like you are complicit in erasing that person’s identity. But you can’t hang on to everything although it would appear that my parents came from a generation that did exactly that. Some of the things that my mother and father hoarded beggar belief but they grew up during World War II and were accustomed to hardship. Rampant consumerism and disposability were not the foundations of society back then, so I will forgive their compulsion to hang onto everything.
Once the clearance was completed, we commissioned a local Estate Agents and formally put the house up for sale. A photographer came and took multiple pictures of the house and gardens. It was scrupulously measured and categorised. The final sales description is honest and accurate. It is a three bedroom, end of terrace house in a desirable residential area and has a 110 foot south facing garden. There are two reception rooms, two bathrooms and a kitchen extension. The house has “potential to extend and modernise” which is the polite way of saying it needs a complete refurbishment. This is fair as it was last redecorated in the eighties and done so according to the prevailing tastes and styles of the time. The asking price reflects the current housing market in Greater London. However, sales take longer at present, so we’ve been told to be patient.
There are many milestones during the course of one’s life. The purchase and then years later, the sale of a family home are certainly among them. In the UK, home ownership is still considered a major aspirational goal, although it is currently becoming increasingly difficult. The concept of a “house of your own” is a significant political issue and a major part of the UK’s cultural identity. Whereas in Europe, renting is far more commonplace. My parent’s generation saw buying a home as a major achievement. The provision of a safe and welcoming home environment to raise a family was the foundation of a marriage. Your home,once paid for, became an asset and a source of financial security. In their later years it brought a sense of comfort to both my parents, that they had something of value that their children could inherit. Hence a house is often more than just “bricks and mortar”.
For me the house still holds a lot of memories, although I moved out over three decades ago. My sister’s perspective is a little different as she has lived there all her life. Although she shares a broadly similar sentimental outlook regarding the house, it is now unsuitable for a single person. She is looking forward to downsizing and moving somewhere new. Plus, during our parents illnesses I always had the luxury of going to my own home at the end of the day, where she did not. I understand how the home may not offer as much nostalgia for her. Overall, we are both in accord with the sale and although it is the end of an era, we are happy for the house to find new owners. It was designed in the 1930s to be a family home and it would be nice to see it serve that purpose once again.