SELLING UP

Preliminaries

If you own a property you need to dispose of it. If you do not have a buyer lined up you have a choice of methods:

• you engage someone to sell it for you – an estate agent, solicitor or notary; – or
• you sell it yourself.

Whichever way you choose to sell it you have first to decide on the following:

The asking price

This will depend very much on the price of similar properties in the area, the state of the property market and who is likely to buy. In some areas (eg rural France) your best bet will be another expatriate; in others (eg Switzerland) there may be restrictions on selling to someone who is not a national of the country.

What to include in the sale

For example, curtains, furniture, kitchen equipment. This will depend very much on what you wish to take home with you, bearing in mind removal costs. If some of the furniture is valuable, you will doubtless want to take it away with you or else sell it separately from the house, but there will be less of a case for shipping the curtains and the kitchen stove back home.

If you engage a local estate agent to handle the sale, make sure that he is reputable and is legally entitled to practise. In several continental countries estate agents have to be licensed. Alternatively you could appoint an agent in the UK or ask a private individual to sell on your behalf. In the latter case you may need to give the person power of attorney in some countries using a notary or solicitor.

Your property description

Sooner or later a description of your house will be drawn up and it is advisable to check the details, since these may well feature in any sale contract. The description should include:

• the address
• general description of the property and its setting
• a detailed description of each room (dimensions, electric points, heating, built-in cupboards, etc)
• description of the garden and any outbuildings
• the price
• local taxes payable.

Using an estate agent

Selling through a reputable agent takes a good deal of the responsibility off your shoulders. He will value the property and judge how best to sell the house. He will publicise the sale, arrange for potential buyers to view the property, negotiate a price, check the buyer’s financial status and perhaps even arrange a mortgage for him/her so that the sale proceeds smoothly.

It is wise to enquire before you engage him how much his services will cost, and read the small print of any form you sign. Points to note are:

• sole agency status: if you entrust the sale to one agent, check if you have to pay a commission even if you make a private sale;
• fixed period: the agent should be given a fixed period in which to effect a sale, after which the contract lapses or is negotiable;
• commission: this is normally a percentage of the sale price. Note that the commissions for selling a property abroad are generally higher than in the UK, particularly if two agents in different countries are involved.

In some areas it is quite customary for notaries and solicitors to act as intermediaries for the vendor, as is the case in Scotland.

Handling the sale yourself

In order to cut out the middleman you may decide to sell the house yourself, though this can involve considerable effort. You will need to proceed along the following lines.

• Draft an advertisement which includes the following information:
• Place the advertisement with suitable newspapers (eg Dalton’s Weekly, Exchange & Mart), local expatriate papers and specialist foreign property magazines (see bibliography in Appendix D). Advertising rates for UK national newspapers tend to be quite high, so you should think twice before advertising with these – or keep your advertisement brief.

In some countries it is customary to put up a For Sale notice outside a property.

Legal arrangements

Having already bought a property in the country you will doubtless be an expert by now on the legal aspects of buying and selling a house. You are strongly advised to employ a legal adviser to act on your behalf, since if any mistakes are made in the process you could be liable to compensate the buyer.

In some countries it is the responsibility of the vendor to notify the authorities of any transfer of ownership of the property.

Repatriating the proceeds of your sale

If you are planning to buy a home in the UK on the proceeds from the sale of your current home, bear in mind that you may have less to spend than you expect because of liability to capital gains tax – either in the UK or in your country of residence. In France you may have to pay VAT if the property is less than five years old.

In some countries the notary keeps back some of the proceeds from the sale to pay taxes and any other liabilities. You will receive the balance in due course.

Note that there could be problems in repatriating the proceeds. In Cyprus, for instance, you can remit the equivalent of the purchase price, but any profit you make on the transaction has to be taken out over a period of years.

Pets

Do not forget that restrictions exist on the movement of animals from country to country, even pets. However, under the Pet Travel Scheme (PETS) and European Animal Passport Scheme you can bring dogs and cats into the UK from most Western European countries, North America and Australasia without having to place them in quarantine for six months. However you need to ensure that any animal has been:

• fitted with a microchip
• vaccinated against rabies
• blood tested to show it is protected against rabies (six months prior to travel)
• issued with an official PETS certificate or passport
• treated against tapeworm and ticks and certificated (1–2 days before travel).

It must also travel to Britain by an authorised route. Vets, pet travel specialists and British consulates should be able to advice you on all the requirements. Pets travelling from certain overseas countries not mentioned may also qualify for the Pets Travel Scheme, but to make sure you should either consult the DEFRA website or telephone the PETS helpline. (Details in Appendix C: Government Departments.) In certain cases, however, quarantine is unavoidable, though in some instances it may not stretch to the full six months.

Social Security

It is vital to inform the social security authorities in your country of residence and the International Pension Centre in Newcastle of your movements, preferably well in advance of your departure. This will ensure that your pension payments are not interrupted and are sent to the right place. When you arrive back, the local social security office will advise you of what benefits, if any, are due to you.