Hi. just wondering if anyone can give me some advice on this. We were planning on putting our house up for sale over the next week with local estate agents, but some friends of ours have said they are interested in buying it and renting their own house out (it's not just a spur of the moment thing - they were actually going to move anyway!)
Just wondering how we'd go about doing this and minimising costs etc... We wouldn't need an estate agent, would we still need to get a HIPP done? I presume we'd still need to use solicitors?
Don't think you need a HIPP as it is a private sale - check on line. You would need to agree the price, and obviously they would need mortgage in place etc. Still need solicitors who would do the searches/paperwork. Still have to pay stamp duty etc. Main saving would be the EA fees
We did this a few years ago, in Scotland though, so cannot help you with details. It was like any other house sale, buyers made an offer, we rejected, they made another offer, we rejected , they made a 3rd offer which we accepted . Then the respective solicitors did all the legal work incl. ensuring payment and sorting out stamp duty etc. We were lucky that we had not signed any kind of contract with the estate agent yet (although they had already come to take photos, oops..) and saved loadsa money. We would do it again with all the appropriate legal help of course. I do not know about HIPPs, did not exist then. Mind you, our buyers were not friends, so ther was no potential of destroying a beautiful friendship if it had all gone tits up...
We bought ours in a private sale - was from a friend of a friend, but before the days of HIPPs so can't help you with that. As for the rest we just used a solicitor exactly as if we had gone through an estate agent. Only difference was that we rang the solicitors direct if we wanted to check the progress of the sale.