Selling your property - what you need to know!

Moving home can be a stressful time for anyone with a seemingly endless to-do list. James Gibb is here to help guide you through what is required to ensure a smooth transfer of your factoring responsibilities, giving you one less thing to think about.

Why does James Gibb need to be involved in the sale of my property?

Our Property Sales Team has a duty to liaise with the seller’s solicitor. We are there to make the solicitor aware of matters such as any debt on the seller’s account, notice of potential liability on the property, major works planned and paid for by the seller, the presence of a development sinking/contingency fund, as well as block insurance schedules, and to give an estimate of the annual factoring costs.

The solicitor acting on behalf of the purchaser is required to provide a minimum of 14 days’ notice to James Gibb prior to the settlement date. There may be occasions when an invoice has arrived late from a supplier, for the period in which you owned the property, and is charged to your account even after you have sold.

What happens to my account and charges when I sell?

All costs, such as cleaning or gardening charges, insurance premiums, management fees etcetera are charged up to the date of the sale, to the seller. The new homeowner will receive charges from their date of purchase.

When will I receive my final invoice?

Since there is often a time lag between the sale date and the receipt of some invoices that are to be charged to the seller, it is not possible to produce a final invoice on, or around the date of sale. 

N.B The date of the final invoice depends on where the sale date sits within our invoicing cycle. Please refer to your Development Schedule which can be found on your JG+ account for timings on the return of your float. 

What happens to the float I have paid?

The float amount is included as a credit on the seller’s final invoice. The final invoice may also include some charges such as cleaning or utility charges, so the final invoice/credit will reflect the net amount owed or due. To find out more about float payments and why we need them, please view our Float Payments Explained Video Guide at our website video guides, or on YouTube. 

I have paid into a sinking fund; will this be returned?

All sinking fund contributions are retained in the development sinking fund account and will not be returned to the seller. It is beneficial for a development to have a sinking fund to support any major works required at the development and funds held should be detailed as an asset in the sale of the property.

What fees are charged by James Gibb when I sell my property?

James Gibb applies a fee to cover the administrative costs involved in the transfer of ownership of a property. Details of the fees applicable can be found within our Selling your Home guide.

James Gibb is a unique people centric organisation built on core customer care values, cultivating an ethos of trust and transparency across all aspects of customer service delivery.

James Gibb doing it the right way