Selling a Property
1. Preparing your property for selling
The first and most important stage is to make sure your property is fit for sale. First impressions are vitally important and although you may be accustomed to small issues around your home; either poor workmanship or every nook and cranny filled with clutter, the prospective buyer will notice these the moment they walk through the door.
It might be advisable to hire a painter and decorator to finish off those jobs that haven’t been completed or perhaps achieve those clean lines by sending some of your possessions into temporary storage. You want to promote not only the property itself but the lifestyle that can be enjoyed while living in your home and with a little investment it could mean that you achieve the price that you are after.
Consider your target market. Who do you think might buy your property? Tailor your space to appeal to the largest market without alienating other groups that might also be interested.
2. Arranging a Homeowners Information Pack (HIP)
Depending on the size of your property you may need to commission a Homeowners Information Pack (HIP).
3. Choosing an agent
Use our search to get at least 3 estate agents round to value your property. The average of the valuations should give you a good indication, don’t necessarily go for the highest valuation or use the agent you intend to buy a property through. Most importantly choose an agent that is keen to sell your property and is very active in the local market. Also base your decision on contract length, it is well worth negotiating for as minimum contract as possible to increase your options later on if needs be.
4. Accepting an offer
If your agent presents you with an offer that you are happy with you can accept it but take into account the following; there may be conditions to the offer i.e. the house is taken off the market immediately and no more viewings are made. What type of buyer has made the offer? are they first time buyers who can move in as soon as possible or are they in a long chain?
Even once you have accepted an offer it is not legally binding. There is nothing in law to prevent you from changing your mind and accepting a higher offer from someone else and likewise the buyer who made the offer could also withdraw.
5. Legal work
Once an offer has been accepted whoever you have chosen to do the legal work needs to be informed. Most firms of solicitors offer a conveyancing service. Although all solicitors can legally do conveyancing, it is advisable to choose a solicitor who has this experience. You can use a licensed conveyancer (in England and Wales only) to do your conveyancing. Licensed conveyancers are not solicitors but are licensed by the Council of Licensed Conveyancers.
6. Exchange of contracts
After all the enquiry forms and contracts have been signed and returned, this is the point at which it is time to exchange.
The buyer and the seller will agree a date for completion, i.e. the date that the seller will need to move out of the property.
This is the stage at which the sale becomes legal and binding.
Utility companies should be informed that you are leaving and final meter readings arranged to be taken on completion day.
7. Completion
At last! Completion! All that is left is to leave the house and hand over the keys. Your solicitor will receive the funds from the buyer and make the transfer into your account.