THE SELLING PROCESS
Are you thinking about putting your house or flat on the market? Our step-by-step guide to the process of selling a house will assist you in selling your property quickly and for the best price. Selling a house and moving to a new property can be much more complicated than buying your first home. In addition to marketing and selling your property, you’ll need to consider your financial options and ensure that the timing aligns with the home you want to move to.
1
SORT YOUR FINANCE
Once you’ve decided to sell your home, you’ll need to speak to your mortgage lender (if you have one) to let them know your plans. Find out the balance on your outstanding mortgage and, if you plan to purchase a new home at the same time, whether you can ‘port it’ (which essentially means you take it with you). If you can’t port it, you need to watch out for early repayment charges which could stand at between 1% and 5% of the remainder of your mortgage.
2
MAKE YOUR HOME LOOKS ITS BEST
After deciding to sell your house or flat, the first step is to prepare it for the estate agents to evaluate and for potential buyers to view. Ensure your property is clean, tidy, and free from clutter. This will provide potential buyers with a blank canvas to envision how they would use the space.
3
ACCURATE VALUATION
Setting the right asking price for your home is crucial. If it’s too high, you risk discouraging potential buyers, and your property may not appear in search results when buyers have set price limits on their searches. Conversely, if it’s too low, you might end up selling for much less than what you could have obtained. Your goal should be to sell your property at the best possible price within the shortest possible time.
4
ARRANGE AN EPC
It is a legal requirement in England and Wales for all properties to be marketed with an Energy Performance Certificate (EPC), which provides an energy efficiency rating for your property. An EPC is a report that outlines a property’s energy efficiency and assigns it a rating from A (most efficient) to G (least efficient). The EPC is valid for 10 years.
5
APPOINT AN ESTATE AGENT
Even if you’ve received valuations from local estate agents, you may opt to sell your home through a different method. If you decide to sell through an estate agent, be sure to compare their fees and negotiate for a better deal, including the fee, tie-in period, and notice periods. After selecting the company to work with, you’ll sign a contract that outlines the terms and conditions for selling your home; this is commonly referred to as ‘instructing’.
6
SET AN ASKING PRICE
While estate agents can provide advice, the asking price you set for your property is ultimately your decision. If all of the estate agents have given you similar valuations, you can have confidence in their accuracy and base your decision on their recommendations.
7
MARKET THE PROPERTY
Your estate agent will send a professional photographer to your property to take photos and, if applicable, create a video for a virtual tour, so your home looks its best. Work with your agent to select the very best images. Since most buyers begin their property search online, it’s essential to make the most of the internet. You should expect your agent to list your property on Rightmove and Zoopla as a minimum.
8
ACCOMPAGNIED VIEWINGS
It is a legal requirement that all properties in England and Wales are marketed with an Energy Performance Certificate (EPC) which gives your property an energy efficiency rating. An EPC is a report detailing the energy efficiency of a property. It gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years.Â
9
ACCEPT AN OFFER
If a potential buyer makes an offer, your estate agent is legally required to relay it to you, regardless of how low or unusual the offer may appear. You have the option to either reject an offer outright or attempt to negotiate it upward. While you aren’t obligated to sell to the highest bidder, it’s important to choose the buyer that is the right fit for you.
10
FIND A SOLICITOR
Once you have accepted an offer, you’ll need to hire a solicitor to manage all the legal work, a process known as ‘conveyancing.’ This involves the solicitor drafting a legal contract to transfer ownership from one person to another. If you are both buying and selling at the same time, it’s often more cost-effective and convenient to use the same solicitor for both transactions.
11
KEEP THINGS MOVING
After your offer has been accepted, you must formally apply for a mortgage. You can do this either directly with the lender or through your broker. Regardless of the route you choose, be prepared for paperwork and for your bank statements to be meticulously reviewed to ensure that you can afford the loan you are seeking.
12
EXCHANGE OF THE CONTRACT
In England and Wales, exchange is the final stage of the legal process. It occurs once both parties are satisfied with the contract, sign the final copies, and exchange them. Once the exchange takes place, you are legally committed to selling, and the buyer is legally committed to buying from you. Neither side can withdraw from the agreement without incurring compensation. At the time of exchange, a completion date will be established.
13
REMOVALS
It’s time to get in touch with your chosen removal company to confirm your move. And it’s also time to begin the often-dreaded packing process!
14
COMPLETION
Payment is processed between the solicitors of each party, and the keys are exchanged. It’s all finalized, and the house is sold.
