INFORMATION FOR SELLERS - RESIDENTIAL SERVICE
When looking to sell your property you would like to have expert advice on the process including advice on valuation of your property.This process it takes skill and expertise to negotiate a successful sale from exchange of contracts to completion and still achieve the best possible price.We have drawn below a quick guide:
Selling a Property - the Process
Your great asset is your home and you know how great your home is for you, but when you want to sell it, you have to convince someone else for it.The selling process sounds to be complicated, but we are qualified and have our experience to make sure it will be run clearly and smoothly from the beginning to the end.
Stage 1: Appointing an experienced estate agent
As the first stage on selling your property you will need to appoint a professional estate agent with the local knowledge, who’ll value your home and give important advice.You should know before appointing an estate agent as:Sole agency is where you give the job of selling your property to a single estate agent for a fixed period of time. The commission rate for a sole agency sale will be lower than that for a multiple agency sale, because that agent has a greater chance of being the one to find your buyer. Accept an offer via another agent and you might have to pay more than one fee.Multiple agency is where you instruct several estate agents at the same time, who will all try to sell your property. The commission rate for a multiple agency sale will be higher than for sole agency.When you first meet your estate agent, they’ll give you an estimated value for your home, and a commission rate for both sole agency and multiple agency.
Stage 2: Preparing your property for sale
Following the valuation stage and making your home more saleable is a very important stage. Reduce clutter – get rid of everything but the bare essentials. Decorate neutrally – buyers need to be able to see it as their own home. Keep it light – clean the windows and use light colours
Stage 3: Preparing required documents
As the Home Information Pack (or HIP) is no longer required, the other documents are essential to the sale process. Your appointed conveyancing/solicitor (see below) will also assist you on this stage with the following documents: Sale statement – gives the name of the of the seller or sellers, the address of the property being sold and whether it’s freehold or leasehold Registered title documents – details from the Land Registry of the owners, any specific covenants and a map showing the property and its exact boundaries Property Information Questionnaire (PIQ) It provides information relating to the ownership of the property and details about services such as council tax and the utilities Energy Performance Certificate – assesses the energy efficiency of the property from A (best) to G (worst), and gives information on how to improve it Search results – standard searches reveal issues that might affect the property now or in the near future, such as drainage routes, potential flooding, or any planned development. Leasehold information for leasehold properties - a copy of the lease
Stage 4: Valuation of your property
Our experienced estate agents will be happy to carry out a free valuation of your property with their knowledge of property values in your area. Contact us for further on this subject.
Stage 5: Successful viewings and Agree the sale
If you appoint us as your estate agent we will start marketing, organising viewings and starting to generate offers from interested buyers. We will forward each offer to you verbally and on writing and negotiate on your behalf to get the best result.
Important information which we will discuss with you will include: Price – how much buyers are offering to pay? Their status: Are they in a chain? If a buyer is still trying to find someone to purchase his home, which will be dependent on their successful sale. No chain: first time buyers, investors, or people who have already sold their previous place. Also your position is very important at this stage: are the buyers moving in time suitable for your timescale? We will do our best to provide advice to help you make the right decision.
Stage 6: Conveyancing Solicitors
Is always adviced to have your own instructed solicitor at the same time when you have already chosen the estate agent.
Stage 7: Working towards exchange of contracts
Once the sale price has been agreed we will provide all the buyers’ solicitor’s details, which we will pass on to your solicitor, so they can get on with drawing up the contracts.The next stage is involvement of mortgage lender to carry out any valuations and surveys on the building and check that everything is as it should be with the paperwork. This can be quite normal for a few queries to be raised and making this stage a little bit longer.When this stage is complete, you’re ready to exchange contracts and set a completion date, when the money gets transferred, and the property legally changes hands, the conveyancing process will be complete.After you’ve formally exchanged contracts, you’re legally obliged to sell the property to your chosen buyer and they’re obliged to buy it from you.
After you’ve formally exchanged contracts, you’re legally obliged to sell the property to your chosen buyer and they’re obliged to buy it from you.
Step 8: Complete the sale
Completing the sale is a normal and simple stage as getting information over the phone from your solicitor confirming that everything has gone smoothly, the funds have been transferred and the conveyancers have successfully arranged the legal transfer.Last stage has now complete – your property has been sold congratulations!
When looking to sell, you should consider searching the market and getting familiar with similar properties in your local area. It is also worth to buy market reports on recent sales and also to get in touch with your local agents about the value of your property. The more opinions you will have the better will be your approach to the realistic valuation of your property.
We advice that you should have a knowledge of the value of your property. Useful contacts like; local state agents, local surveyors, mortgage brokers, land registry records, hometrack reports etc.
We always advice our client never to rely on a single valuation