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Selling Process
The selling process can seem complex, but we’ll use all our experience to make sure it runs smoothly. Here’s our quick guide to the main steps.
Want to sell?
Before inviting agents around to give you a valuation it may be beneficial to find any guarantees that you may have on your property such as on the roof, damp proofing, new build guarantees etc. Also, if you have any service contracts on boilers or central heating systems. Sometimes some people prefer to chat to their solicitor to inform them of their intention to sell and perhaps apply for any title deeds or fill out any necessary forms. If you don’t have a solicitor then we can recommend a few for you to choose from.
Letting your managing agents and mortgage companies know may also be prudent as you will need to know lengths of lease and if there are any costs incurred by moving. There may be redemption penalties to pay as well as outstanding service costs and these can obviously cause complications if discovered after agreeing the sale.
Valuation
Inviting estate agents around to give you a valuation in order to gain instruction may be the most important step of the process. Well you may think that we are bound to say that. Seriously appointing an agent that you feel you can work with and are confident has the tools to find the right buyer at the right price for you can be tricky. Obviously this is the risk you will take as once you appoint an agent you are tied in with them for anumber of weeks. We appreciate that like with any relationship it does require work and understanding from both sides. At this stage you may appoint a one or more agent and the cost of having more than one will be more than having a sole agent.
Many people use the phrase market valuation loosely not fully understanding or appreciating its worth. The classic line of market value equates to what somebody is willing to pay for your house is too often used and not supported. Scarcities give rise to value. Supply and demand. However the buyers idea of market value is usually different to that of a sellers. It is the job of a good value to estimate the value of the property taking into account alternative investments, your timescales, economic conditions at a particular time and whether through art or science or a bit of both give a value on your property that will meet the subjective value that a potential buyer may place on your property. It is usually when a vendors subjective value meets the proposed purchasers subjective valuation then a transaction takes place.
Property Preparation
Maintaining your property and preparing to sell can be an important part of any marketing campaign. We get so used to the places we live in that it’s sometimes hard to see them through others’ eyes. But if you want a successful, quick sale, that’s exactly what you have to do and first impressions count for a lot.
A few hours spent making your property look its best or even spending a bit of money to clear up some niggling problems could add to the price you get from a buyer. Also you have to bear in mind that most of the time the property is purchased through a mortgage company who in turn will appoint their own independent surveyor to value the property and although as an agent we may manage to a price that you want from a prospective purchaser, it is unlikely that they would proceed with the sale at the same price if their surveyor appointed by the mortgage company comes back with a lower valuation.
Obvious signs of damp and cracks appearing on the walls will cause concern and having a lack of curb appeal and light will put potential purchasers off. Clean, fresh, light, warm and spacious are all factors to bear in mind when presenting your property to sell. Before you put your property on the market, come and talk to us. As well as valuing your property, we’d be happy to share our knowledge of local conditions and offer informed suggestions on any presentation or refurbishments that could boost your sale price.
HIPs
A Home Information Pack (or HIP) collects together many of the documents a buyer needs. We can take care of your HIP for you. The main elements of the pack are
- Energy Performance Certificate – assesses the energy efficiency of the property from A (best) to G (worst), and gives information on how to improve it
- 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
- Unregistered title documents – some properties that haven’t been sold for many years aren’t registered with the Land Registry, though this is quite rare these days. If a property has an unregistered title, the pack must include similar information to registered properties, but it may come from a number of different sources
- 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
- Property Information Questionnaire (PIQ) - this is issued by the HIP provider and must be completed by the seller. It provides information relating to the ownership of the property and details about services such as council tax and the utilities
- Leasehold information - a copy of the lease
Essentially, HIPs move much of the initial administration in house buying away from the buyer and to the seller, aiming to cut out waste and make the selling/buying process more efficient
There are some exemptions to the regulations and Sellers should seek advice from a qualified property lawyer prior to marketing to assess whether a Home Information Pack is required. The exemptions are set out briefly below:
- Business Use - properties that are classed as a business under the planning regulations and that will remain a business at legal completion
- Residential property converted to business use - a dwelling that has been converted with the appropriate planning consent to business use and that will still have business use at legal completion
- Properties not sold with vacant posession - properties that are tenanted prior to and at the time of transfer of sale.
- Mixed Commercial/Residential Sales - properties that are a mixture of business and residential i.e. a shop with a flat above
- Dual Use - properties that are used for both business and residential purposes i.e. a Doctor's surgery with living accommodation
- Portfolios of Properties - a number of properties that are being sold together as a portfolio
- Unsafe Properties - properties that have been deemed unsafe for habitation by the planning authority and that will remain in that condition on legal completion
- Demolition - property that has a demolition order on it and that will remain in that condition on legal completion
- Properties not being placed on the Open Market - property that is sold by landlords to existing tenants (i.e. right to buy and housing associations), property sold to friends/family etc. that has never been placed on the open market
Property Marketing
This is the part where it is our job to present your property in the best light in as many mediums as possible to attract a large audience through your door. From advertising your property to bring clients around here the key is not to simply confuse the seller with numbers but decide and explain to the seller a decisive course of action and its proposed results.
Agreeing the sale
Again our aim is to put forward all offers that are made upon your property: if you want, we can give our opinion, on which offers we believe would suit you best. As it not simply about putting forward an offer as high as possible if it can complete the transaction within your required needs.
Once a sale is agreed we can start drawing up the paperwork in order to hand over to the solicitors to start the conveyancy process.
Up to exchange of contracts
Your buyer will provide us with their 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 where the buyer and their mortgage lender carry out any valuations and surveys on the building and check that everything is as it should be with the paperwork. It’s quite normal for a few queries to be raised, so this stage can take a little while.
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 conveyance process will be complete. Completion is normally two weeks later, but can be earlier. It might even be possible to exchange and complete on the same day if you need to. Leaving a gap gives you time to make arrangements for moving out and tie up any loose ends. After surveys and local authority searches, chains are the main cause of delays and hiccups in any property sale. What’s more, the longer the chain, the greater the potential for problems. Anything you can do to limit the problems caused by a chain of sellers can help you sell more quickly, easily and occasionally at a better price.
If you haven’t got your next property lined up, we recommend that you consider an alternative option such as renting. That way, you’re in the strongest possible position to take advantage of the best offer.
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.
You should plan to move out before your completion date. As soon as you have completed the sale the property belongs to your buyer and they can move in immediately.
Sale Completed
Completing the sale is usually as simple as getting a phone call from your solicitor telling you that everything has gone smoothly.
This means both parties’ mortgages have been paid off and new arrangements put in place, the conveyancers have successfully arranged the legal transfer, and the property officially belongs to your buyer.
Your own private members area gives you full access to your files. Download referencing and information forms- Pay and reserve a property now-Instruct us now online to to either sell or rent your property-Get to see investment opportunities not available to the public-Keep track of your sale and your property from anywhere in the world. Register Now.
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