Establish the value of your property
- Studying the local press and the web can give useful information as to the value of your property but nothing substitutes for the skill and experience of a professional valuer.
- Setting a realistic value is vital in order to obtain the maximum potential value without running the risk of having your property languishing on the market
Choose an Estate Agent
- Look for an agency that is proven to be successful in your marketplace.
- A good agent should be able to provide you with all the advice required to market your property successfully.
- They should have knowledgeable staff able to inspire confidence in their ability to obtain a sale in an effective and professional manner.
- Obviously agents can offer different levels of fees and cost is an important factor. But remember the cheapest does not always offer the best value.
- As with everything you invariably get what you pay for.
Arrange an EPC and Floor Plans
- An Energy Performance Certificate (EPC) is now a legal requirement for any property to be marketed for sale.
- Arranging for an EPC is easily done and can normally be organized on your behalf by your estate agent.
- Floor plans will give buyers the ability to visualize and remember more about your property.
- Cost will vary with the size of the property but generally will start at around £100.00 for both EPC and Floor plan.
Prepare your property to maximise potential buyers
- With the increasing popularity of the internet, the visual presentation of your home is of paramount importance to buyers when deciding which properties to view.
- Time and care should be taken in arranging your home and possessions for maximum positive impact through photographs and floor plans on the web, in adverts and marketing material and for when potential purchasers are viewing.
- Successful viewings are key to selling your property. Any estate agents will put great emphasis on encouraging potential buyers to view your home.
- It is important to present your home in as positive a light as possible, and viewings should be scheduled to be convenient to you with due consideration to the demands of children and family, traffic, light levels, garden aspect, etc.
- It is also advisable to take dogs for a walk and, where possible, be out of the property for viewings, leaving it to the experts.
Negotiate the Deal
- All offers on your property will, of course, be reported to you promptly.
- There can be a difference, however, between simply accepting an offer and negotiating a better deal.
- An experienced and knowledgeable agent will be able to negotiate effectively on your behalf.
- As importantly, they will also be able to qualify the prospective buyer's financial ability to purchase and establish the details of any chain below them, giving you peace of mind moving forward.
In summary, the overall legal process to exchange and complete contracts with your buyer generally takes the following steps:
- Terms are agreed between the Seller and Buyer and both parties instruct their conveyancers to work for them.
- The Seller’s conveyancer obtains the Seller’s title deed and prepares the Draft Contract for the Buyer’s conveyancer to approve
- The Seller’s conveyancer sends the draft Contract to the Buyers conveyancer together with the rest of the documentation needed to form the overall contractual package.
- The Buyer’s conveyancer reviews the detailed terms of the Contract, does the Searches and reviews the results, confirms that there is a Mortgage Offer in place, and also checks the readiness of any dependent sale (in the same chain) to proceed.
- Contracts are then signed and exchanged at which time a Completion Date is agreed between both parties.
- The Transfer Deed is prepared by the Buyer’s conveyancer and approved by the Seller’s conveyancer, and then signed in readiness for the Completion Date.
- The Buyer’s conveyancer obtains the funds for the purchase from the Buyer – either directly, or through the sale of his/her previous property – and the lender (if there is a Mortgage)
- On the Completion Date, the Buyer’s conveyancer sends the required funds to the Seller’s conveyancer. When receipt of these funds is confirmed by the Seller's conveyancer, the purchase is deemed complete, and the Buyer can take legal occupation.
- The Buyer’s conveyancer pays any Stamp Duty due and registers the Buyer as the new owner of the property at the Land Registry