Never Sold a property before? Check out the Church & Hawes selling guide below.
Selling your home can be daunting – especially if you are looking for another property to buy at the same time. There are lots of things to consider. Here’s our selling checklist with what you need to know about the process of selling a house.
How to sell a house
This step-by-step guide outlines how to sell a house. We briefly explain each step you are likely to take during the process of selling your home.
1. Decide if you should sell
- Perhaps you are thinking about downsizing? To release some equity or to reduce your property or garden size.
- If you’re considering moving because you need more space, it could be worth comparing the cost of building an extension, converting the attic etc. Although the feeling of moving to a different property is normally worth the cost of moving.
2. Figure out your finances
- Before you sell your house, you’ll want to get an idea of how much it is worth. This will also help you calculate how much money will be left to put towards your next property/pay mortgage off. Please contact us CLICK HERE if you would like to arrange this.
- Dig out your mortgage paperwork or speak to your lender to check if you will have to pay any early repayment charges for switching your mortgage to another lender or whether it is possible to take it with you to a new property – a process known as porting.
- If you’re planning to move to a more expensive property or your mortgage deal is coming to an end, this is a great opportunity to re-mortgage to a better deal.
- At the early stages, figures will be approximate. You don’t know how much you will sell for and you will only get a precise redemption figure for your mortgage (amount outstanding) once you have an agreed completion date and when you have exchanged contracts (see below).
- Plan every step to avoid being held up. Speak to your mortgage advisor to ensure you on top of things.
- You will need to budget for stamp duty (if applicable) solicitors fees, estate agent fees and removal costs (where required) Church & Hawes can help with quotations, with many well established local firms.
3. Prepare your home for sale
- If you “stage” your home well, you are not only more likely to sell your home faster, but you might make it more valuable too.
- Tidy up, get rid of excess clutter; give it a fresh lick of light coloured paint; fix those little snagging things; keep it clean
- Check out our guide. Tips on preparing your property for selling.
- Don’t forget how important your home’s kerb appeal is. According to a 2019 Survey, more than 68% of homeowners say kerb appeal was important in their choice of home. The most important factors were windows being in good condition, a well maintained roof and a tidy front garden and driveway/path.
4. Hire a conveyancing solicitor
- You need to choose a conveyancing solicitor to handle the legal work involved in selling a property.
- To ensure the sale progresses, you should decide which firm you want to use ideally before you agree to the sale of your house. You can obviously only formally instruct after you have agreed an offer.
- You may be tempted to use an online conveyancer, but beware as the level of service can be slower and this can cost you valuable time.
- By all means get a quote from the conveyancing firm recommended by your estate agent, but compare it with other quotes.
5. Fill out the relevant questionnaires and supply any guarantees etc
- You will have a variety of forms and questionnaires/documents to give the buyer all the information about the property, and about the sale.
- You will be asked for various guarantees/service documents etc (a boiler service being one of the most common).
10. Accept an offer
- You’ve received an offer – hooray! The estate agent is legally required to pass all offers on to you.
- Before you accept an offer, take time to discuss this with your estate agent. They would have confirmed your buyers position length of chain if there is one) and affordability (All of this could have a bearing on your decision).
- If you are not happy with the offer, your estate agent will try to negotiate it upwards otherwise you can reject it outright.
- Remember that accepting an offer is not legally binding, and you can legally change your mind or accept a higher offer later (gazumping) – but remember, this can be pretty distressing to the buyer.
11. Negotiate the draft contract
You, the buyer and the rest of the chain (if there is one) will have to decide:
- The length of time between exchange and completion (usually 7-28 days after the exchange of contracts).
- What fixtures and fittings will be included – and is there an additional cost involved.
- Any discounts due to problems flagged up by the survey.
12. Exchange contracts
- When you exchange contracts with the buyer, you become legally committed to selling the property – and they are legally committed to buying it from you.
- If you pull out after this without due reason, the buyer’s deposit will be returned to them and you may be sued. (This will be made clear in the contract)
- If you sell a house, you are responsible for looking after it until the sale is completed so you should make sure you have buildings and contents cover until then.
13. Move out
- You can move out whenever you like, including on the day of completion.
- It is less stressful to move out beforehand, if that is possible (if you have somewhere to move to).
- At the time of completion, the property has to be in the condition agreed in the contract including all the fixtures and fittings.
14. Complete the sale
- Completion is when the property changes ownership, you accept payment, and hand over the keys. A little like a duel, it takes place on a previously agreed date and usually around midday but beware this can happen anytime up to 1730 ish.
- On the day of completion, the money is transferred and any deeds for the property are transferred between each side’s solicitor or conveyancer.
- Your solicitor/conveyancer will register the transfer of ownership with the Land Registry.
15. Pay off the mortgage
- The mortgage company will have given you and your conveyancing solicitor a precise redemption figure (outstanding amount) for your mortgage for the day of completion.
- Now the buyer has transferred the money to your conveyancing solicitor, they will pay off the mortgage for you.
16. Settle up with the conveyancing solicitor and estate agent
- After completion, your conveyancing solicitor will send you an account, covering all their costs and disbursements, as well as the sale price of the house and redemption of the mortgage.
- If you are buying and selling at the same time, the conveyancing solicitor can settle up for both transactions at the same time, including paying stamp duty for the house you are buying.
- Your conveyancing solicitor will ensure that the change of ownership is registered with the Land Registry.
The above of course is not an exhaustive list as there are many situations that can arise throughout out the process.
Please do not hesitate to contact us if you would like an up to date MARKET APPRAISAL
HAPPY MOVING!!