Decide whether you can afford it
The first thing to consider when selling your home is if it is financially viable. Moving costs can add up quickly. If you sold right now, would you be in negative equity? Consider the mortgage amount you’ll need when buying a new home and compare how much you can borrow from mortgage providers or whether you can ‘port’ (transfer) your existing mortgage to your new home. If you require any assistance, our financial experts are available to help you. This is a great time to remortgage to a better deal if you’re intending to move to a more expensive property or your current mortgage deal is coming to an end.
Figures will be approximate in the beginning. You don’t know how much you’ll sell for, and you won’t know the exact redemption (amount owed) figure for your mortgage until after you’ve exchanged contracts and agreed on a completion date.
How you can sell your house
You can sell your house using a variety of methods, including through a traditional high street estate agent, an online estate agent, or by selling privately. Contact our real estate experts if you are looking to sell your property, and we will be more than happy to take you through the entire process. A multiple agency agreement allows you to have more than one agent sell your home. However, you should be aware that doing so will almost certainly result in higher fees. Of course, you may sell your house without using an estate agent and potentially save a lot of money in the process. When it comes to marketing the property, conducting viewings, and negotiating, you will have to do all of the work yourself. It’s also worth noting that property platforms such as Rightmove, Zoopla, and OnTheMarket don’t accept individual listings.
Deciding the right asking price
One of the most difficult decisions to make when selling your house is the asking price. Do your research and learn as much as you can know about the local market. Contact us if you would like to arrange a free valuation of your property, which can help your decision. Many people hire an estate agent at this point to assist them select the proper price so they may make the most money in the quickest amount of time. Keep in mind that buyers are more likely to make an offer below the asking price, and that the results of a property survey may cause them to reduce their initial offer. Taking the lowest offer you’d entertain and adding 10% to it is a good way to figure out your selling price.
Prepare your home for viewings
As a viewing can make or break your chances of selling your house, it’s critical that you present it in the best light possible. Clear clutter and mess from your property, especially the exterior, to make a positive first impression. A fresh coat of paint, the removal or repair of broken furniture, and making your home feel as light and airy as possible may all make a huge impact.
Choosing a solicitor or conveyancer
You’ll need to employ a solicitor or conveyancer to handle the legal paperwork associated with selling your house. To find the best rates, do some research and compare a few possibilities. You could also hire a solicitor or conveyancer recommended by your estate agent. Before your property sells, you’ll need to choose a solicitor or conveyancer, but the paperwork won’t be finalised until an offer is accepted. You will have various forms, questionnaires and documents to give the buyer all the information about the property, and about the sale. For more information, view our conveyancing legal process guide here.
Accepting an offer
All offers are legally required to be disclosed to you by your real estate agent. You have the option of rejecting an offer, notifying the agent to negotiate a better deal, or accepting it. The estate agency will either remove your home from the market or list it as “sold subject to contract (SSTC)” once you accept an offer. As accepting an offer does not bind you legally, you can still accept a better offer or change your mind about the sale until you exchange contracts with a buyer. Remember, this can be distressing to the buyer.
Drafting a contract with the buyer
It’s now time to prepare a contract if you’re happy with the offer you’ve received. Both you and the buyer must decide whether the offer will be decreased as a result of the property survey results. You’ll need to figure out if you’re going to add any more fixtures and fittings to the sale. You’ll also need to figure out how long it will take from contract exchange to sale completion. Draft a contract with the buyer with the help of your solicitor or conveyancer.
Exchanging contracts with the buyer
You are now legally required to sell your home after exchanging contracts with the buyer. At this stage, the buyer is legally bound to acquire the property from you. Your solicitor will handle the contract exchange on your behalf. After you’ve acquired a mortgage (if necessary), organised building insurance, funded the deposit, and agreed on a completion date, you should exchange contracts. It is feasible to exchange and complete the transaction on the same day, however organising the removal of your goods can be more difficult.
Arrange a removal service
Moving can be costly, so shop around for moving services before making a decision. Let them know your moving date and how many vans you’ll need once you’ve picked the ideal business for your needs. To ensure that your moving day plans are confirmed, contact them again 24-48 hours before your moving date.
Completing the sale
When the keys and contracts have been exchanged, the transaction is complete, and the payment for the property is transferred. If it is not done by 3pm on the agreed-upon day, it must be completed the next day. Due to a delay further down the chain, the completion process may take longer than expected if you’re in a chain of buyers.
Following the money transfer, your solicitor will exchange property deeds and register the transfer of ownership with the Land Registry. You have until the day of completion to move out of your home. Confirm that all spare keys have been collected and given over, as well as any key information for the new residents.
Why not also check out our moving checklist here to help streamline the process for you.