Our in-depth guide to selling a property will take you through the process step-by-step, with plenty of useful information and advice to help you with your journey.
For more information on buying property across Lewisham, Catford, Bromley and surrounding areas, please don't hesitate to get in touch here or call 020 8852 4441.
1. Getting your property on the market
Is now a good time to sell? This is the main question you should ask yourself.
If you need advice on how the property market is performing, then get in touch here or visit our blog which we reguarly update with market insights and tips etc.
2. What is your property worth
When you have decided that you wish to sell your property. The first thing you will want to know is how much you can expect to sell the property for. Contact a reputable local estate agent for a market appraisal and to make recommendations on pricing and timescales. We would recommend obtaining two or three opinions to help you choose the right agent who should be professional, realistic and knowledgeable about the local property market.
Getting the price right for selling your home is vital. An overinflated price can frustrate that all-important first impact when the property is launched to market, depressing its overall saleability which can potentially leave your property on the shelf for months without a sale. If the market valuation is too low, your property may sell quickly but without the ability to achieve its true sales potential.
What fees are involved when you sell a house in the UK?
There are 2 ways in which an Estate Agent can be appointed:
Sole agency
If you decide to give your instructions to one agent only for a fixed period of time, the rate you pay for this ‘sole agency’ agreement will be lower than for a ‘multiple agency’ agreement. This is because the estate agent will have exclusive rights to secure a buyer for your home. Please note that if you should accept an offer from another agent during the exclusive period, you may be liable to pay two fees.
Multiple agency
‘Multiple agency’ agreements are normally higher than ‘sole agency’ agreements. There is no limit with regard to the number of agents you can instruct at the same time. However, be careful not to list your property with too many estate agents since some buyers may interpret this as a sign that you are desperate to sell, which could well affect the quality of the offers you receive.
How is your property marketed?
your property will be professionally photographed and/or filmed and a floorplan created for the listing. From these, we can prepare your property particulars and, subject to your approval, order an Energy Performance Certificate (EPC), which is required by law.
The next step is for you to approve the draft brochure for marketing. This will include a property-specific marketing campaign, maximising exposure of your home and ensuring we achieve the best possible price within a timescale that suits you.
Your property details will also be uploaded to our website along with other chosen property portals to showcase your home to a large audience of buyers in addition to those already registered with us.
Prepare your property for viewings?
We know from experience that showing your property in its best light will ensure optimum sales results. This is why we always recommend that any home improvements and odd jobs should be completed prior to marketing (and prior to photos being taken). Always try to visualise your home – both inside and out – through the eyes of a prospective buyer.
Potential homebuyers will often walk past your home before an arranged viewing, so it’s important to make a great first impression. Improve the kerb appeal of your home by freshening up paintwork, tidying the front of the property and adding floral interest. Inside, remember to declutter your belongings, decorate neutrally and maximise light.
Agreeing a property for sale
All offers received will be confirmed in writing, either by letter or email. Any offers put forward will be subject to contract and are not legally binding for you or the prospective purchaser until contracts have been exchanged.
When we receive an offer to buy your property, we will discuss with you both the value of the offer and the position of the buyer. We conduct a thorough screening process to help us determine the quality of the applicant.
This includes key information such as:
- Are they in a property chain?
- Do they have a property for sale and, if so, have they found a buyer?
- Do they have finance in place?
- Do they have a mortgage-in-principle agreement from their lender?
- Are they a cash buyer with nothing to sell?
- What timescale are they envisioning for exchange and completion?
Once an agreeable offer has been received and accepted by you, we will write to all parties, including their respective solicitors, confirming the agreed sale terms in the form of a Memorandum of Sale.
It is at this stage in the process that dates for exchange of contracts and completion should be pencilled in. It is also important to ensure that details of any extras you intend to include or exclude from the sale (e.g. carpets, curtains, appliances) are specified in the Memorandum.
The legal process for selling property
When selling a property in the UK, you are required to appoint a qualified solicitor or licenced conveyancer to handle the legal formalities involved in transferring ownership of your property. We advise that you instruct a good conveyancing solicitor as soon as you place your property on the market. This will ensure that title deeds and other necessary documentation can be obtained early on in the conveyancing process, saving considerable time and potential delay once the sale has been agreed.
Make sure you have a good solicitor to act on your behalf throughout the conveyancing process, as this can make all the difference in achieving a smooth transaction with the minimum of delay.
When the sale of your property is agreed, your solicitor will prepare and send to your buyer’s solicitor a draft Contract of Sale, a copy of the title deeds, a Property Information Pack and other relevant documentation. Pre-contract enquiries are normally raised by the buyer’s solicitor once they receive the draft contract and supporting documentation. The buyer meanwhile will be finalising their mortgage application and property survey (if applicable).
What does ‘exchanging contracts’ mean?
Once the buyer has secured their mortgage offer (if applicable) and formalities have been completed, the seller and buyer will each sign a copy of the contract. The deposit, typically 10% of the purchase price, is forwarded to your solicitor and contracts are then formally exchanged.
Under English law, exchange of contracts is the point at which a property transaction acquires legal force. Before exchange, both the seller and the buyer are free to withdraw from the transaction at any time without penalty.
However, once contracts are exchanged, both parties are contractually obliged to complete the purchase/sale. The deposit payment is transferred, a date for completion is set (usually 2-4 weeks from the date of exchange) and confirmation is provided that all the legal paperwork is either already in place or is guaranteed to be in place before then. Should either party choose to pull out after contracts have been exchanged, there would be financial penalties.
What happens after contracts are exchanged?
After the Contracts of Sale have been signed and formally exchanged, and the deposit transferred, the countdown to moving home starts in earnest. If you are selling and buying a property at the same time, this will involve a great deal of organisation. We recommend that you start making arrangements in good time. Here are some of the key elements you need to address:
- Instructing a removal firm
- Transferring utility accounts to your new address
- Notifying people of your change of home address
- Redirecting postal deliveries
- Obtaining parking permits etc. for the new address
What happens on completion day?
Shortly before, or on the actual day of completion, the balance of the purchase price will be transferred to your solicitor’s account. When the property has been vacated and funds received, your solicitor will confirm that completion has taken place. This is normally around lunchtime, but can be delayed by a few hours.
Completion is the final legal step in the property transaction. It is the day on which the buyer gets the keys to their new home and takes possession.
Congratulations, your property is now sold.