There will come a time for most of us when we want to sell our home and move on. For those who have never done this, it can be quite a mind-boggling process. How do you even start? What needs to be done? What about all the legal aspects? In this guide we will take you through the home selling process and hopefully this will make the process a bit easier to understand.
Prepare your property
The first thing to do, although it seems obvious, is to make your home look fabulous. Sort out those annoying DIY jobs you’ve been putting off, give your home a good clean, clear out clutter and make sure your kerb appeal has the wow factor. You need your property to look at its absolute best to ensure a good valuation and to attract buyers.
Research and choosing an agent
The next thing to do is a little bit of research in the local area and in particular similar properties. This will give you an indication as to the prices properties like yours are selling for so you have an idea of what you could reasonably expect to sell your home for. Do bear in mind, though, that each property is unique so this is just a guide. When doing this research, make sure to check out local estate agents. Choosing the right agent is important as you want someone who is pro-active, has a good reach in the market and who also has good marketing techniques. The better the agent, the better the sales process will be.
Don’t simply choose one agent, though, you will want to get valuations from 2 or 3. Once you have chosen your preferred agents, invite them out to give you a valuation and discuss their service with you. The agents will talk you through their fee structure, how they will market your property and also give you a valuation. Look at the whole package, not just the highest valuation or the lowest fee. Once you have decided, it’s time to instruct the agent to sell at the price you have agreed. They will draft a sales agreement which you will need to sign. Make sure to read the T&Cs so you understand what you are signing. Some agents will put in a time bound exclusivity clause, which means you cannot go to another agent until that time has elapsed. This is perfectly normal and will often lead to lower fees and a more dedicated service.
Instruct a conveyancer
Once your property is on the market, ensure you keep it clean and looking good for viewings. Be as flexible as you can with viewings, the more flexible you are the more viewings you will get. During this period, start looking for a conveyancer. A conveyancer is essentially a legal professional who specialises in property law. As with estate agents, choosing a good conveyancer will make the process a lot easier for you. you can find conveyancing services either online, in a local solicitors practice or even through your estate agent. You will need to fill out a few forms as part of the process. These will be around the fixtures and fittings included in the sale and also the property details.
Offers and exchanging contracts
Now you just need to wait for the offers. Be aware that, quite often, offers will be low as the buyer tries to buy your property for as low a price as possible. This is perfectly normal and your agent will be happy to negotiate on your behalf. Your agent is legally bound, however, to pass every offer on to you, so even really low offers that they know you won’t accept have to be passed on. Once you have negotiated a price it is time to sort all the legal paperwork. Your conveyancer will lead you through this process step by step. Be ready to answer any questions as quickly as you can and sign any paperwork quickly. Quite early in the process your conveyancer will send you the sale contract. This will not be dated but you will need to sign it as the buyer will need it ready for exchange. Until you exchange contracts, the sale is not legally binding so either party can pull out at any time. After exchange there are financial penalties for pulling out.
Completion
Once contracts are exchanged all the finances will be sorted and a completion date agreed. Completion is simply the date when all monies are exchanged and the sale is finalised. The buyer will now be the owner of your property. Exchange and completion can happen on the same day. You will need to be prepared to move out that day as the new owner will want to move in ASAP.
Selling a house can be complex but choosing a good agent will make it easier for you. At Northwood, we are here for you every step of the way to help you sell your home as quickly and easily as possible. So why not pop into one of our over 90 local offices across the country and see how we can help you on this exciting journey?
