If you are considering putting your property on the market for sale, planning out the process will make things much easier to manage. Our guide to selling a property will help put you on the right track towards a fast and profitable sale.
It is important to know what your current finances look like now you’re looking to sell your property.
If you have a mortgage, it may be worth reviewing your current lender to see if you will incur any repayment charges for breaking the agreement or transferring it to a new property if you involved in an onward purchase.
There are other costs to consider too, such as agent fees, energy performance certificate costs, conveyancing costs and removal fees, which all need to be factored in. For agent and conveyancing fees, these are usually taken from the sale proceeds at the end of the transaction.
Before you put the property onto the market you should get a professional assessment of its current value. It ensures you are selling at a fair price that isn’t too low or too high, while also giving you a better chance of finding a buyer quickly.
Squires offers a free property valuation based on the size, location and condition of your home. Our experienced team can help you with everything you need to attract high quality buyers, including organising floorplans, listings and photos for marketing on the leading property portals. We can also manage viewings and offers and communicate directly with any interested buyers – taking away a lot of the stress that comes with selling your home.
Before viewings begin it’s a good idea to refresh the interior and exterior of your home to make a quick and lasting impression on buyers.
Remove any clutter inside so buyers have a blank canvas to imagine themselves living there and repair any broken fixtures and fittings and marks on walls and ceilings. Try giving rooms an update with a fresh lick of paint (neutral colours are better) to make them more appealing.
Sprucing up the outside will add to your kerb appeal, so consider repainting the front door and tidying up the entrance. If you have a garden, apply the same principle as an outdoor space is often a very attractive selling point for buyers.
You will need to hire a conveyancer or property solicitor to handle the legal aspects of any potential offer you accept. It’s a good idea to get one in place before you start receiving offers, as this will keep the process running smoothly without any unnecessary delays.
The conveyancer will obtain the property deeds and mortgage details, draft the contract, respond to enquiries, negotiate with the buyer’s conveyancer, facilitate the exchange of contracts and manage the transfer of money, all the while ensuring everything is legally in order and that the buyer is keeping up their end of the deal.
Once viewings start you will offer start to receive some offers. If you get more than one, the agent will consider other factors apart from the money the buyer is willing to pay.
Chain-free cash buyers (such as a buy-to-let investor or someone who has already sold their home) are the safest buyers. First-time buyers and home movers who have already sold and completed are also amongst those who are worth considering ahead of others.
Most buyers will offer less than the asking price, so you have to decide if you want to negotiate. It can be tempting to accept a lower offer to get the process moving quickly, but you should ensure the money is enough to facilitate your move to a new property.
If it isn’t close enough to your valuation and similar properties in the area are selling for more, you may want to hold out for a better offer. Also consider how quickly you need to sell and the buyer’s situation as part of your decision. Your estate agent will be able to help here and offer good advice based on similar situations they have encountered in the past.
You should start working with estate agents to search for a new home once your current property is under offer. You have two options when choosing your next property, you can rent out a property or if the right property is on the market, you can continue with an onward purchase.
If you find a home that has attracted a lot of interest, having a property currently under offer puts you in a strong position, especially in a competitive market. It also means you have a better chance of securing a property you have fallen in love with, rather than losing it to someone else who is ahead of you in the chain.
When you exchange contracts, the transaction then becomes legally binding. The deposit is paid via your conveyancer and if you are moving on to a new property, make sure you have buildings insurance in place from this point onwards.
Completion usually happens around 7-28 days after the exchange of contracts, and this is when the property deeds are handed over and you receive the remaining funds. Try to the complete the purchase of your new home on the same day as completing the sale, so you can move your belongings across without any delays.
Looking to start the process of selling your property? Get in touch with our team today to explore your options.
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