The reasons for putting property on the market vary according to the individual’s circumstances. However, once a firm decision is made for selling your property, the procedure to carry the decision to completion can be a little overwhelming. However, there are some suggestions we can offer to simplify the task. When it comes to selling your property in the UK, some rules that apply to England and Wales differ in Scotland. These can be easily clarified by a professional estate agent.
Here Is A Simple Guideline On How To Proceed With The Sale Of A House.
Finance: If you have a mortgage on the house you plan to sell, inform your mortgage lender of your plans. Clarify the balance on your present mortgage and find out whether you can port or transfer it if you are purchasing a new property. If it cannot be ported, then early repayment charges will need to be budgeted for.
Estate agent: The right agent can result in a successful sale of your property. Comparing fees and reviewing the work of many successful agents will help you make the appropriate choice.
Valuation of the property: Before you decide on an asking price for the house, you need to find out how much the property is worth. This inspection can be conducted by an estate agent or an independent valuer. It is advisable to get at least three valuations from different sources and then take the average as your base.
Pricing: This is one of the most difficult decisions to make. If you quote a price too high, you will put off prospective buyers. If the asking price is too low, you could sell your home at a loss. Hence, research on the selling price of property in your local market is essential. That is why the valuation is necessary. Buyers will try and negotiate on the asking price, so it is better to add 5% or 10% to the target price.
Documentation: You will need to keep all documents ready before putting your house on the market. These will include
- Proof of identity (passport or driving license will provide photo ID including proof of address)
- Title deeds – usually the original title deeds are required showing the succession of ownership. If not available, then the HM Land Registry may have them on record.
- EPC (Energy Performance Certificate), ranking the energy efficiency of the property, is mandatory to provide to buyers.
- Shared freehold/Leasehold documents: Depending on the type of agreement, the relevant share certificate or lease documents will need to be provided.
- Approval certificates: If any renovations or extensions have been made, proof that permission was obtained and building regulation approvals should be provided. Similarly, if there have been replacement doors or windows since 2002, a FENSA certificate confirms that the fitters have complied with regulations. A Gas Safe certificate is necessary. So is an Electrical safety certificate or a building regulations compliance certificate.
- Management information pack: If you need a quick sale, the details contained in this document could be essential so it needs to be prepared well ahead of time.
Legal procedure: A Conveyancing Solicitor is required to process the documentation to ensure that the transaction is legal – either an independent solicitor or one recommended by your estate agent. Comparisons with fees and work to be covered should be done before a decision is taken. Besides drawing up the Sale Agreement, the conveyancing solicitor carries out other tasks as well. He will forward the completed Fittings and contents form (TA10) to the buyer’s solicitor. He will assist with the TA6 form (Property Information form) which gives detailed information on the property, including insurance, planning consents, flooding, environmental hazards, parking, etc.
Viewing of the property: The property needs to look its best. Staging a property, showcasing it in its best possible light, can add value to your home and help you achieve a higher offer. A clean, neat and decluttered house makes a big difference. For online viewing, good photography and videography plays a strategic role.
Exchange of contracts: “Completion is when the property changes ownership, you accept payment, and hand over the keys.” Once the terms have been negotiated and an offer is accepted, the exchange of contracts with the buyer makes the sale legally complete.
Conclusion: Some of the factors listed above will depend on how much time you need to sell your house. Although the process seems daunting, if it is carried out methodically with the guidelines provided above, the outcome could well be worth the effort.