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A GUIDE TO SELLING YOUR PROPERTY
This Guide is intended to explain the typical steps involved in selling a property. The Guide is free to everyone, not just customers of Best Property Centre. After reading it, you should have enough knowledge to handle your sale with confidence. |
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Where do I start?
The first step is to appoint some professionals to help you. Unless you are prepared to pay for your own advertising and promotional material, this means choosing an Estate Agent to value and market your property for you, and appointing a Solicitor to handle the legal side of the sale. If you are planning to buy another property, you may also wish to speak to a Financial Advisor about mortgage options.
Many people forget to appoint a Solicitor until a firm offer from a potential buyer suddenly jolts them into action. But there are several things a Solicitor can do to help prepare for a speedier sale. And experience shows that it's a good idea to be ahead of the game, especially if you are buying another property at the same time. This is covered elsewhere in the Guide. |
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Do I really need an Estate Agent?
This depends on whether you have the expertise, time, patience and resources to do it yourself. Estate Agents don't charge you a penny unless they sell your property. You only pay for results, and a good Estate Agent will draw in more potential buyers than you would otherwise be likely to attract.
There is also the convenience of having someone else to field calls, to weed out time-wasters, and to act as a go-between in tricky negotiations. An experienced Estate Agent can offer advice and expertise, too, if you have problems with a chain, say, or receive multiple offers. The Agent will have seen these many times before, and be able to handle things to your best advantage.
Remember, no up-front payment is required with Estate Agents. And the Estate Agent you appoint will be working for you (the Vendor), not for your eventual Buyer. This is worth keeping in mind if you are buying another property at the same time: the Estate Agent's chief duty is to the Vendor - who will eventually be paying his or her fee - and not the Buyer. |
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How does an Estate Agent arrive at a realistic valuation?
An Estate Agent will visit you at your property to have a look around, and carry out what's known in the industry as a Market Appraisal (MA). This costs nothing, and is based upon a number of criteria:
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General market demand from Buyers |
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The popularity of your area (shops, schools, transport etc) |
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Current asking price of similar properties nearby |
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Prices recently achieved for similar properties nearby |
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Significant works/improvements carried out to the property |
The MA will give you an 'estimated market value'. From this, you can decide on the price at which to market your property. Agents do not charge for their valuations.
The Estate Agent will probably ask you a lot of questions. Don't be put off. This is the mark of a professional Agent, who may ask you for your desired moving date, your reason for selling, and so on. Some people are wary about telling the Agent how quickly they want to sell in case it lowers the valuation. But a good Agent will tell you a minimum and maximum price they could achieve.
Be wary of any Agent who just asks you the price you want for your property and agrees. The Agent should be able to demonstrate why they think your property could achieve their stated valuation price. They may be able to quote selling prices they have achieved for similar property in the area, or have a Buyer on the books who wants a property much like yours. But ensure this is genuine: a few agents may use this tactic! |
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I've had several valuations. Which Estate Agent do I choose?
Do some research on the Estate Agents you invite to value your property. When you telephone them, do they answer swiftly and politely? When you visit their offices, are you made to feel welcome? Little things like this can have a big effect on potential Buyers.
Sometimes people immediately plump for the Agent who values their property much higher than any others. But it's a good idea not to be swayed by valuation alone. If a valuation is exaggerated, you could waste weeks of time while your property languishes on the market, unsold. It's not unknown for an Agent to call you in a few weeks to suggest the property be marketed at a lower value. Remember, too, that you are employing a whole firm, and not just the person who came and valued your property.
Your gut instincts aside, here are some marks of professionalism that you may want to look out for:
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Polite, friendly and well-trained staff. |
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Bright colour photos of properties in an attractive window display. |
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Clear and helpful advice literature. |
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High profile in the area. |
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Efficient, computerised administration system. |
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Comprehensive marketing e.g. newspapers, signboards, leaflets, Internet. |
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Membership of the Ombudsman Scheme and linked to the Office of Fair Trading |
Also, if the Estate Agent has a web site where they can market your property online, so much the better. Potential Buyers all over the world can now view details of property for sale simply by hitting a few keys on their home computer. Why wait for details to arrive in the post, when they can have instant access to Estate Agents' filing cabinets from home, 24 hours a day?
The leading Estate Agents in this field have developed sophisticated search facilities within their web sites, allowing buyers to search by detailed property criteria and price, and to view full details with colour photographs. This is an increasingly popular way of finding property. For an example of how your house or flat might appear on use the property search section within this web site. |
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What difference do professional Estate Agency bodies make?
Anybody can set up tomorrow and start trading as an estate agent - no qualifications are needed. Nevertheless, there are two main professional associations for the Estate Agency profession: The Estate Agents Ombudsman Scheme (OEA) and National Association of Estate Agents (NAEA). Membership of these bodies is voluntary. By being a member, the Agent demonstrates to you that they are prepared to operate by professional standards laid down by these associations. |
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How do I obtain a HIP?
A Home Information Pack (HIP) is now a legal requirement for most properties and provides a buyer with all the important information they need about a property, such as legal details, searches and likely energy costs. Best Property Centre can help you arrange all aspects of your HIP.
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What about choosing a Solicitor?
It may be that you already have a Solicitor who can handle your sale. If not, ask Best Property Centre if they can recommend one. If you happen to choose a Solicitor who is recommended by Best Property Centre, communications between them will be very good. The Solicitor and Agent are likely to be in regular contact on a number of sales, so they won't waste time chasing one another, and the Solicitor should be a specialist in residential conveyancing. |
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What can I do to increase the value of my Property?
Generally Estate Agents will advise against major home improvements. This is because you rarely recoup the cost of your investment, and the Buyer may change it anyway. However, there are a number of simple techniques that can help enhance interest in your property:
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Give the front door a coat of paint |
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Fill in and redecorate any cracks to walls and ceilings |
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Put a lock on any rear gate |
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Spring clean throughout the property |
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Weed and clean up the garden |
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Maximise a feeling of space - get rid of clutter |
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Decorating may not be necessary - discuss with your Estate Agent. |
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Make sure the shower works and is free from mould |
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How should I prepare my Property for viewings?
First impressions do count, and the following tips should help viewers to appreciate your property at its best. Although you may be at work when viewers are brought round, try to do whatever you can.
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Tidy up |
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Air the rooms |
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Hide clutter |
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Vacuum clean and dust the main rooms. |
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Give the bathroom sinks and baths a wipe over. |
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Have some flowers in the main room. |
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Fully draw back the curtains to get maximum daylight in the rooms. |
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On dull days, turn all the lights on and light any fire in the main room. |
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Turn the television and radio off (light music is fine). |
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Close all windows that are affected by background noise (traffic, trains etc). |
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Banish off-putting smells with, say, the aroma of brewing coffee. |
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Try not to let pets and children interrupt the viewing; keep them occupied. |
Bear in mind that potential buyers can sometimes be a bit later than the viewing time arranged. With this in mind, when a viewing is arranged (and you want to be there), be clear about the window of time they have if you mean to go out afterwards. This will also help discourage lateness. |
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What's the best way to conduct viewings?
There are no hard-and-fast rules here, but do:
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Agree with your Estate Agent who will conduct the viewing. |
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Ensure you have all keys readily available |
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Give time alone for viewers to discuss the property alone before they leave. |
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Resist the temptation to badger viewers for a decision or opinion during the viewing |
A good Agent will call you with feedback after every viewing. |
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How does the Sale proceed towards 'Exchange of contracts'?
In general, the sale process goes something like this:
Your Solicitor prepares the contract of sale. For this, you will need to have certain documents to hand. Please note that obtaining these often causes delays, so it is in the interests of the Vendor to chase them as soon as the property goes on the market. If your property if freehold, you will require:
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Title documents (from you or your Bank/Building Society). |
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Evidence of payment of last Council Tax (last 12 months). |
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Paid utility bills. |
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Guarantees and warranties related to damp proofing, etc. |
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Gas safety check certificates. |
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NHBC certificates. |
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Planning and Building Regulations approvals for extensions etc. |
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If your property is leasehold the documents will be as above, except: |
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Leasehold title deeds will replace title documents. |
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A history of service charge payments. |
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A history of ground rent payments. |
Remember that it can take a while for Building Societies and Banks to send some of these documents through. And until your Solicitor has everything in their possession, progress is impossible.
Next, the draft Contract of Sale and a copy of the title deeds (if the property is leasehold it will include a copy of the lease) will be forwarded to the Buyer's Solicitor. The Buyer's Solicitor will check the small-print of the contract, title deeds, service charges, and so on. This checking process may involve many specific queries. A good Vendor's Solicitor will deal with many of these in advance, by asking you to complete a 'Vendor's Questionnaire', which may cover:
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Restrictions/boundaries. |
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Owner's understanding of rights of access. |
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Any disputes over the above. |
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Guarantees/insurance policies e.g. NHBC. |
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Utility services at property. |
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Planning. |
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Lists of fixtures and fittings. |
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Exchange of contracts: |
After settling any queries, the Buyer's Solicitor will also need to obtain a satisfactory local search, and a copy of a mortgage offer. Once satisfied, the contract will be signed and a cheque for the deposit sent by the Buyer to the Vendor's Solicitors. Exchange of contracts can then take place. Exchange means that the transaction is legally binding.
At this point in the procedure, it is important that the Buyer arranges building insurance cover for the property, as technically the property comes under the Buyer's ownership.
Completion:
The final stage of the Sale is normally set 2-4 weeks from the date of Exchange. On Completion, the Buyer's Solicitor hands over the remainder of the purchase money to your Solicitor. From this, your Solicitor will pay off the Building Society or Bank (if there has been a mortgage on the property), as well as deducting their legal fees, and whatever fee you have agreed with your Estate Agent. |
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What can I do to speed up the sale of my property?
You can't always guarantee that other parties in the sale won't delay you. On your part, however, you can speed things up by doing as much of the work in advance of the sale as possible.
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Allow the Estate Agent reasonable access to the property to show potential Buyers round. If possible, let them have keys to show the property when you are out. |
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Be flexible about last-minute viewings. |
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Do I have to pay the Estate Agent if my Property doesn't sell?
You won't have to pay Best Property Centre any fee if your property doesn’t sell. |
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