Seller's Guide

Guide to Selling Your Home

Selling a home is one of the most significant decisions many people will make in their lifetime. Unfortunately, it can also be one of the most stressful experiences. Research has shown that selling a home can be as stressful as divorce or bereavement!

Many homeowners are unfamiliar with the intricacies of the buying and selling process, making it crucial to have a well-informed strategy. The best approach is to seek professional assistance—ideally from a reliable estate agent such as ourselves. However, if you decide to manage the sale independently, this guide outlines the key steps to ensure a smooth and successful transaction. By following these steps, you can optimize your chances of securing the best possible price for your home in the shortest timeframe.

1. Understanding Your Finances

Before listing your property, it is essential to get a clear picture of your financial situation:

Mortgage Details: If you have an existing mortgage, find out its redemption figure. This amount includes the outstanding balance plus any early repayment fees and fluctuates daily. Notify your lender of your intention to sell and discuss the possibility of transferring your mortgage if you plan to buy another property.
Mortgage Viability: Do not assume that securing a new mortgage will be straightforward, even if your financial situation is excellent. Lenders may have limits on their exposure in certain areas or buildings, and offers vary based on market conditions. Consult multiple banks to ensure you get the best deal rather than relying solely on recommendations from friends.
Property Valuation: Understanding the true market value of your home is critical. While online property platforms and social media can provide general insights, they are often misleading. Instead, invite at least two professional estate agents to assess your property. Some agents may overvalue a property to secure an exclusive listing, so consider their evaluations critically.
Market Price Definition: The Royal Institution of Chartered Surveyors (RICS) defines market price as:
'The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently, and without compulsion.'
Estimate Net Proceeds: At this stage, you can only estimate your final sale price. The exact amount will depend on market conditions and negotiations.

2. Developing a Plan

Planning ahead can prevent costly delays and ensure a smoother process:

Timing: If you are simultaneously buying a new home, consider whether to purchase before or after selling. While renting in the interim adds costs, it can reduce pressure to accept a lower offer on your home or rush into an unsuitable purchase.
Understanding Chains: Property transactions often form part of a chain, where multiple deals depend on each other. If any transaction in the chain falls through, it can affect everyone involved. Ensuring that contracts are exchanged in the correct order can prevent potential pitfalls.
Contingency Planning: If your sale and purchase do not align perfectly, consider short-term accommodation options or storage for your belongings.

3. Gathering Necessary Documentation

Having all relevant paperwork ready can prevent unnecessary delays. This includes:

Property Deeds
Lease Agreements (if applicable)
Service Charge Accounts and Fees
Property Rates and Tax Information
Building Plans and Renovation Details
Maintenance and Warranty Documents
Energy Performance Certificate (EPC)
Certificate of Fitness (if required)

Delays in obtaining these documents can cause setbacks, so ensure they are prepared in advance.

4. Choosing an Estate Agent

A skilled estate agent will handle many complexities on your behalf. Choosing the right agent can lead to a higher sale price that justifies their fee. When selecting an agent:

Evaluate Reputation: Research testimonials and client reviews.
Check Market Knowledge: Ensure they are familiar with your area.
Understand Fees and Services: Clarify the extent of their assistance, including marketing efforts, property showings, and negotiation strategies.
Verify Credentials: Confirm their licensing and adherence to industry standards.
Assess Marketing Strategies: A quality agent will provide professional photography, virtual tours, and exposure across multiple platforms to attract serious buyers.

5. Setting the Right Price

Determining the correct asking price is crucial to attracting interest and securing a sale:

Avoid Overpricing: While an inflated price may seem appealing, it can deter buyers and result in a property sitting on the market for too long, leading to inevitable price reductions.
Avoid Underpricing: Selling too low can result in financial loss, especially if you have underestimated market demand.
Trust Market Data: Your agent should provide comparative analysis based on similar properties, market trends, and current inventory.
Consider Lease Terms: If your property is leasehold, the remaining lease term can impact valuation.

6. Arranging Viewings

The viewing process is key to selling your home. Ensure it is as convenient and appealing as possible:

Set Clear Viewing Times: Flexibility increases potential buyer engagement.
Provide Agent Access: If possible, allow your agent to conduct viewings independently, as buyers may feel more comfortable asking questions and envisioning themselves in the property.
Ensure a Presentable Home: Keep the property clean and tidy for every viewing. We offer 3D virtual tours to enhance buyer engagement, reducing unnecessary physical viewings.

7. Preparing Your Home for Sale

Presentation significantly affects buyer impressions. Request our Home Staging Guide for detailed tips.

8. Hiring a Solicitor or Conveyancer

Engage a solicitor before finalizing a sale. They will handle legal contracts, property searches, and ownership transfers. Obtain quotes in advance and ensure they specialize in property transactions.

9. Managing Offers

Once you receive an offer:

All Offers Must Be Presented: Agents are legally required to inform you of every offer, regardless of the amount.
Consider Negotiation: Many buyers expect counteroffers, so work with your agent to maximize your sale price.
Avoid Gazumping: While legally permissible, accepting a higher offer after initial acceptance can damage your reputation and cause legal complications. At Seekers we will mark a property as under offer once initial deposit and KYC is effected.
Memorandum of Sale: Once an offer is accepted, your agent will draft this document detailing the agreement, expected timelines, and included inventory and acknowledging the Reservation Deposit (usually 2%) and wholly refundable.

10. Exchanging Contracts

At this stage, the sale becomes legally binding. Key elements include:

Deposit Payment: An additional deposit, usually increasing the reservation deposit to 10% of the purchase price.
Finalizing Agreements: Any remaining negotiations must be resolved before exchange.
Legal Commitment: If either party withdraws without due cause, they may face financial penalties.

11. Preparing to Move

Vacate in Advance: If possible, move out before completion to reduce stress.
Final Inspection: Buyers or agents may check the property before handover.
Storage and Temporary Accommodation: If necessary, arrange storage solutions or interim housing options.

12. Completing the Sale

Completion is the final step, where ownership officially transfers. It involves:

Final Payment Transfer
Mortgage Redemption
Property Handover and Key Exchange
Legal Registration with the Land Registry
Final Settlement Statement from Your Solicitor

Conclusion

Selling a property can be a complex and emotional journey, but with proper planning and professional support, it can be a much smoother experience. Few owners can sell their properties as effectively as a professional. We pride ourselves on offering a personal service and taking much of the stress out of selling (and buying). As the Testimonials on our website indicate, our clients can confirm that is exactly what we do. We really do go Above and Beyond for our clients. Call us to see how we can help you, or visit our website to request a viewing, appraisal, or simply a home visit to discuss your property and the best way forwards for you.

Whatever you decide to do, I hope this guide has been helpful and that your sales process will be stress free and successful.

All the best,

Maggie Traverso
Managing Director