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Advice on selling a house
Maximise your final sales price and avoid all the stressful pitfalls of selling a house with the Abbey Property Guide: ‘Advice on selling a house’.
Follow this guide on best practices when looking for advice on selling a house, helping avoid you making costly mistakes, and allowing you to glide through the process to exchange and completion with ease!
Research Stage – Advice for when you first think of selling your property
Are you considering selling your property? Whether you’re moving to a new city, downsizing, or just looking for a change, the decision to sell your property is a big one. Before you put your home on the market, it’s important to start with a solid research stage. Below, we’ll provide you with advice on what to consider during this initial phase of the selling process.
Checking whether your property is mortgageable
Most buyers fund their purchases with a mortgage, so it’s crucial to make sure that your property is mortgageable. There are a few aspects that could make your property un-mortgageable such as – but not limited to – a bathroom and/or kitchen not being fitted, structural defects, or the actual value of the property.
Checking if your property is a freehold or a leasehold property
If your property is a freehold, you can skip this paragraph.
If your property is a leasehold, however, keep reading.
Before selling, check the remaining lease length. If it is 80 years or less, you might want to extend it as it might be more difficult to sell with such a short lease.
Also, mortgage providers might not want to provide a mortgage on a property with a short lease, especially if it is shorter than 60 years. Moreover, new owners cannot apply for a lease extension for the first two years after buying a property.
Get your Energy Performance Certificate (EPC) in place
Legally agent cannot list a property without a valid EPC. So if you are going to sell, make sure you have your EPC ready. If you are not sure how to get one, we are happy to help you, as we cooperate with a trusted specialists.
Is your property ‘sale ready’?
Simple things like decluttering and tidying a house can have a massive impact on the speed of the sale process, hence if you are able to, make your house sale ready. Remember that potential buyers see pictures first, so if those are not appealing to them they might want to skip your property.
Researching the Market:
The first step in the research stage is to gather information about the real estate market in your area. This includes recent sales prices of comparable properties in your area, the average length of time properties stay on the market before they’re sold, and the current demand for properties in your area. By understanding these factors, you’ll be better equipped to set a realistic asking price and create a marketing strategy that will help your property stand out in a crowded market.
Get a Valuation:
One way to get an accurate picture of the value of your property is to get a valuation from a local estate agent. This will give you an idea of what your property is worth and what you can expect to get for it. Keep in mind that the valuation is not an exact science and the final sale price will depend on a number of factors, including the condition of your property, the state of the local property market, and the level of demand for properties in your area.
Use Online Tools:
There are a number of online tools that can help you get an idea of what your property is worth. These tools use data from recent property sales in your area to provide you with an estimated value for your property. Keep in mind that these estimates are not always accurate and should be used as a starting point for your research.
Preparing Your Property for Sale:
Once you have a good understanding of the local property market and the value of your property, it’s time to start preparing your property for sale. This includes making any necessary repairs or renovations, cleaning and decluttering your property, and staging your property to appeal to potential buyers. By taking these steps, you can increase the value of your property and make it more attractive to potential buyers.
Get Professional Help:
If you’re not sure where to start when it comes to preparing your property for sale, consider getting professional help. A real estate agent or a professional home stager can provide you with advice and guidance on how to make your property more appealing to potential buyers.
FAQs
What should I consider during the research stage of selling my property?
During the research stage, it’s important to gather information about the real estate market in your area, including recent sales prices, the average length of time properties stay on the market, and the current demand for properties in your area.
How can I get an idea of what my property is worth?
You can get an idea of what your property is worth by getting a valuation from a local estate agent or using online tools that provide estimated values based on recent property sales in your area.
How can I prepare my property for sale?
To prepare your property for sale, you should make any necessary repairs or renovations, clean and declutter your property, and stage your property to appeal to potential buyers.
There is even more easy-to-find and easy-to-understand advice in the Landlord Advice Hub. Start Exploring!
Pre-Sale – Advice on things you need to know before selling
Finding the right agent, and deciding on the price
Nowadays, the market is vast, and you have plenty of options available to support your selling process. If you are interested in working alongside a traditional agent, contact 2-3 agents, and invite them over for a valuation visit.
Alternatively, look at other options – such as an auction-style sale.
In terms of price, one thing that we always repeat is that do not always choose the company that values your property highest – they may do just that to win your business Instead, go with the most realistic valuation – that should also speed up the process.
Write up a descriptive advert, get photographs
A descriptive advert plays two parts, it offers complete transparency regarding all the information relating to your property, and in turn, it also limits the number of nuisance or unnecessary phone calls made asking questions that could have easily been included in the advert.
The main items to include in a well-described advert are…
- Contact details to enquire
- Mention unique selling points
- Note the key attributes, such as accessibility of local amenities like doctors, train station etc
- Label each room, add dimensions if possible
- Possibly a video tour and floor plan
Are you conducting viewings?
Make sure you are doing your best to be out there so people can actually see your property. It’s a crucial part of the process, no matter whether you ask the agent to conduct the viewings, you want to conduct them in person or you want to be there with an agent. That way buyers will be more likely to put an offer down.
Be mindful of the timescale of the sale
Your property holds a good amount of equity so no surprise if you want to release that equity as soon as possible. Unlike rental properties, sales take longer time, on an average couple of months.
Have a search for a solicitor
You are not legally obligated to have a solicitor when selling a house, however, we would highly advise getting a solicitor or a licensed conveyancer. With legal matters, it is easy to make a mistake and those mistakes can firstly, extend the process and be costly. Hence, hiring a specialist will make your life easier, help you avoid a headache and make the process of selling smoother.
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During Sale – Advice to make your life easier!
Receiving an offer
Following a viewing, or the running days later you may receive an offer. Often people offer less than the asking price to their benefit, there is no obligation for you to accept the offer.
You could also receive an offer above the asking price. Don’t feel pressured to rush a decision, the next offer that comes your way could potentially be even more attractive.
You may receive a cash offer, which shortens the process too. If your offer is from a mortgage buyer, make sure they have arrangements in place.
Accepting an offer
Once you are happy with the received offer buyers might start to send their surveyors over. If in the meantime, you will receive a better offer you can accept the other one. It’s imperative you ensure the buyers’ timeline matches your expectations.
Memorandum of sale
During the process of the sale there will be some paperwork to fill for sure. One of them is a memorandum of sale, which is a document issued by your real estate agent. The document contains the most important information that is listed below but not limited to…
- Full address of the property
- The price that was agreed
- Names and contact details of the seller, buyer, and their solicitors
- HM Land Registry number and confirmation of ownership
- If applicable, the length of leasehold
- If selling to a mortgage buyer, details of mortgage provider, mortgage broker, deposit
- What is included, do you sell partially furnished or furnished house
- Information on any defects
- Information on whether the buyer is involved in a chain, so if they have to sell another property to be able to buy this one
- Information on additional fees if you want to charge for leaving furniture or any other fixtures
- Any special terms of sale
- Estimated exchange date
Exchange of contracts
Once all details are confirmed, additional documents are signed and all other required actions are taken the solicitors will contact each other to confirm the exchange of contracts. This is the time when the deposit will be transferred from the buyer to their solicitor and the completion date will be established.
Completion
This is the moment when ownership will be transferred to a buyer, the buyer’s solicitor will transfer the money to you and the key will be given to the new owner. Now you have to officially move out from the property and the new owner can move in. Before you leave the property for the last time, remember to take meter readings!
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After Sale – Advice for making sure that you cover all your bases after you’ve handed the keys over!
Ensuring the remaining mortgage is paid off
Once the sale has been completed, you are duty bound to ensure any financial obligations – such as a mortgage – are cleared. You cannot owe monies with a property as collateral damage, that you no longer own. Your solicitor will have likely arranged for your mortgage to be paid off, it’s a good idea to ensure you follow up with your mortgage lender to ensure all is on track and is finalised. The last thing you want is to move elsewhere, and realise your direct debit has mistakenly been taken!
Changing address
Maybe stating the obvious, but make sure you’ve changed your address wherever required – energy and water suppliers, the DVLA, local authorities (so you don’t pay council tax on your sold house), etc.
Also, it’d be a good idea to notify your friends and family! The ones you like anyway… along with…
- Your workplace
- Energy and water suppliers
- Local authorities (so you don’t pay council tax on your sold house),
- Your children’s schools
- Your doctor’s (GP, dentist, etc)
- The DVLA
- Car insurer
- Your pets vets
- Your banks, credit card and loan companies
- Tv licence
There’ll likely be more people and companies to notify, it depends on your circumstances. Just remember to swiftly correct your address with them!
Cancel Direct Debits related to the sold house
We all hate direct debits right? Not just the idea of money being taken, but the fact that money needs paying in general! But it’s part of adult life and is necessary.
You’ll want to avoid mistakenly paying for any factor within a home you no longer own, go through the list of your direct debits – commonly found on your internet banking or app – and cancel them one by one. Doing this is methodical to ensure you’re not forgetting anything, and might even jog your memory to companies you forgot to notify a change of address too!
Tax – Advice so you’re paying the correct Capital Gains Tax
Tax – the favourite thing of every adult, am I right? Ok, jokes aside. When you sell a house, you might have to pay Capital Gains Tax.
What is it? It is a tax which is imposed on gains from the sale of a property or an investment.
When do you need to pay CGT? If you own more than one house, used the house for business purposes, or rented a part of it, the property, and the land it is on are less than 1.23 acres, also if you bought the property with a pure intention to gain a profit.
Can I avoid it? If none of the above applies to you then you are entitled to Private Residence Relief and you will not pay CGT. Happy days!
Speak to one of our experts
Best in class and experts in the industry. Make use of free advice when you call one of our property experts that can give advice on selling a house.
Naeem
Compliance is my main priority so I can make sure my landlords are protected 24/7. Speak to me for all matters related to compliance and advice on selling a house.
Email – Naeem@AbbeyProperty.com
Office landline – 01582 932505
Office mobile – 07956 072991
Zahid
Zahid is the one with the vision and the strong team behind him to get it executed. He’s been in the industry since 2008 and brings a huge wealth of knowledge. Since establishing the business, his obsession is the customer experience his team delivers.
Email – Zahid@AbbeyProperty.com
Direct mobile – 07415 233472
Or contact his team – 01582 932505
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