Thinking to put your property on the market? Selling a property in the UK can be as daunting as the buying process is. The entire process can be overwhelming and the process is often unfamiliar for an average person. Therefore, it is essential to get advice from the right people at the right time.
According to a general timeline, it usually takes 2 to 3 months to sell a property on average, depending upon the agent you chose and the marketing channels to be utilized. It is because there can be a lot to juggle but booking the services of a professional estate agency can be of great help.
Following is the step by step guide to sell a property in the UK and explains everything that you will need to do.
If you are still within your existing mortgage term, it is important to check your financial position and get a rough idea of how much the property is worth. It can help you calculate how much money you will be left with after paying off the remaining mortgage. If you are planning to step up and move to an expensive property – it’s time to discuss with your lender to get a better deal.
This along with stamp duty and other costs related to selling a house can add up to the accumulative cost, so it is good to do the maths earlier before putting up your property for sale on market.
Neither you are committed nor legally bound to hire a real estate agent to sell a property in the UK. However, hiring an estate agent’s services can make you free and him/her doing the job on your behalf. Based on the past track record and success rate, you can decide which estate agent to hire. You can register with us to advertise your property on Copperstones to get maximum exposure but if you want to be exclusive, we also offer private sales services to close the deal without advertising it to the masses.
When it comes to selling your property, real estate agents often come up with reasonable offers for the seller. Therefore, it is worth considering what they can offer and what the deal is.
Now, you have a clear idea of what you can afford, so it’s right time to start looking for a dream property. You can either check the listings of properties for sale on Copperstones or contact one of the team members directly and discuss your requirements. It is better to get some personal advice and look through the private properties’ portfolio and pick the one according to your budget and personal preference.
The best tip is to choose an area, do some digging and evaluate it through all the perspectives before signing on the dotted line.
Once you finalize the deal, it’s time to spruce up your property to make it viewings ready. Make your property clean, tidy and clutter-free. Home staging is an art to re-decorate a place by removing all personalized touches, which will give potential buyers a blank canvas to imagine themselves in this space. You can scroll through online articles to get home staging ideas but hiring professional services can do the wonders.
Copperstones offers professional home staging services, which will make a plan according to your budget, home improvements’ needs and whether it is worth the expenditure or not.
Setting the right asking price for your property is crucial and a skilled professional can help you get there. Too high and you will risk losing potential buyers while too low and you may end up selling for less than you could have got. Hire the agent with a proven track record of selling properties, to get the right estimation of your property value. You can book our valuation services and get quotes.
You can get a quote and verify it from another estate agent too and ask for reasoning that why they think your property is worth the amount, they have suggested.
No matter, what your estate agent has advised you, if you are not satisfied you can set an asking price for your property what you want. If you have asked different estate agents for pricing and they all have given you similar valuations, you should be confident that recommendations are somewhat correct and you can set that asking price based on their recommendations.
However, if there is a big difference between different valuations, you can get an average valuation of all the prices and set a price.
Add a solicitor or conveyancer in the process as early as possible. It is because once the sale is agreed upon, you will be in a position to get things done quickly. Choose a solicitor to handle the legal work involved in selling the property. You can interact with one of our professionals to prepare a list of questions to ask your conveyancer.
So, you have received an offer. An estate agent must inform you about all the offers that are made for your property. If you receive multiple offers, your estate agent must differentiate between all the offers based on how much everyone is offering. Once you are agreed to accept an offer – you must inform the solicitor as offers are not legally binding until contracts have been exchanged.
Until the exchange of contracts, you must be in close communication with your solicitor.
It is a key milestone when you sell your property, as it is the moment when buyer pays a deposit. Exchange of contracts is when the sale becomes legally binding on both sides. If you reject the offer without a solid reason, the buyer’s deposit will be returned to them and you may be sued. After that, the completion date is set by mutual agreement and is contractually binding.
Completion is when the property ownership is changed. And money is transferred from the buyer’s account to the seller and hand over the keys. On the day of completion, the deeds of the property are transferred between each side’s solicitors. The solicitor will register the transfer of ownership with the Land Registry.