Selling a Residential Property

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Download PDF 		Are you considering selling your house? The aim of the Bright Property website is for the vendor and buyer to deal directly with each other, so we have produced this Selling Residential Property Guide to help you.

Step 1 - INITIAL CONSIDERATIONS

  • Decide what you objectives are whether it is to move quickly or achieve the best price. This will then reflect how much time and money you may need to spend in preparing your property for sale.
  • You may feel that you property could benefit from some maintenance, such as the leaky tap mended and the garden tidied up or even a company employed to assist you with presenting your home in the best possible way, be a cleaning, gardening or home staging.
  • What items are to be included in the sale.
  • Is the property subject to a secured loan, do you need consent from the lender?
  • If improvements or alteration have been carried out, ensure that the local authority or another relevant body approval has been obtained and the documentation is available for inspection
  • Obtain quotes from solicitor/conveyancer's to do the legal work.
    http://www.solicitors-online.com/
    http://www.lawyerlocator.co.uk/

Step 2 - HOME INFORMATION PACKS.

With effect from the 14th December 2007, all residential properties for sale will require a Home Information Pack (HIP) if the property falls within the scope of the scheme. The HIP must be commissioned before marketing can begin.

To commission a pack you can either do it yourself or appoint wither an estate agents, solicitors or specialist pack providers. It is the seller who is responsible for the cost of a HIP. Whether you are marketing your property yourself or with an agent if the property is for sale you will need a pack if it falls within the scope of the scheme. Sales where no marketing takes place (e.g. to a member of the family) won't need a pack.

Within the Home Information Pack the following compulsory documents should be included:-

  • Home Information Pack Index
  • Energy Performance Certificate
  • Sale statement
  • Standard searches
  • Evidence of title
  • Additional information for leasehold and commonhold sales, where appropriate.

Other documents such as a Home Condition Report, an environmental or flood risk search and other information that would be of interest to a potential buyer as defined in the regulations may also be included, Electrical certificates (past or present) are not a required component of the Pack, but can be included if the seller has them. Likewise guarantees for equipment or work aren't a required component of the Pack, but can be included if you have them.

Step 3 - VALUE YOUR PROPERTY.

Generally we all have some idea of the values of our property and what we would like to achieve, and the ultimate selling price is the price agreed between a willing seller and a willing purchaser.

Unless the property is very specialist then there are generally comparable properties in the area that have been sold which will give you an indication as to your property's value.

There are a number of sites available that give you this information such as:
http://www.ourproperty.co.uk/index.html
http://www.landreg.gov.uk/houseprices/
http://www.propertypriceadvice.co.uk/home/
http://www.hometrack.co.uk/

Additionally looking in the local property pages will also give you an indication as to how the market is performing (number of properties available) and what prices people are asking.

Be realistic when pricing your property, if you undervalue it you could be inundated with people looking for a bargain and then you could be disappointed when you don’t achieve the price you want. Or alternatively by overpricing you may detract potential buyers.

Over pricing is one of the most common reason people do not sell there properties as mortgage lenders will not lend again the property. Allow yourself a margin of what you are prepared to achieve below the price.

STEP 4 - MARKETING

The purpose of Bright Property’s website is to give you the best tools to market your property. All you need to do is decide which package you think will be most appropriate for your property, take photographs, measure the property, decide what is to be included in the sale and identify the key features. Once this information has been entered into your Bright Property advert you are ready to go!

As soon as the board is received make sure that you put it up straight away. Apart from the website, this is one of the most effective ways of potential buyers identifying your property.

STEP 5 – VIEWINGS

As soon as your advert is live, be prepared to respond to enquires quickly, as a delayed response may result in a lost sale.

As with most Estate Agents you will be expected to conduct the viewing. It is usual that viewings are by appointment so that you can ensure that your property is presentable and that you are available.

Things to bear in mind:-

  • Be aware that you are allowing strangers into you property and therefore make the necessary provisions.
  • Not everyone likes animals – in maybe worth making arrangements for any pets so that potential views are not put off before they even get a chance to see the property.
  • Demonstrate the best use of a space, e.g. put a bed in the spare bedroom rather than showing it as a storage room
  • Print off Bright property’s online details to give to potential purchasers.
  • Focus on the positive aspects of the property, e.g. the beautiful views from the bedroom window, or the close proximity to good schools or local amenities
  • It is worthwhile getting feedback from viewers as to what they liked/disliked about the property so that you know what changes you can make. Follow up the viewing with a phone call or email.
STEP 6 - NEGOTIATIONS

You would have already decided in your mind what minimum price you are prepared to accept.

When someone makes you an offer, you will know whether it is acceptable or not based on your circumstances. For example if you need to move quickly a lower offer may be preferable if the other party is not in a chain and prepared to move quickly.

It is worthwhile establishing from the purchaser the following so that you are aware if there maybe anything that is likely to hold the sale:
  • Are they a cash purchaser or they getting a mortgage. If a mortgage, what deposit are they putting down?
  • Have they a property to sell. If so is it on the market yet and do they have a buyer?
  • Are they in a chain? How long is the chain?
  • What date do the purchasers want to complete by?
Once these aspect have been agreed it would be advisable to confirm in writing the terms of the sale, i.e. the price, the fixtures and fittings that are included in the sale the parties involved and their respective, solicitors conveynacer who are acting on their behalf in respective of the legal aspects of the sale. Upon this agreement the legalities can commence and your representative can be appointed.

STEP 7 – LEGAL WORK, SURVEYS AND VALUATIONS

Whether you are using a solicitor or conveyancer you will need to ensure that you have the detail and supporting documents. You will be required to complete the following:
  • A property information form which is a standard form issued by solicitors/conveyancers or available from the Law Society. This is where you need to provide information about the property such as rights of way/boundaries etc.
  • A fixture and fittings form – detailing what you have agreed to sell to purchaser within the sale, i.e. air conditioning. It is advisable to decide at the beginning what you are prepared to leave so that potential purchasers are aware from the outset rather than causing unnecessary, negotiations at a later stage. You can change these before the contract is agreed.
  • Your solicitor will need a copy of the Title Deed and any Charges that you may have on the property such as a mortgage.
  • The contract can then be drawn up which sets out the main terms of the proposed agreement, including your names and the agreed price, this will then be sent to the buyer’s solicitor. At this stage searches will be carried out and any surveys which are required.
  • One the contract is agreed and all searches and surveys have been undertaking the contracts can be exchanged and a date agreed for exchange. At this point neither party can withdraw easily with out the possibility of incurring financial penalties.
  • At completion the Title Deed and transfer document will be transferred to the buyer’s solicitor in exchange for the money for the house. This will then be used to repay your mortgage and the fees associated with the sale of the house. You then get the remainder, unless you are buying another property. Arrangements then have to be made for collection of the keys and then you are ready to move!


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