The direct costs of selling a property are:
- (£75-100) Energy Performance Certificate (EPC): Before listing a property for sale, an EPC must be issued. Our agents can help arrange this.
- (£750-£2,500) Legal fees and conveyancing: These can vary based on the location of the property or complexity.
- (usually 1.5%-2.5% of the agreed sale price) Estate agent fee: Once the finalities have been agreed upon and signed, the agent's fees become payable. The fee will be the pre-agreed small percentage of the sale price + VAT
For a general estimate, you can start by searching Zoopla or Rightmove to view the value of properties being marketed in your area or use an instant valuation tool that factors in recent local sales as well as your property's details. For a most accurate appraisal, you can invite an experienced agent to visit your property and provide a complete report specific to your property.
Before you put your property on the market, you may want to consider some improvements such as minor repairs, replacing common surfaces or decorating the walls. Before beginning any works, ask an agent for what's necessary and an honest opinion on boosting your listing price.
There are many routes to sale these days, and we always recommend choosing whatever makes you most comfortable. Agents can bring advice, negotiating expertise, and will be responsible for all the marketing and viewings of the property to the public.
Prospective buyers should always see your home in the best condition possible. To put your home's best foot forward with qualified buyers who have shortlisted your property, aim to keep your space tidy and minimally decorated.
The timeframe of an offer can vary widely, but it will be worth it to wait for the right buyer, who is best placed to complete a transaction when it comes to processing the sale. All parties will keep you, the seller, up to date on progress and interest as it builds.
When you receive the right offer, You can accept it 'subject to survey and contract'. The agent will contact the buyer and both sets of solicitors to confirm the sale and ask the solicitor to draft a contract. The buyer may ask you to take the property off the market at this point, but you aren't required to until you are comfortable with the progress of the sale.
If you haven't already, you'll now appoint a solicitor to complete the legal work, draw up a contract of sale and release details of the deeds to the buyer's solicitor.
Just after the offer, a buyer may want to will carry out a survey. If so, Your estate agent will let you know when the buyer's surveyor is coming around, likely a few days after an offer has been made, so the estate agent can provide keys if you are unavailable.
If the survey mentioned above reveals work that needs to be done on the property, the buyer may want to offer slightly less than the original offer as a result. Your solicitors will handle this process, and if you cannot reach an agreement, you are within your rights to pull out of the sale. You may lose some money by beginning the selling process again, but as with the rest of the process, but you should always do what's right for your situation.
When both parties are committed to the sale, contracts can be exchanged, which will be from a binding contract, and a completion date will be confirmed. At this point, the buyer should hand over a deposit to your solicitor of typically between 5% and 10%.
When contracts have been exchanged, you can plan your move for completion, typically within 4-6 weeks.
Solicitors on both sides need to have money in place for the transaction, but they will be in contact to ensure that completion takes place before the close of business. Your estate agent will then usually arrange a handover of keys.
This is a rare occurrence but it can happen. Invariably, each party in the transaction is in the same position but the contract should provide for such an eventuality. If the buyer fails to complete he will forfeit his deposit and the seller may have a claim for any losses.