Selling a property involves several crucial steps. Whether moving to a new location, downsizing, or simply ready for a change, understanding each part of the process can help you make informed decisions and reduce stress.
Step 1: Obtain an Accurate Property Valuation
Begin by getting an accurate and realistic valuation of your property. A well-priced house attracts more interest and sells faster. Contact at least three reputable estate agents for free valuations. Combine the three figures, add them together, and divide by three to calculate an average value. This gives you a balanced view of your home’s market worth.
To learn more about property valuation and our quick-sale solutions, visit The Property Buyers UK.
Step 2: Choose the Right Estate Agent
When selecting an estate agent, consider their working hours, viewing availability, and high street and online presence. Ask about their marketing strategy: how will they promote your property to potential buyers? A strong online presence and an effective multi-channel marketing plan can significantly impact the speed and success of your sales.
Step 3: Arrange an Energy Performance Certificate (EPC)
Before listing your property, you must obtain an Energy Performance Certificate (EPC). This assesses your home’s energy efficiency and is valid for 10 years. Either you or your estate agent can arrange this.
Step 4: Instruct a Conveyancing Solicitor
If you haven’t already appointed a solicitor, do so early. A conveyancing solicitor will handle the legal paperwork and ensure a smooth transaction. Having one in place from the outset helps prevent delays when an offer is made.
Step 5: Prepare Your Home for Viewings
First impressions matter. Ensure your property is clean and tidy and all DIY tasks are completed. Address any issues, such as revealed wires or peeling wallpaper. A well-presented home can make a massive difference to potential buyers and help achieve a higher offer.
Step 6: Receive Offers and Negotiate
Once viewings begin, you may receive offers. Review each offer carefully, considering both the price and any conditions. You should also assess the buyer’s financial position and readiness to proceed. Decide whether to take or decline the offer.
Step 7: Draft Contracts and Handle Enquiries
After accepting an offer, your estate agent contacts your solicitor to draft the sale contract. The buyer’s solicitor conducts searches and raises any legal enquiries. You’ll be required to complete a Property Information Questionnaire detailing fixtures, fittings, boundaries, and service providers (gas, electricity, water, etc.).
Step 8: Exchange Contracts
Your solicitor will arrange a date for exchanging contracts. Depending on your needs, this can happen on the same day as completion or earlier. Upon exchange, the buyer pays a deposit (usually 10%) and a completion date is set. You may have legal and financial recourse if the buyer fails to complete.
Step 9: Completion Day
On completion day, the remaining balance (typically 90%) is transferred to your solicitor via CHAPS. Your solicitor will deduct legal fees, pay the estate agent, and settle any outstanding mortgage balance. Once this is complete, the estate agent releases the keys to the customer, and the property is officially sold.
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This guide is provided by The Property Buyers UK, which specialises in fast property purchases across the UK. Whether you’re selling due to probate, inheritance, or relocation, we’re here to help.