Arrange Finances
Calculate all associated costs such as solicitor fees, removal costs, stamp duty and deposit required.
Speak to an independent mortgage broker and get yourself a Mortgage in Principal so you can demonstrate what you can afford when making an offer.
Appoint an Estate Agent
Setting the right asking price for your home is crucial.
Some estate agents overvalue properties in order to win business. It can be tempting to choose the firm claiming they can get you thousands more for your home, but setting an unrealistic asking price will waste time and put buyers off even viewing a property.
Check out what the recent sold prices have been in your local area.
Once you’ve chosen which company to use, you’ll sign a contract which lays out the terms under which they’ll sell your home – this is known as ‘instructing’.
Once you’ve instructed an estate agent, they will take pictures of your home and begin marketing, listing your property online. Rightmove is the property portal with the most visits so it’s important to be listed on there, as well as your agent’s own website.
Prepare your home
Your chosen agent should be able to advise on any issues with your home prior to marketing, however, if you think your home may have any major issues that could put buyers off, consider obtaining independent confirmation of the extent of the problems, plus potential repair costs. You can then make a call on whether to fix things, or factor future costs for a buyer into your asking price.
If you get your paperwork sorted out early, it will help things move along more quickly. The checklist below are documents you might need.
- HM Land Registry title documents (although your solicitor can normally obtain these)
- Gas Safety Certificate
- Electrical Installation Condition Report (EICR) or a NAPIT or NICEIC certificate/report.
- FENSA or CERTAS certificates for windows
- Planning permission for any major work undertaken.
- Building regulation completion certificates and builder’s guarantee certificates for alterations or additions
Viewings and Offers
Viewings give visitors the chance to imagine themselves living in your property. Make sure it looks good from the outside. Mow the lawn, pull out the weeds and generally make it look presentable showing kerb appeal. During viewings make sure it is clean and tidy offering the perspective buyers a blank canvass.
If you’re using a good agent, they should offer to conduct viewings on your behalf. This is a great option as they’ll know how to show your property in its best light and buyers may feel more comfortable looking at things in detail and asking questions.
If your property has been on the market for a while and you haven’t received any offers, talk to your agent, and get their take on what’s going wrong. It may be that you need to lower your price or use a different photo for the online listing’s main image.
Your estate agent should inform you as soon as any offers are made.
If you receive multiple offers, ensure the agent does some digging into each bidder’s situation, as there are more factors to take into consideration than simply how much each party is offering.
The safest buyers to choose are generally:
- Chain-free cash buyers – for example, a buy-to-let investor who doesn’t need a mortgage, or someone who’s already sold their previous home and doesn’t need a mortgage to buy yours.
- Home movers who’ve already sold and completed (or at least exchanged on) their sale.
- First-time buyers – chain-free but usually reliant upon a mortgage – or buy-to-let investors using a mortgage to fund the purchase.
- Home movers who’ve sold subject to contract (SSTC) – i.e. they’ve accepted an offer but haven’t yet exchanged – and can either pay 100% cash or with a mortgage.
Hold your nerve but be realistic, and should you need guidance from your agents always ask. After all this is why you chose them in the first place, to have your best interests at heart.
Start house hunting
Although it’s worth registering with agents and setting up alerts on property portals before you’ve accepted an offer, it’s safest to start house-hunting in earnest once your own property is under offer (SSTC).
This will place you in a better position if you find a home that multiple people are interested in – and in fact, in extremely competitive markets, agents won’t show you properties until you’ve gone under offer anyway.
It also avoids the heartache of falling in love with a property but having it snatched from under your nose by someone who’s ready to move.
Last but not least always contact Lester & Bingley for a free no obligation quote on 0115 734 2000
