What you should do when considering selling your property?
Before you put your property on the market you will need to have the value of your property assessed and also to assess the viability of purchasing another property. There are a number of online tools which you can use to assess the value of your property. Online tools are great for getting a ball park figure but you will need an experienced property professional to obtain a more realistic valuation which is achievable in the current market. Arlington Rouse will provide a free market appraisal on a no obligation basis.
We would usually visit your property at a time that suits you and discuss your requirements. Upon the visit we will inspect the property, discuss similar properties that we have recently sold in the area and the current market conditions. We will then advise you on how to present the property, any works that would enhance the value, discuss the right marketing strategy and the eventual sale price if you did chose to sell.
We understand that you may speak to a few different agents and no doubt you will receive a range of opinions on the potential value of your property. It is not uncommon for agents to overvalue to win the instruction or undervalue due to lack of knowledge of the market. Ensure you ask the agents to show you proof in the form of comparable properties that have sold recently. All information on actual sold prices can be checked directly from the land registry or try www.nethouseprices.co.uk which take this data and is more user friendly. We feel it is vital to provide you with an accurate valuation as this way you can make an informed decision on your move rather than be disappointed later and have to change your plans.
Once you obtain a realistic value for your property it is advisable to speak to your bank or an independent financial adviser if you are considering purchasing another property after selling. They can review your finance and with the valuation inform you of your potential budget for your ongoing move.
What should you do when the property is on the market?
Please complete all the paperwork and return it to Arlington Rouse as soon as possible. Ensure you answer all questions carefully and honestly since you have a legal obligation to provide correct information to the potential purchasers.
To achieve the best price it is essential that the property is presented in the best possible light. Potential buyers when viewing a poorly maintained or badly presented property are unlikely to be interested in or pay the price you want so it is vital to ensure the following:
All properties on the market require an Energy Performance Certificate (EPC) showing the energy performance of a property. This must be made available for prospective buyers and be included in our marketing. The EPC lasts for 10 years. We can arrange this for you.
What happens after you have accepted an offer?
Once an offer is accepted by you it is important that you progress with the paper work and do the following;
- You will need to instruct a solicitor to act on your behalf.
- Provide details of all key parties such as; solicitor, broker/bank, and agent.
- You will be required to show ownership of the property and any restrictions showing a third party interest.
- Provide ID to your solicitor and agent for anti-money laundering purposes.
- Complete the information form that your solicitor will send you.
- If your property is leasehold you will need to apply for an information pack from your managing agent. Most companies take a few weeks to provide this so we usually recommend purchasing the pack when the buyer has booked their valuation on the property to avoid delays.
- Your solicitor will require you to provide details of any planning permissions, building regulations and guarantees.
Once the purchaser has received their survey and the mortgage offer your solicitors will commence the conveyancing. They will raise and answer enquires some of which may require your attention. A good solicitor will keep you informed throughout this process. Once all searches are back and all enquiries are satisfied you are ready to exchange. Sometimes this process can be very quick and sometimes not. On average around 36% of sales agreed do not make it to exchange. A good agent will guide you through this process and deal with any problems as they arise.
To prepare for exchange you and the purchaser need to agree a day that the sale will complete, you are both required to sign contracts and the buyer will have paid funds to their solicitor. After exchange you and your buyer are now both committed to the purchase. It is only in very exceptional circumstances that completion will not occur.
Completion is when the property transfer takes place. The solicitors will transfer the funds and send any remaining paperwork. Completions must take place during a week day so funds can be transferred. During the day you will receive a call that completion has taken place and you must have arranged for your belongings to have been removed from the property and keys are ready for collection with the agent.
Your solicitor will have cleared the balance of your old mortgage, agent fees and they will then pay the balance to you.