Selling a property in the UK involves several key steps. The guidance below is the standard procedures.
Before listing your property, get a professional valuation. This can be undertaken by a local estate agent.
Choose an Estate Agent:
Research and select a reputable estate agent to help you market and sell your property. Generally your best comparison is finding who sells the most property within the area together with investigations on the property portals to gauge the level of property, descriptions and high quality photographs. Or even better …. being recommended a local agent from someone who has had a recent experience with the firm
Energy Performance Certificate (EPC):
Before marketing your property, you’ll need to obtain an EPC, which assesses the energy efficiency of your home. This is a legal requirement. Most estate agents can arrange this for you unless you wish to obtain this yourself. These are valid for 10 years.
Prepare Your Property:
Make any necessary repairs and improvements to enhance the appeal of your property. Ensure that the property is made to look it best (ideally clean and declutter).
Set the Right Price:
Work with your estate agent to set a competitive and realistic asking price. It is very easy to be caught up in the ‘overpricing of a property’ however this has a negative effect. The longer the property sits on the market the lower the general offers can be therefore causing a negative effect. Consider recent comparable sales in the area.
Your estate agent will market your property through various channels, including online listings, social media and various web portals and using their expertise of the market to sell to their mailing list of buyers.
Potential buyers will request viewings. Ensure your property is well-presented during these viewings.
When you receive offers, your estate agent will communicate them to you. It may take time to pass the offer through to you as the process of ‘chain checking’ and ensuring that the interested party has the relevant ability to purchase a property. You can choose to accept, reject, or negotiate the terms of the offer.
Accepting an Offer:
Once you’ve accepted an offer, the buyer may conduct surveys (via the mortgage lender) and searches. You’ll also need to provide certain legal documents.
Hire a solicitor or conveyancer to handle the legal aspects of the sale. Your estate agents will be happy to guide you on process as generally they have local solicitors that they recommend to assist you. The instructed solicitor will prepare the contract, handle the transfer of funds, and ensure a smooth transaction.
Exchange of Contracts:
Once both parties are satisfied with the terms, you’ll exchange contracts. At this point, the sale becomes legally binding.
On the agreed-upon completion date, the remaining funds are transferred, and ownership of the property is officially transferred to the buyer.
Coordinate your move-out with the completion date. Ensure the property is in the agreed-upon condition, and hand over the keys to the new owner.
Remember, the process can vary, and legal requirements may change. It’s essential to work closely with your estate agent and legal professionals to ensure a smooth and legal transaction.
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