Moving home should be full of excitement, not stress, so careful planning is crucial.
With over 14 years’ experience in selling London property, we are well placed to guide you through this journey as quickly and stress free as possible.
1. Look at the finances
Speak to your existing mortgage lender to understand the outstanding balance and if there are any penalties for paying back your mortgage.
Speak with an independent mortgage advisor to find out your budget for a potential purchase.
Contact us if you would like a recommendation of a trusted advisor.
2. Sell before you buy
While it is a good idea to research the property that you would like to buy in advance, it is advisable that you start marketing your home before going out on viewings.
It can be heartbreaking to find that dream home only to lose out because you are unable to proceed until you have found a buyer for your home.
3. Valuations
The asking price is the most important factor when marketing a property. An agent can give you their professional opinion, but you decide what price you advertise and sell your home for.
4. Choose an agent
This is the start of a relationship that can last many months so it’s important you choose an agent that understands what is important to you and the outcome you are looking for. Not just in terms of price and fee but things like marketing strategy, timescale, how and when you wish to conduct viewings, feedback and offers.
Your agent needs to be enthused and aligned with your goals.
5. Presentation
How your property looks in the photos and virtual tour will determine how many enquiries, viewings and offers you receive and ultimately the end price.
So trim those hedges, paint that door, declutter and maximise the space to show off the benefits of your property to maximise interest and give you the best chance of a quick sale at a good price.
We use professional photographers, floorplans and virtual tours on all of our sales properties.
6. Select a solicitor
We advise going on recommendations from people who have used a certain firm before. A good solicitor will proactively work to your timescale, keep you up to date regularly and answer emails and calls in a timely manner.
It is often best to avoid the cheapest offering as you really do get what you pay for when it comes to your legal representation on a sale of this size.
If you would like a recommendation, then please contact us.
7. Accept an offer
At this point, you should have plenty of interest in your property, and people should be coming to your home for viewings. When you receive an offer, be sure to negotiate. Some buyers will offer less than they are willing to pay for the home. Your estate agent should be able to advise if the offer is reasonable. Once you have accepted your offer, it is subject to exchange of contracts.
Your agent should verify that your buyer is proceedable by demonstrating they have the funds and an Agreement in Principle (AIP) from a lender if they are getting a mortgage.
8. Agree terms
At this stage it is a good idea to agree a target date for exchange, how long will be allowed between exchange and completion, what fixtures and fittings will be included in the sale (and at what price).
9. Paperwork
Your solicitor will send you some questionnaires detailing the boundaries of the property, what fixtures and fittings are included in the sale, and whether you have had any disputes or complaints with the neighbours etc. And the local council will be asked about proposed developments, building works, sewerage, utilities, council tax etc.
10. Exchange contracts
Once both sides have done their due diligence and are happy with everything, it is time to exchange contracts – this is where the sale becomes legally binding for both parties and the buyer pays a deposit (usually 10%) and a completion date is set. Prior to exchange both buyer and seller can pull out of the sale for any reason.
11. Move out
Once contracts have been exchanged you only have as long as was agreed before you must vacate the property. Time to appoint a removals company or start calling in favours from assorted family and friends!
12. Completion
This is when the property officially changes ownership. The buyer’s solicitor will send the balance of funds to your solicitor and transfer the deeds to the property. They will also pay off your existing mortgage (if applicable) and settle the estate agent’s fees.
13. Fees
This is due on exchange of contracts so if the worst happens and the sale falls through, you pay nothing.