What are the first things to do when selling your house?

Step-by-step guide to selling your home Decide if you should sell. ... Figure out your finances. ... Decide if you should rent a house next, rather than buy. ... Choose an estate agent to sell your house. ... Get an Energy Performance Certificate. ... Decide how much to sell your home for. ... Prepare your home for sale. ... Hire a conveyancing solicitor. More items...

hoa.org.uk - Step By Step Guide To Selling Your Home - HomeOwners Alliance

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Step-by-step guide to selling your home

Selling your home can be daunting – all the more so if you are looking for another property to buy at the same time. The decisions you make when selling a property could save you – or cost you - many thousands of pounds. Here’s our selling checklist with everything you need to know about the process of selling a house.

How to sell a house

Our step-by-step guide outlines how to sell a house. We briefly explain each step you are likely to take during the process of selling your home. You can find more details by following the links within each section.

1. Decide if you should sell

2. Figure out your finances

Before you sell your house, you’ll want to get a rough idea of how much it is worth. This will also help you calculate how much money will be left if you have a mortgage to pay off. Try our instant free valuation tool. Dig out your mortgage paperwork or speak to your lender to check if you will have to pay any early repayment charges for switching your mortgage to another lender or whether it is possible to take it with you to a new property – a process known as porting If you’re planning to move to a more expensive property or your mortgage deal is coming to an end, this is a great opportunity to remortgage to a better deal. Speak to our fee-free mortgage partners to see how much you can borrow and which lender will offer you the best deal At the early stages, figures will be approximate. You don’t know how much you will sell for and you will only get a precise redemption (amount outstanding) figure for your mortgage once you have an agreed completion date when you have exchanged contracts (see below)

To give you an idea of the costs involved when selling and to help you budget, read our guide What is the cost of selling?

3. Decide if you should rent a house next, rather than buy

Selling your home and renting for a while can add to the overall expense, but it will reduce the critical time pressures in buying a new home You also won’t have to compromise on your sale price, and potentially sell your home for less, as you won’t be under pressure to complete on your onward purchase You won’t be rushed into buying a less-than-perfect new home because you have found a buyer for your current home Selling your property and then renting before buying will break the housing chain

See our guide Should I sell my home before I buy a new one?

If you do decide to buy and sell at the same time, take a look at How to buy and sell at the same time

4. Choose an estate agent to sell your house

5. Get an Energy Performance Certificate

An energy performance certificate (EPC) is a standardised document which ranks properties in terms of energy efficiency. Homeowners need to provide an EPC to potential buyers when they sell their home You have to have at least applied for an Energy Performance Certificate before you put your home on the market – find out why, how much an EPC should cost and get quotes form an EPC surveyor today

6. Decide how much to sell your home for

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One of the most agonising decisions when selling your home is what price to put it on for

Do your research and get to know the local market inside out

Get a number of estate agents to do valuations, but don’t necessarily go for the highest. Get a free instant online valuation Remember buyers will probably try to negotiate a discount, so add 5% to 10% to what you are prepared to accept

See our guide What price should I sell my house for?

7. Prepare your home for sale

If you “stage” your home well, you are not only more likely to sell your home faster, but you might make it more valuable too Tidy up, get rid of excess clutter; give it a fresh lick of light coloured paint; fix those little snagging things; keep it clean Check out our guide on Tips to make your home more valuable and sell faster Don’t forget how important your home’s kerb appeal is. According to our 2019 annual HomeOwner Survey, more than 68% of homeowners say kerb appeal was important in their choice of home. The most important factors were windows being in good condition, a well maintained roof and a tidy front garden and driveway/path. We’ve teamed up with Checkatrade to find local tradesmen near you and get those jobs done fast

8. Hire a conveyancing solicitor

You need to choose a conveyancing solicitor to handle the legal work involved in selling a property. Find the right conveyancing solicitor for you – compare quotes & ratings instantly To ensure the sale progresses, you should decide which firm you want to use before you agree to the sale of your house. You can obviously only formally instruct after you have agreed an offer Get an overview of how much conveyancing fees cost questions to ask your conveyancer

By all means get a quote from the conveyancing firm recommended by your estate agent, but compare it with other quotes. There can be a hefty referral fee added to your bill. See Should I use my Estate Agents’ Solicitor?

9. Fill out the relevant questionnaires

You will have a variety of forms, questionnaires and documents to give the buyer all the information about the property, and about the sale. See: Conveyancing process explained: For Sellers

10. Accept an offer

You’ve received an offer – hooray! The estate agent is legally required to pass all offers on to you Before you accept an offer, take a look at the different types of buyers and how to deal with their offers If you are not happy with the offer, you can either reject it outright, wait to see if a better offer comes along, or tell the estate agent to try to negotiate it upwards Once you are happy with an offer, you need to formally accept it. Remember that accepting an offer is not legally binding, and you can legally change your mind or accept a higher offer later (gazumping) – but remember, this can be pretty distressing to the buyer

11. Negotiate the draft contract

You and the buyer will have to decide:

The length of time between exchange and completion (usually 7-28 days after the exchange of contracts)

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Any discounts due to problems flagged up by the survey

12. Exchange contracts

When you exchange contracts with the buyer, you become legally committed to selling the property – and they are legally committed to buying it from you If you pull out after this without due reason, the buyer’s deposit will be returned to them and you may be sued

For more information and to find out about the details of the process, read our guide How do I exchange contracts?

If you sell a house, you are responsible for looking after it until the sale is completed so you should make sure you have buildings and contents insurance cover

13. Move out

You can move out whenever you like, including on the day of completion It is less stressful to move out beforehand, if that is possible (if you have somewhere to move to) At the time of completion, the property has to be in the condition agreed in the contract including all the fixtures and fittings The buyer and estate agent may come round between your moving out and completion to ensure that everything is in place

Find the right removals company removals quotes

Plan your move with our Moving House Checklist

14. Complete the sale

Completion is when the property changes ownership, you accept payment, and hand over the keys A little like a duel, it takes place on a previously agreed date and usually at midday On the day of completion, the money is transferred and any deeds for the property are transferred between each side’s solicitor or conveyancer

Your solicitor/conveyancer will register the transfer of ownership with the Land Registry

Learn more about what to expect on the day of completion

15. Pay off the mortgage

The mortgage company will have given you and your conveyancing solicitor a precise redemption figure (outstanding amount) for your mortgage for the day of completion Now the buyer has transferred the money to your conveyancing solicitor, they will pay off the mortgage for you

16. Settle up with the conveyancing solicitor and estate agent

After completion, your conveyancing solicitor will send you an account, covering all their costs and disbursements, as well as the sale price of the house and redemption of the mortgage If you are buying and selling at the same time, the conveyancing solicitor can settle up for both transactions at the same time, including paying stamp duty for the house you are buying Your conveyancing solicitor will ensure that the change of ownership is registered with the Land Registry There is sometimes a small discrepancy and you might even get a small refund Here is a list of the documents you should keep from your house sale and get ready for your buyer

hoa.org.uk - Step By Step Guide To Selling Your Home - HomeOwners Alliance

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