Selling your property can be a complicated process, especially if it is your first time. There are a few things you should bear in mind.
Consider any offer carefully
Before accepting any offer, take into account your potential buyers situation. If they are homeowners, it is important to ask if they have actually sold their property or whether it is on the market. Inquire if they have a mortgage in principal agreed and find out if they are part of a chain. Establish when they would want to complete. If the offer is lower than you were hoping for but they can exchange quickly consider the benefits of a quick sale. Ask your agent to negotiate on your behalf as they will be experienced at this, and may be able to get the buyer to increase the offer.
Once you have accepted an offer and a price has been agreed you will need to swap details of the solicitors acting on your behalf in order for the conveyancing process to begin. Conveyance is the legal term used for the practice of property ownership transfers. Your solicitor will charge you for this, usually around 0.5% of the house sale. It is advisable to get a few quotes in order to obtain a competitive price. You should also check how much you will be charged should the sale fall through. At this stage you should also take your property off the market, you may be asked to enter into a Lock-out agreement which will prevent you from showing your house to any other interested parties.
The buyer is likely to instruct a survey, if this highlights any problems the buyer may wish to offer a lower price or pull out of the deal all together. Before you enter into renegotiating the price ask to see a copy of the survey.
When it comes to exchanging contracts, ensure you have read the contract thoroughly and understand what fixtures and fittings the buyer is expecting you to leave. Also note the completion day and be sure you are happy with the timescale.
Welcome… as this was your first visit to our site – you can call us on 020 8341 6262 and register for our FREE ‘Priority Buyer’ service.
