Selling your home? Some things for you to consider…

If you have made the tough decision to move and sell your home, it’s important to understand that the selling process can be complex and time-consuming. We’ve put together an overview of some of the things you should expect when you are buying or selling your home.

How will you sell?

If you want to sell your home you can do so yourself or via an estate agent. When it comes to using an estate agent, there are two main types: an online agency or traditional high street estate agents. You can now list your home with an online estate agency, which is becoming more and more popular and has the same advertising and marketing access as traditional estate agents would, often at a fraction of the cost. However, many online agencies will not have local offices and you will therefore have to conduct the viewings yourself.

If you opt for a traditional estate agency, find out how quickly the properties sell, how close they get to asking prices and what fees they charge. Choose the agency you believe to be the best for you and your property and do your best to negotiate a good fee.

Selling your property yourself can be difficult and requires someone who is hardworking and organised. Estate agents will have marketing skills to help them sell, so even if you are trying to save on costs, selling your own home does come with potential risks.

What happens after you’ve accepted an offer?

Once you have accepted the offer, you will need to instruct solicitors if you haven’t already done so. Although some estate agents recommend conveyancers/solicitors, you are not obliged to instruct them. You should do your research before choosing a solicitor to ensure they have your best interests in mind.

Your solicitor will draw up the contract for sale, ask you to complete some standard forms about the property and send these off to your buyer’s solicitors. Your solicitor will then answer questions raised by the buyer’s solicitors (with your help); this might include thinking about whether the price needs to be negotiated to take into account any defects with the property but your solicitor will advise you as to your options. This ‘enquiries stage’ can take a number of weeks as time will need to be allowed for your buyer’s solicitors to receive search results, consider, report and ask further questions to which you or your solicitor will have to answer.

Once the enquiries stage has been completed and the buyer’s solicitors are satisfied, it will be time to think about completion dates and exchanging contracts. You can only proceed to exchange contracts once each party in the chain are ready to do so and once a completion date has been agreed by all parties.

Once you have exchanged contracts with the new buyer, you are in a legally binding contract to sell the property on the agreed completion date. If either party doesn’t complete on the completion date, they could be sued and lose money.

Finalising the Sale

Completion of a sale will take place on a previously agreed date. This is when the money changes hands, keys to the property handed over and ownership of the property transferred to the buyer.

Rich & Carr Solicitors has one of the largest residential property teams in Leicestershire. If you require assistance with buying or selling a property, re-mortgaging or transferring ownership, or if you simply need advice on property related matters, we can help. Get in touch today via our contact page for more information.

Keep an eye out on our blog page for problems you may incur with buying a new home.