March 6, 2020
how to sell your house, step by step
Are you looking to sell? Sometimes it’s hard knowing where exactly to start. Our step by step guide might look like a lot of information but it can really be a good reference point to help you during this process.
1. Work on your finances
With our mortgage valuation tool you can get an estimate of your property’s worth.
2. Choose your estate agent
You have options. Sell yourself or use local or online estate agents. Do some research, compare estate agents by how quick they sell, how close they get to the asking price and how successful they are. Agree on a fee, aim for 1% plus VAT for sole agent.
3. Get an energy performance certificate
You will need one to provide to potential buyers.
4. Decide how much
Get to know your local market as this will help you decide. Get several valuations. You don’t need to go with the highest either. Buyers like to negotiate so add a 5% or 10% to what you’re willing to accept.
5. Get a conveyancing solicitor
They handle the legal work. Get an overview of how much conveyancing costs.
6. Fill out your paperwork
There is going to be a lot of it!
7. Accept an offer!
Congratulations, the estate agents legally must now pass all offers over to you.Once you’re happy with the offer, formally accept.
8. Work on your draft contract
You and the buyer will have to negotiate-
• The length of time between exchange and completion.
• What fixtures and fittings will be including, and if they have a cost attached?
• Any survey discounts.
9. Contracts get exchanged
This is the process when you become legally committed to selling your property, and they become legally committed to buying from you. When you sell the house, you are responsible for maintaining the property until the sale is fully complete.
10. Move out
It is less stressful to move out before the day of completion if possible. Completion is when the property changes ownership. Once the keys have been handed over.
11. Pay of your mortgageThe mortgage company will have given you and the solicitor and outstanding amount for the day of completion. Now the buyer has transferred the money that will essentially pay off the mortgage for you.
12. Settle with everyone
Once completion has been finalised, your conveyance solicitor will send you an overview covering all their costs, as well as outing the sale price. If you’re buying and selling at the time, you can settle for both transactions at the same time. There can sometimes be a small discrepancy and you may even get a little refund.