Selling a property involves a series of steps that require careful planning and coordination with various professionals, including an estate agent, solicitor, and potentially other parties like surveyors. This outline covers the main steps involved in selling a property, though specific details may vary depending on your location and individual circumstances.
Declutter and Clean: Make your property presentable by decluttering, cleaning, and carrying out any necessary repairs or maintenance. Consider minor upgrades to increase appeal.
Obtain Required Documents: Gather essential documents, such as the title deed, property survey, energy performance certificate (EPC), and any warranties or guarantees for work done on the property.
Research and Compare: Research local estate agents, comparing their services, fees, and reputation. Consider online reviews and ask for recommendations.
Instruct an Estate Agent: Once you've chosen an agent, sign a contract detailing their commission, marketing strategy, and the terms of the agreement.
Property Appraisal: Your estate agent will visit the property to assess its condition, location, and features, then suggest an asking price based on market conditions and comparable properties in the area.
Set Asking Price: Based on the agent's advice and your expectations, set a competitive asking price.
Property Listing: The estate agent will prepare a detailed property listing with professional photographs, a floor plan, and a description highlighting the property’s key features.
Advertising: The property will be advertised through various channels, including online property portals, the estate agent’s website, social media, and possibly local newspapers.
Arrange Viewings: Your estate agent will schedule and conduct viewings, either as open houses or individual appointments. They will manage communications with potential buyers and gather feedback from viewings.
Receive Offers: Interested buyers will submit offers through the estate agent. Negotiation and Accepting an Offer.
Evaluate Offers: Consider the offers received, weighing not just the price but also the buyer’s position (e.g., cash buyer, chain-free, mortgage approval status).
Negotiate: Your estate agent may negotiate on your behalf to secure a better price or more favourable terms.
Accept an Offer: Once you’re satisfied with an offer, formally accept it. The estate agent will then take the property off the market and issue a memorandum of sale to all parties involved.
Instruct a Solicitor or Conveyancer: Hire a solicitor or licensed conveyancer to manage the legal aspects of the sale, including drafting the contract, conducting searches, and liaising with the buyer’s solicitor.
Provide Property Information: Complete the property information form (TA6) and fittings and contents form (TA10) provided by your solicitor. These documents give the buyer details about the property and what is included in the sale.
Draft Contract: Your solicitor will draft the sale contract, which includes details of the property, the agreed price, and the terms of sale.
Review and Sign Contract: Review the contract with your solicitor, ensuring all details are correct. Once satisfied, sign the contract.
Exchange Contracts: The signed contracts are exchanged between your solicitor and the buyer’s solicitor. At this point, the sale becomes legally binding, and both parties agree on a completion date.
Final Preparations: Ensure the property is ready for handover by the completion date. This includes clearing out personal belongings, cancelling utilities, and ensuring the property is in the agreed condition.
Receive Payment: On the day of completion, your solicitor will receive the remaining balance of the purchase price from the buyer’s solicitor.
Transfer Ownership: Once the payment is received, your solicitor will transfer ownership to the buyer, hand over the keys (usually done through the estate agent) and register the change with the Land Registry.
At this stage both parties become legally committed to the sale, and if it falls through from this point onwards then the deposit is forfeited. Contracts are signed by both parties and the solicitor requests the buyer’s deposit. A completion date is set and agreed upon by both you and the purchaser. Unless agreed otherwise (e.g. a simultaneous exchange and completion) the completion date can be anything up to 28 days from the date of exchange.
Normally both parties will want a short period of time between exchange of contracts and completion to organise their move. If you haven’t done so already you should have arranged all packing and removal duties, informed everyone of your change of address and booked any
Settle Outstanding Fees: Pay any outstanding fees, such as the estate agent’s commission and legal costs.
Notify Relevant Parties: Inform relevant parties of your change of address, including utility companies, the local council, banks, and any subscription services.
File Taxes: Depending on your jurisdiction, you may need to report the sale to tax authorities and settle any capital gains tax or other taxes due.
Tips:
Stay Organized: Keep all documents and communications related to the sale organized and accessible.
Communicate Clearly: Maintain clear and regular communication with your estate agent, solicitor, and the buyer to ensure the process runs smoothly.
