Selling guide

This is meant as a general guide and should not be seen as legal advice.

How to sell your property

There are five distinct phases to selling your property.

1. Preparation

During the preparation period you should be doing three things:

a) Decide how you are going to sell. This can be through an estate agent, selling privately or going to auction. When you have worked this out, you can then

b) work out how much it is going to cost you. This should include items such as relocation costs, purchase costs associated with a new property, solicitors' and agents' fees, tax (including VAT), mortgage penalties and even the cost of hiring a removals van. At Qsell.co.uk - you only pay £19.99

c) Prepare the property for viewing and, hopefully, a quick sale.

2. Valuation and marketing

Your property should be prepared to pass the stiffest of inspections, both inside and out. Make sure that the person who values your home possesses the appropriate professional qualifications from the Royal Institute of Chartered Surveyors or the National Association of Estate Agents. A valuer, usually employed by your estate agent, will visit the property and put a price on it. The price needs to be set low enough for you to be able to sell it within the timeframe you require and also so that you can attract enough potential buyers to view the property. But it also needs to be set sufficiently high that you don't lose out on any money that you could have made from the sale. The agent will then advertise your property in the local press, in his window or on the internet

3. Negotiation

When someone is interested in buying your property, they may make an offer below the asking price. It is up to you to decide how much or how little you are prepared to accept. If your property has been on the market for months with very few viewers, you may be happy to accept less than the valuation price just to be rid of it and move on. However, if several offers come in during the first two weeks of the sale period, you would be well advised to stick to the asking price. Whether you accept an offer or not depends on your situation and circumstances.

4. Conveyancing

Once you have agreed the sale with a buyer, your solicitor will take over. Although the conveyancing process (moving title of the property from your name to the buyer's) takes the same length of time for buyers and sellers, there is much more onus on the buyer's solicitor in terms of the amount of work required so your legal bill on a property sale should be lower than for a property purchase. The normal total cost of disbursements for a seller usually amounts to an �8 land registry charge, plus legal fees. Though not usually charged as a percentage of the property value, most solicitors and conveyancers will link their fees to the price band in which your property falls. Expect to pay anything from £250 to £1000 for solicitors fees on the sale.

5. Completion

This is the last stage of the process. It is the precise moment at which the sale is complete and you no longer own the property.

Preparation of property

When to sell

The best time to sell is when there are many buyers in the market and prices are increasing, and when interest rates remain low.

Buying and selling property is also seasonal, with more sales being made between March and July each year. The year-end or Christmas period is slow, but a pick-up is usually achieved in the new year.

When not to sell

The worst time to sell is when there are fewest buyers in the market. If interest rates are temporarily raised to calm the market, you may find that buyers are in short supply. If both your neighbours put identical houses up for sale at the same time, it may be a bad idea for you to do the same. Try to follow the markets and read the signs. If your property is in a sought-after location, you should have no problem selling at a reasonable asking price regardless of the time of year or market conditions.

Prepare for Viewing

Buyers can be put off before they're through the front door. Make sure the outside of your property looks its best, with the rubbish in a bin, and communal hallways clear of junk. Make sure any lawn, garden or window box is a selling point. Clean, repair and repaint exterior surfaces. This should be done before you contact an agent. Caravans, white vans and old vehicles on and around your property deter more buyers than anything else. Get rid of them on viewing days.

Make sure that you clear away any junk or untidy looking areas in your property before potential purchases arrive on the doorstep. Aim to have your property in pristine, showhome condition at all times. This means sparkling surfaces in bathrooms and kitchen, fresh made beds, plumped cushions on sofas and chairs, polished furniture and clean floors throughout.

Disguise pet smells and make sure that fresh flowers are displayed. Make your home as warm and welcoming as possible to potential buyers.

The Future

A new way of selling your home was introduced in June 2007. You need to prepare a Home Information Pack (HIP) which will be made available to purchasers and might cost the seller up to £1,000 to prepare.

The Home Information Pack is like a traditional survey and will include local authority searches and the property's title deeds as well as energy performance information and certificate. Buyers and sellers will be given A-G ratings on their properties, as well as practical measures to cut fuel bills and carbon emissions. This was introduced in response to new European laws.

The Government says that the home condition report - the most expensive part of the pack - will no longer be mandatory. Sellers will only be obliged to provide a half-HIP at an estimated cost of £150 to £200.

HIPs are supposed to speed up the house buying process, ensure that fewer deals fall through, help first-time buyers and reduce the scope for gazumping.

Selling your home can be a stressful and expensive experience. To make it easier on yourself you should:
a) prepare your home for sale
b) build in plenty of time - the process can take months
c) find out what it is going to cost and make sure you can afford it.

This is meant as a general guide and should not be seen as legal advice.

From: http://www.estateagents123.com/