Selling your home can prove to be one of the most stressful experiences you will have, especially if there are complications. Once an offer has been accepted there are a number of steps that you must take before you reach completion. Understanding the basics of this transaction will help to make the process less stressful.
Choosing your Agent
The most important decision you have to make is who to appoint to sell you biggest asset. There are many agents who can put your property online but that is not where the skill lies. The key to successfully selling is a combination of innovative marketing strategies, local knowledge and experience. It is important that the agent gives the right advice on price. Accuracy is key; you do not want to under sell your home, but equally over valuing your property can also hinder your progress. In such cases, your property could end up sitting online for far too long, at which point it will begin to go stale. Remember that today’s buyers have the tools to know what property is selling for in their area.
The property launch is crucial. The first week of marketing a property is when the property will have the biggest opportunity to make an impact and generate interest. Once the buyer has been found and an offer is accepted the financial conveyancing begins.
Finding a Solicitor
We will help you obtain quotes from reputable firms if you have not yet appointed one. Be aware that there are conventional and online solicitors. They will offer a range of prices. If you are working to deadlines, or the sale is fixed, the cheapest is not necessarily the best option. We Recommend a local practice who have knowledge of the area and good working relations with excellent communication.
When you have successfully negotiated to sell your home, and have instructed a solicitor, a number of forms need to be provided and completed. Documents include a formal instruction letter to sign and request for proof of identification (passports, driving license, bank statements and utility bills are best). The solicitors will provide a duty of care letter from them to you.
Once the buyers have arranged their survey, we will be in touch. The purchaser and the lender might choose a basic mortgage valuation, a home buyers report, and in some cases a full structural survey. The surveyor will assess the value of the property in order to ensure that the price being offered is in line with the expectations of the lender.
The buyer’s solicitors will raise enquiries with your solicitor once they have had the searches back and have received a questions and answers response from your solicitors. You will provide this for your solicitors.
Exchange of Contracts
Once the solicitor is satisfied with the contract you will be asked to sign it. There will be a number of documents which need to be reviewed, signed and sent to your solicitor. If you are in a chain, you may not be able to exchange until the rest of the chain is ready. Once these things are in prepared, you will need to agree a completion date. When both sides have a copy of the mortgage offer and you have returned your signed copy of the contract the solicitors will exchange contracts by phone.
On the day of completion, the money will be bank transferred to your solicitors from the buyer’s solicitors holding account and their lender. Once the transfer from the buyer’s solicitor is successful the estate agent will be contacted. Now you have completed. Congratulations!
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