10 points to consider when selling or buying your home
Selling or purchasing a property can be a complex and daunting task and it’s important to try and understand the procedures and processes involved.
We hope this handy guide will take you through the steps of selling or buying your property.
1. Carefully consider
Selling or purchasing your home can be a very stressful experience, and a decision that you should consider carefully before embarking upon. It can however, also be a very exciting time. You will need to consider not only the financial implications, but the processes and stress this may involve. The right choice of solicitors, financial advisor and estate agents can have a big impact on the whole process. If you choose the right companies to work for you at the start, you will find this helps speed the transaction along.
You’ll be well aware by now that selling or buying a home isn’t necessarily simple. You should seek independent financial advice with regards to buying or selling. Finances are very important and will ultimately decide whether you can move or not. It’s a good idea to make sure you have considered a number of things such as:
- Solicitors fees. It’s a good idea to contact a solicitor to ascertain their legal fees in respect of the sale and purchase. They can also provide you information with regards to local estate agents, financial advisors, selling and buying process, etc
- If selling, obtain an outstanding figure on your existing mortgage, check whether you have any early repayment charge to pay
- If selling, always try and obtain 3 different valuations so you can gauge an idea of the average sale price that you may achieve
- If you’re purchasing a new home, discuss with your financial advisor affordability and mortgages available to you that fit your circumstances, and the property you may wish to buy
- If you are purchasing, Buildings insurance cover
- If you are buying, Life insurance cover
3. Figure out your next step
In the current market, property tends to sell very quickly! You should determine whether you will be tying in a related purchase transaction immediately, or whether you would like to rent accommodation for a short period.
The benefit of renting is that you break out of the ‘chain’ and you will remain a good option for sellers when you find a home you want to buy. However, many people see renting as ‘throwing money away’, and it undoubtedly adds more to the overall cost of the moving process. Renting however, isn’t suitable for everyone and most clients tie in an onward purchase matter.
4. Estate agents
We would always be happy to recommend local estate agents within your area, so please do not hesitate to give us a call to discuss further.
You have a number of different options when deciding who will help you to sell your home.
- Go it alone: You can avoid all costs by putting the house on the market yourself. However, this will add extra time pressure. You’ll need to organise viewings, bids, and mountains of paperwork
- One estate agent: Do your research and pick the best estate agent for your property in your area. Recommendations from friends, family and even your solicitors are worth their weight in gold and may help you secure a friendly, proactive, reasonably priced estate agent
- Multiple estate agents: This can help increase the number of possible potential buyers and will mean you will have two or more agents working for you. If you choose two, they typically split the commission. If you go for three or more, the agents can compete against each other for the sale and the commission.
- Online estate agents: An online estate agent may be an option you would like to explore. They are often cheaper than high street estate agents but a lot of online agents expect you to conduct your own viewings when selling your property and can be very difficult to get hold of. This is not practically helpful when buyers want to make an offer on your property or you need them to negotiate for you
5. Agree a price
It’s a good idea to research the local housing market and get an idea of how much your property, and the property you may wish to purchase, may be worth. This will help you to decide what figure you are likely to accept for your property and what figure you are likely to offer, on a property you would like to buy.
Try to factor into your figures solicitors fees, agents fees, government stamp duty rules, boundaries and charges. This might affect your budget and potentially, how much you will be able to offer on a new property. Agree a price that you would be happy to accept on your sale or a price you would be willing to pay on your purchase and stick to it. This will help with budgeting and your affordability.
6. Professional help
You will need to select a firm of solicitors in respect of your sale or purchase transaction, whether this is in respect of either a commercial or residential matter.
Coffin Mew is one of the most experienced and well-respected conveyancing firms along the South Coast. Our experts can help you buy or sell pre-owned or brand new homes anywhere in the UK. You need to feel confident that the firm you choose to use for your conveyancing transaction are pro-active and will guide you through your conveyancing matter from start to finish with ease, speed and professional conduct.
7. Say yes!
In order to sell your home, you’ll need to accept an offer. You’ll typically receive one or two unsuitable offers, but this isn’t always the case. When you receive an offer that you’re happy with, formally accept it and that will get the wheels in motion. A formal acceptance is not legally binding, and you’re still open to accepting other offers – although many buyers will insist that the property is ‘taken off the market’.
8. Negotiate and exchange
Decide the length of time between exchange and completion, and negotiate exactly what will be included in the sale price. This will also be the time when you should conduct an official building survey. If anything is revealed on this in terms of required works or repairs, you should consider possible negotiations with the buyer or seller in this respect.
When exchange of contracts has taken place, you are legally committed to the sale or purchase. Your conveyancer will check with you prior to exchanging contracts that you are happy to proceed and whether you have any final queries in respect of the sale or purchase. After exchange if you decide to pull out of the sale or purchase, there will be financial implications and you should therefore make sure you are fully aware of these before authorising your solicitor to legally commit you.
Legal completion of a sale or purchase occurs when purchase or sale funds are received by the sellers and buyers solicitors and the keys are made available for collection, usually from the estate agents. The legal deeds for the property are transferred between the two parties’ firms, and your Conveyancer will register your purchase at the Land Registry accordingly.
10. The final monies
Monies required from you by your solicitors should be made at the very latest, one day before legal completion. They will need to be cleared funds. Your conveyancer will deal with ordering mortgage funds in time for completion and repaying any existing mortgages. Your conveyancer will provide you with details of all the costs associated with regards to the sale or purchase in a completion statement, shortly before exchange of contracts. This will provide you with an idea of figure work anticipated in respect of the proposed completion.