Selling a property
Selling your home can be daunting, particularly if you’re looking for another property at the same time, but decisions could save or cost you thousands of pounds.
Don’t be put off by how much you’ll need to think about – Changing Home can help you get your head around things – but be aware of what you’ll need to sort.
Here’s a guide to what you may need to think about and how the process works:
Get the finances right
How will moving affect your mortgage? Will there be financial penalties? And you’ll need to get the new arrangements in place in good time.
Should you buy or rent?
The cost of selling your home and renting for a while can add to the overall expense, but it can also reduce time pressures of buying a new home:
- You won’t be forced to sell quickly, at a low price
- You won’t be rushed into buying something you’re not absolutely sure about as you’ll have found a buyer for your current home
- You’ll move out of any chain and become a more attractive buyer.
Agreeing how much to sell your home for
Changing Home will take into account a whole host of things when valuing your home, not just your personal circumstances and timescales. We’ll have a good knowledge of the local area, know what similar properties have been sold for and be aware of the appeal of the area and its amenities.
We’ll advise you on all of this, working with you to confirm a realistic valuation taking into account all of these factors.
Preparing your home for sale
Remember, buyers can see beyond your personal choices but you should always look to present your house in its best light. You may need to give it a fresh lick of paint in places and remove excess clutter. Of course, you’ll make sure it’s tidy too.
Using a solicitor or conveyancer
They’ll look after the legal stuff to transfer the ownership of your property.
Changing Home can help you line up a suitable firm to work with and you can instruct them once you’ve agreed an offer.
Accepting an offer
Changing Home is legally bound to let you know of any offers we receive for your property – no matter how low! We’ll tell you what we think and suggest whether you accept or reject. Once you’re happy with an offer you’ll need to formally accept it. Accepting an offer isn’t legally binding until exchange of contracts.
Your draft contract
You and your buyer will have to agree:
- How long between exchange and completion (usually 7-28 days after the exchange of contracts)
- Any fixtures and fittings to be included and how much they’ll pay for them
- Possible discounts for any issues highlighted by the survey.
Exchange contracts
Once you exchange contracts you’re legally committed to selling your property, and the buyer’s legally committed to buy.
Moving out
At completion, the property has to be in the condition agreed in the contract, including all the fixtures and fittings.
Completing the sale
Completion is when the property changes ownership, you accept payment, and hand over the keys. This happens on a previously agreed date.
Any deeds for the property are transferred between each side’s solicitor or conveyancer.
Paying off the mortgage
Your mortgage company will have given you and your conveyancer/solicitor details of the outstanding amount for your mortgage as at the day of completion.
As the buyer has transferred the money to your solicitor or conveyancer, they’ll pay off the mortgage for you.
Paying your solicitor/conveyancer
Prior to completion, your solicitor/conveyancer will send you details of all costs and disbursements, including the sale price of the house and the mortgage redemption amount.
If you’re buying and selling at the same time, the solicitor/conveyancer can settle up for both transactions at the same time, including paying stamp duty for the property you’re buying.
Your solicitor/conveyancer will register the change of ownership with the Land Registry.
