A 12-Step-By-Step Guide To Selling Your Property In 2022

In the current situation with the cost of living, selling a property can seem daunting.

How can you get the best deal for your home?

In this guide, we will go through every step of the process to help you decide on selling your property.

  • Deciding Whether You Should Sell
  • Working Out Your Finances
  • Deciding Where You Will Be Moving
  • Get Your Home Valuation
  • Ensure Your Energy Performance Certificate (EPC) Is Up To Date
  • Decide How Much To Sell Your Property For
  • Prepare Your Property For Sale
  • Finding A Conveyancing Solicitor
  • Filling Out The Documentation
  • Accepting And Negotiating An Offer
  • Exchange Contracts
  • Moving Out & Settling Debts

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Step 1 Deciding Whether You Should Sell

If you are considering selling your home or commercial building in England and Wales, it may be beneficial for you to think about the exact reason you are selling.

If i's because you need more space, it may be worth comparing the cost of building an extension, converting the attic or digging out a basement. It is no secret that the UK is on the brink of a financial crisis and it's worth covering all possibilities before committing to buy and sell.

You may be thinking about downsizing. If this is the case, you need to look into all the outcomes. Depending on your circumstance, it may also be beneficial to rent your home out rather than sell it for along-term investment.

Step 2 Working Out Your Finances

You'll want a good idea of how much your home is worth and how much money will be left on your mortgage before you try to find a buyer. You should find all of your mortgage paperwork or speak to the lender you got your mortgage with to figure out any early repayment charges. Or whether you are able to carry your mortgage onto a new property.

You may find remortgaging beneficial if you are moving home to a more expensive property or if your mortgage deal is coming to an end.

Your figures should be quick estimations, to begin with as selling a house or building is along process and you'll be able to get accurate estimates down the line. The bottom line is, to make sure you have every step of the plan in your head to avoid being held up in the process.

Step 3 Deciding Where You Will Be Moving

There are so many different avenues you can take when it comes to moving out after you accept an offer. Don't forget that selling a home is legally binding so once you sell at the sale price, there is no turning back.

Renting for a while after selling your home can add to the overall expenses, however, it does give you extra time looking for your perfect home and keeps the pressure off you. You can also choose to rent before you move home which means there will be no housing chain, making your house a more attractive sale to potential buyers.

If you do decide on buying a property and selling at the same time, it may be beneficial to get in touch with your mortgage lender or a local estate agent to consider all possibilities.

Step 4 Get Your Home Valuation

The first financial figure you should be getting an accurate reading of is the value of the property you are selling. It's recommended that you ask more than one agency to value your property. Another thing to take into consideration is whether your agency is local to you, as they will have a better understanding of house prices in your area.

Step 5 Ensure Your Energy Performance Certificate (EPC) Is Up To Date

An energy performance certificate is a document which ranks properties in terms of energy efficiency. It is a requirement when selling your home as buyers will need this information when it comes to buying your home.

You must apply for an EPC before you put your home on the market.

Step 6 Decide How Much To Sell Your Property For

One of the most agonising things is figuring out what price to put your property on the market for. After step 4 you should have an average price of the value of your property with getting multiple valuations.

Don't forget that buyers will most likely try to negotiate a discount, so make sure you add 5% to 10% to what you are willing to accept. Your local estate agent will be able to discuss this with you more in-depth to suit buyers who are wanting to move into your area.

Step 7 Prepare Your Property For Sale

If you prepare your home to make it look visually appealing, not only are you more likely to get a faster sale, but you may also add value to your home. Ensure you tidy your property and get rid of any clutter to get the most out of your sale. You may even consider giving it a new coat of paint or making sure all your fixtures and fittings aren't broken.

Keep in mind how important the appearance of your home is from the outside too, more than 68% of homeowners say that their decision to buy a home is already made before they enter the property. Ensure your windows are in good condition, that your roof and garden are tidy and that your driveway is looking as new as possible.

Step 8 Finding A Conveyancing Solicitor

You need to find a solicitor to be able to handle the legal work involved in selling a property. You should make your decision for which firm to go with based on their reputation and their pricing.

This should be decided before you agree to sell your house on the market.

You can get an overview of their fees from their website or speaking to one of their customer service representatives and there is nothing stopping you from getting multiple quotes.

Step 9 Filling Out The Documentation

There are a variety of forms and documents that your conveyancing solicitor will talk you through and ask you to fill out. This will give buyers all the information they need to know about your property and about the sale.

For more information regarding the documentation you need to sign, you should be in contact with your solicitor.

Step 10 Accepting And Negotiating An Offer

At this point, you should be receiving offers. The estate agent is legally required to pass all offers over to you and before you accept any, you should be considering negotiating.

You have the choice to outright reject an offer, wait to see if a better one comes along or inform your estate agent to try and negotiate with the potential homeowner to negotiate their offer upwards.

Once you are happy with an offer, you need to formally accept it. Remember that doing this will not legally bind you to that specific buyer. You can change your mind until you have exchanged contracts with the buyer.

Step 11 Exchange Contracts

When contracts are exchanged, not only do you become legally committed to selling your home, but the buyer also becomes legally committed to buying your home. If you pull out of the deal at this point, the buyer's deposit will be returned and you have made yourself vulnerable to a lawsuit.

For more information regarding this, get in touch with your solicitor or agency. You are also responsible for looking after the home after this point so ensure that you have a good building and contents insurance plan.

Step 12 Moving Out & Settling Debts

You can move out whenever you like after exchanging contracts with the buyer. It’s much less stressful to move out as soon as you can and make sure the property is left in the exact condition it was when the contract was signed.

The buyer and/or estate agent may visit the house between moving out and the buyer moving in to ensure that everything is in place.

Once everything is complete, it's time to pay off your mortgage, pay your stamp duty and settle up with the solicitor and estate agency.

The mortgage company will have given both you and your conveyancing solicitor a precise redemption figure for your mortgage for the day of completion. Now that the funds have been transferred to your solicitor, they will pay off the mortgage, take their cut and transfer you the remaining funds if there are any.

If you are buying a home at the same time as selling your home, your solicitor can settle both accounts at the same time, including paying off all stamp duty for the houses you are buying.

Your solicitor will then ensure that the change of ownership is exchanged with the land registry and this is the end of the process.

A Summary Of Selling Your Home

As you can see, there are many steps involved in selling your property and plenty of things to consider.

The most vital part of this is ensuring you are negotiating well with your offers and not settling on a price that is going to lose you money because you're concerned your property isn't going to sell.