SELLING
YOUR HOUSE
(March 2005)
When
a house or flat is put up for sale, a complex process begins that
can ultimately involve upwards of 20 people and firms. It's not
just a question of the buyer and seller - at some stage your house
sale is more than likely to involve an estate agent, a solicitor,
a lender and a structural surveyor. And if you find yourself in
a property chain, the list can get even longer.
Once
you've decided to sell up, your first port of call is probably going
to be an estate agent. They'll usually take a few brief details
about your house over the phone, then arrange a time when someone
can pop over to see the place.
During
the visit, detailed particulars are taken, such as the number of
rooms, their size, special features, heating system, age of the
building, mains services, garage/parking facilities, garden and
so on. Photos are also taken, so make sure things are presentable
and tidy before they turn up.
The
agent will then give their opinion on what price you should be asking
for, based on their assessment of the property's market value. It's
best to get more than one estate agent's opinion, but don't automatically
go with whoever gives you the highest valuation because no matter
how great your house is, it won't sell if it's overpriced.
Once
you've chosen an agent, they'll put together a draft of particulars
and hand them to you for approval. Although the agent will want
to emphasise the property's good points, the description must be
accurate, otherwise they could face severe penalties, including
heavy fines and closure.
After
agreeing on a date for launching the sale, the agent will book advertising
space in the local press or property guide. They are also likely
to circulate the particulars to home seekers on their mailing list,
and draw the attention of other applicants to the property.
Meanwhile,
you need to advise your solicitor of the fact you're selling up
and start taking the required legal steps. It's advisable to get
in touch with a solicitor as soon as you decide to put your house
on the market, as this will save valuable time later on and ensure
you are prepared for a quick sale.
Although
sales can go through in a matter of weeks, unfortunately it doesn't
always work this way. Be prepared to be patient - and be realistic
in your expectations. This may mean being flexible about offers
too.
There
is plenty of advice available on how to make your home more attractive
to potential buyers, but bear in mind that not everyone will love
your home as much as you do. Even if your property is perfectly
presented and in a prime location, some house-hunters may reject
it because it just doesn't "feel right" to them. So don't
be too quick to blame your estate agent if the house seems stuck
on the market.
Once
a buyer has materialised and put in an acceptable bid, the result
will be an "offer subject to contract." This means the
sale is agreed, but not legally binding until contracts are exchanged.
At this point, either party can change their minds without facing
legal penalties.
If
the buyer hasn't already got a mortgage in place, now is the time
for them to find a lender and they should also appoint a surveyor
to check the property.
If
the survey turns up any problems, the buyer may pull out or insist
on a reduced price. If this happens, leave all negotiations to the
agent - it is part of the service you are paying for.
Providing
all is well with the survey, the matter then moves to the buyer's
solicitor or conveyancer, whose task it is to find out all about
the property before contracts are drafted.
These
enquiries include 'local searches', to ensure that the property
is not threatened by compulsory purchase for example.
When
the solicitor is sure everything is in order, both parties will
be invited to exchange contracts, which include all relevant details,
such as names, addresses, description of the property, price, deposit
paid and so on. Once both parties sign a copy of this contract,
they are legally bound by it.
The
sale is normally completed several weeks after contracts are exchanged,
when the mortgage money is paid to your solicitor, and the keys
handed over to the buyer.
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