Handy tips for first time sellers

Springtime is always popular for moving home with extra properties coming to market. If this is the first time you have sold a property, there are some practical tips that estate agents suggest for helping with the process.

1.         Instruct an estate agent

Like many professional services, it is important that you find an estate agent that you can gel with and one with whom you have trust to do the best for you. Ask friends or neighbours if they can recommend someone, and if you can’t find a recommended agent, shop around until you have confidence in someone.

2.         Your next move

If you are planning to move onto a new or bigger property it is a good idea to speak to your independent mortgage adviser to ascertain your borrowing power. Your adviser will work out whether you can port your existing mortgage across to your next property or whether you should re-mortgage. The mortgage market fluctuates, and at the moment for example, the interest rates are at an all-time low and there are options for longer term fixed rates.

3.         Set a sale price

A local estate agent will have their finger on the pulse of the local housing market and will be able to advise you accordingly. Many homeowners can have unrealistic expectation on the value of their home, but by talking to your agent you should be able to agree an asking price you are happy with. Always allow for negotiations from buyers who will be looking to make an offer on your property.

4.         Arrange an energy performance certificate

As part of your property pack you will need to supply an energy performance certificate (EPC) to inform the prospective buyer about how energy efficient the property is and offer an idea of potential energy costs. You can arrange this yourself, or your agent will make arrangements with their nominated energy assessor.

5.         Choose a solicitor

You may wish to use a solicitor who previously handled your purchase, alternatively you might wish to instruct a new solicitor to handle your sale. Again, it’s worth asking friends or colleagues if they can recommend a solicitor, and before you instruct them, check and agree on the fees you will be paying (such as any extras by hourly rate) which can make the costs creep up.

6.         Buyers and offers

Quite often when a property is new to market there is a lot of initial interest. Don’t be afraid to ask your estate agent to give you a summary of the potential purchasers buying situation. For example, if they have not yet marketed their own property but another buyer is ready to move you might use this information when deciding whether to accept an offer.

7.         Sales negotiations

When you have accepted an offer, you will need to discuss the details with your solicitor. The sales contract will outline details such as fixtures and fittings, exchange and completion dates etc. The average transaction is around 14 – 16 weeks (without any setbacks).

If you are thinking of moving home and would like advice on your mortgage, talk to Homeline Mortgages.  We are independent, not affiliated to any specific lenders, and can search the mortgage market to source the most suitable mortgage to suit your individual circumstances.

We offer an initial consultation free of charge, and you are under no obligation to proceed.

To talk about your mortgage call us today on 01202 937444.

A fee may be charged should you proceed with a Mortgage or Protection application.  Please ask your adviser for further details. Your home may be repossessed if you do not keep up repayments.

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