The Selling Process
This guide is provided to you from the Royal Institution of Chartered SurvorsDecided to sell?
If you have decided to put your property on the market remember it can take anything from four weeks to several months if a chain is involved.1. Choosing an estate agent
Once you have decided to sell you need to employ an estate agent to put your property on the market for sale.2. Marketing your property
An estate agent will discuss the best way to sell your property and will discuss with you the price to expect from the sale. You will need to sign a contract with the estate agent marketing your property.3. Agreeing the sale
You will have to negotiate around making and accepting an offer on your property. It is up to the seller on how much they are willing to accept.4. Instruct your solicitor
Your solicitor will help prepare the documents required to help put your property on the market for sale. They will also get involved in the negotiations through to the exchange of contracts and completion of sale.5. Exchange of contracts
Both parties will sign contracts and agree a date for moving. At this stage the sale becomes legal and binding.6. Completion
Date of moving. The funds will be exchanged and the keys will be left with the estate agent.Agreeing the sale
Most property is bought and sold through estate agents. Once a marketing figure has been put on the property, you will find that most buyers will put in offers.
You will find negotiation around making and accepting an offer can be a lengthy process. You should ensure that you answer any queries that may be raised during negotiations.
All offers on the property must be forwarded onto the seller by the estate agent. It is up to the seller how much they are willing to accept. Your estate agent is pivotal in the negotiation process in ensuring that you reach an agreed price with the buyer.Instructing your solicitor
You will need to employ a solicitor to handle the legal aspects of selling your home.
Once a buyer has been found for the property your solicitor will liaise with the estate agent and the buyer's solicitor.
Exhange of Contracts & Completion
After all the enquiry forms and contracts have been signed and returned, this is the point at which it is time to exchange.
The buyer and the seller will agree a date for completion, i.e. the date that the seller will need to move out of the property
This is the stage at which the sale becomes legal and binding.
Your solicitor will also get involved in the contract negotiation, exchange of contracts and ensure completion through transferring the legal title and funds.
The date of moving will have been agreed by both parties.
On completion day the funds will be exchanged between solicitors and the keys should be left with the estate agent for collection by the buyer.Sellers Checklist
Here's a brief summary of the various costs you have to consider when you sell your home:Estate agent's fees
Charges vary from one agent to another, so it's worth checking on fees in your area. You should consider how the Home Information Pack will be paid for, as this will vary from agent to agent.Legal fees
These vary from place to place. Expect to pay the solicitor about 1% of the total agreed price - but check the range of services they'll provide for the fee, and ask if they offer a no sale, no charge deal.
It's often worth choosing a solicitor or conveyancer on the recommendation of a friend or colleague - otherwise contact the Law Society to find firms in your area.Surveyor's fees
If you're moving to a new home, it's worth paying for a survey on the new property from a qualified RICS member - especially on older properties, or buildings you want to extend or renovate.
Again, surveyors' fees vary, so compare prices before choosing, and negotiate the fee to match the size and type of property. Ask the surveyor exactly what's covered in the survey, so you know what you're paying for.Moving costs
The cost of moving varies according to how many belongings you have, how difficult they are to pack, how far you're moving and the time of year.
Shop around for the best deal - and remember it's worth checking to see if the quote includes insurance.Storage
If you're not moving straight into a new home, you may have to consider storage. The costs for this vary according to how much you need to store.
As a rough guide, a two-bedroom house will probably fill up to four containers, and a three-bedroom house can fill six.