Guest post by Perry Mccormick
Are you planning on selling your home? A house sale in Central London can take between two to three months. This step-by-step guide of selling a house will come in handy when selling your Central London premise.
Arrange Your Funding
You need to ascertain whether you have sufficient financial backup to sell and move. When you’re still under a mortgage term, check if you’ll be liable to early repayment fees for breaching the contract or if there’ll be porting issues.
When moving to a costlier home, check your loan limit and which lender offers the most exclusive deal. You can opt for mortgage lenders using remote online notarization if you can’t access a mortgage from regional lenders.
You also need to consider the stamp duty and other house–selling expenses; thus, do your calculations early.
Prepare for Property Valuation
You have to determine your property’s present market value before making a sale. A market appraisal (property valuation) provides a guide figure for the property sale. It’s conducted by a surveyor after an offer is made.
You can do your homework before inviting a real estate agent to evaluate the premise. Run a house search and view price tags of recently sold homes or search sites for average sold price tags in various postcodes.
The estate agent will carry out a free property valuation and use his/her knowledge in defining your property’s value. He/she will consider:
- The market demand,
- Property’s age and type,
- Aspect and size of the property
- Property’s location and nearby amenities
- The service charges, tenancies, tenure, or other liabilities
Set Your Asking Price
Despite the estate agents’ counsel, you’re in control of your house’s asking price. When different estate agents offer similar valuations, you can decide in regard to their recommendations.
It’s essential to settle for reputable agents since others may overvalue premises to win the business. Setting unreasonable prices may waste time and wade prospective buyers away. It’s prudent to set the asking price according to the received average valuation and the latest selling prices of similar premises.
Acquire the Energy Performance Certificate
EPCs (energy performance certificate) are regulated documents that rank properties depending on their energy efficiency. Homeowners have to present this document to a potential purchaser when selling their property.
The EPC entails:
- Data regarding your house’s energy utility and typical energy expenses
- Recommendations on reducing energy use and saving money
Remember selling a house in London without an EPC can attract fines
Market Your House
First impressions are crucial in London’s property sale. Consider handling DIY jobs such as adding a fresh paint coat and decluttering rooms to make them spacious. We have dedicated professional photographers who will exude floor plans and take pictures in a single visit.
Remember the importance of your property’s kerb appeal. Based on a 2019 HomeOwners Survey, over 68 per cent of homeowners admitted that kerb appeal played a crucial role in their home choice.
If you hire high-end agents, they should handle viewings on your behalf since they know how to showcase the premise in the best light, and prospective buyers may feel comfier examining different facets in detail and making inquiries. It might be wise to be out of the house when viewings are taking place.
When handling viewings yourself, be careful about the order of showing rooms and features you’d want to pull the buyer’s attention to. Practice with your friend so you can get his/her opinion about your spiel.
Get a Conveyancing Solicitor
Conveyancing solicitors handle the legal aspects of the property sale. Opt for a property solicitor with experience and knowledge of London’s property market. Some solicitors provide ‘no fee’ or ‘no-move’ guarantee, thus in case the purchase fails before the contracts’ exchange, you’ll not incur the legal charges. Other solicitors may offer fixed fees or take a portion of the premise’s value.
After an offer is made, your estate officer will conduct checks on the purchaser and inform you through writing and verbally. You may choose to accept or decline the offer; however, the agent will offer counsel on whether there is room for negotiation.
The potential buyer will contact your agent when ready to make his/her offer. Consider each proposal based on the figure offered as well as purchaser’s position. Note that until you exchange contracts, the agreement won’t be legally binding and either entity can opt-out of the transaction at this juncture.