Selling a House

I want to sell my house – where do I start?

Selling a house and moving to a new property can often be more complex than buying your first home. There’s a lot to consider, but where should you begin?

The most important thing is that you’re happy with the decision to sell your property. So we would suggest looking through all your options before doing anything else. For example, if you’re moving for more space, consider whether extending your existing property could be more cost-effective.

When you’ve weighed up your options and made your final decision, it’ll be time to start the process for selling your house.

What is the process for selling a house?

The prospect of selling your home can seem overwhelming, but it can help to break down the process into stages. There are eight key steps that will be involved when selling a property. These include:

1. Sorting your finances
   First, you should ensure you know the exact state of your finances. This will help you to work out whether selling up is an affordable option for you right now. Consider the costs of selling – such as estate agent fees – and how much money you’d need to buy somewhere new.
2. Sprucing the place up
   Next, get your house looking as good as possible. The cleaner, tidier and less cluttered a space is, the more appealing it will be. Create a list of priorities for any necessary improvements and try to highlight the property’s best features.
3. Getting your home valued
   You should then arrange some valuations. We’d suggest having at least three estate agents value the property. You should also look online for houses selling in your area to get a better idea of how much your property could sell for.
4. Instructing a solicitor or conveyancer
   Once you have your valuations, you can decide whether you wish to use an estate agent to market your home or do this yourself. You should also start thinking about instructing a solicitor or conveyancer at this stage to handle the legal aspects of the sale.
5. Getting your EPC
   You must provide an Energy Performance Certificate (EPC) to buyers so they know how energy efficient your home is. You or your estate agent will need to have this available within seven days of your home being put on the market.
6. Accepting an offer
   When you start receiving offers on your property, it will be up to you whether you accept or reject them. You could try to negotiate for a higher price. After accepting an offer, it will be time to negotiate a draft contract – a conveyancer or solicitor can help with this.
7. Exchanging contracts
   At this stage, you’ll be legally required to sell your property to the buyer. If you withdraw after this point, the buyer will have their deposit returned to them and legal action could be taken against you.
8. Moving out and completing the sale
   You can move out whenever you like, up until the day the sale is completed. But it can be less stressful to move before this date if you can. On the day of completion, you’ll hand over the keys and receive payment for the property.

These are the basic stages of selling a house, but the process may vary depending on your situation. So we would always suggest speaking to a legal specialist when you make the decision to put your house up for sale.

What is the cost of selling a house?

As we’ve mentioned, selling a house can bring up unexpected costs. This is why it’s so important to consider the expenses involved – such as:

• Estate agent fees
  These fees will typically range from 0.9% to 3.6%. But this will depend on the estate agent you choose. Many high street agents will offer a ‘no sale, no fee’ service, so you won’t have to worry about paying anything if a sale doesn’t go through.
• Energy Performance Certificate (EPC)
  EPC’s generally cost between £60 and £120. They can be purchased via your estate agent, but this can make them more expensive. Your other option is to use an independent performance assessor.
• Conveyancing fees
  You’ll also need to think about solicitor or conveyancer fees when selling a house. If your property is a leasehold or you still have a mortgage, your conveyancing fees could go up. But your conveyancer or solicitor will discuss this with you at the start of the process.
• Moving costs
  If you have a lot of furniture to move, you may need to use a removals company. Make sure to shop around and get quotes from at least three companies. You might be able to get a discount if you book removal services further in advance.

You should also consider how much work you’ll be doing on your new house. If it’s an older property, there may be repairs that need to be paid for, or you might want to renovate certain rooms. This can quickly become expensive, so it’s something worth bearing in mind.

How long will it take for my house sale to go through?

Each property sale is different. There are many factors to take into consideration, meaning the time it takes to sell a home can vary.

Your buyer’s searches will need to be completed and the results they turn up – for example, risk of flooding – could delay the process.

The type of property you own could also affect how long the sale could take. For instance, if you own a leasehold property, it could make selling more complicated than if it were a freehold. This is because there will be more information to sort through, which can extend the process.

It’s your conveyancer or solicitor’s job to make the legal side of selling your home as efficient and stress-free as possible. They will keep you up to date at each stage, so you’ll understand how things are progressing.

My house isn’t selling – what should I do?

If your house isn’t selling, it can feel like all your plans are on hold. But there are some things you could do to give your home a boost in the market and put you on your way to securing a sale.

Here are some of our tips for selling your home:

• Keep it clean
  We don’t live in showrooms, and day-to-day life can quickly take over when it comes to the appearance of our homes. But during viewings, you should try to make sure the space is as clutter-free as possible and cleaned well.
  Don’t leave anything out that should be stored away as this could give buyers the impression that there is a lack of storage. Consider writing a checklist of things to tidy in each room, so you can tick this off before each viewing.
• Take new photos
  If you’re not getting the viewings you want, try taking new photos. A sharper camera, flattering angles and at least two images of each room and external spaces could attract more attention.
  You might also want to think about including a video walk-through with your property listing. This can help to give buyers get a better idea of the space and the way the property is laid out.
• Redecorate
  If you’ve lived in your home for a while, you might want to think about redecorating before selling. Some buyers can struggle to envision what a home could look like with their stamp on it, so try to make things easier by keeping colours neutral if you can.
  It doesn’t have to cost a lot to freshen things up. For example, you might just decide to move some more outdated furniture out of the house temporarily. But remember that whatever you spend will be worth it if it helps to sell your house.
• Try another valuation
  You don’t have to take on the services of another estate agent, but it could be worth getting another valuation to see if your property is still priced appropriately.
  The housing market is constantly changing. So while your initial asking price might have been appropriate when the property was first put up for sale, it may now need to be re-evaluated – especially if interest has dropped off.
• Work with a new agent
  Unfortunately, it may be the case that your estate agent isn’t working as hard as they should be to bring you results. If you think this could be the reason your property isn’t selling, you should check your contract and see if you can work with another agent.
  You might even want to consider using multiple estate agents. This can be beneficial as you’ll have to access to a wider range of contacts and potential buyers. You’re also more likely to appear more than once on listing sites like Rightmove.
• Consider other avenues
  It might not be something you want to do, but selling your home through an auction may be necessary if nothing else is working. As long as your home is priced well, it should sell quickly if you go down this route.
  If you need to sell quickly and no other channels have worked out, you could also consider selling to a company that guarantees to buy your home. This will generally be for a lower-than-market value, though, so it’s something you should think carefully about.

What will happen to my mortgage when I sell?

If you still have a mortgage on your property when you sell, there will be two main options available to you. You could either pay what you still owe through the sale proceeds or transfer your mortgage to a new property – this is known as ‘porting’.

Porting could be a better option for you if your current mortgage has early redemption penalties. But you will only be able to transfer your mortgage if your lender agrees to it. They will usually reassess your borrowing potential and carry out a valuation of the property you’re purchasing.

Whether you pay off your mortgage or choose to port will depend on your own circumstances. We would suggest speaking to a financial advisor before making this decision.

Do I need a solicitor for selling a house?

There is no legal requirement to use a solicitor when selling a house, and it is possible to handle the whole process yourself – this is sometimes called ‘DIY conveyancing’.

But to sell your house without a solicitor or conveyancer, you’ll need to have an understanding of how conveyancing works, and a lot of spare time. If you do go down this route, you’ll be responsible for all the legal aspects of the sale. This will include securing the legal title to the property, dealing with enquiries from buyers’ solicitors and approving the Transfer Deed.

It’s also important to note that some mortgage lenders will insist that you instruct a solicitor or conveyancer, so they can protect their interests. As a DIY seller, you’ll also be uninsured, so any mistakes or oversights could result in costly legal fees.

We understand that you might be concerned about to cost of using a solicitor to sell your house. But most firms now offer fixed prices, so you’ll know exactly what you’ll be paying from the outset.