What is The Process of Selling a Home in the UK

Posted On Wednesday, 06 July 2022 19:23

Buying or selling your property is one of the biggest financial decisions most of us will have to make in our lifetimes. Choosing to sell or buy at the wrong time can cost or save you thousands of pounds. There are a few steps that you need to consider before beginning the process of selling your current home, which can help you make an informed decision on whether the time is right for you to get your current home on the market. 

The first step to consider is if you should actually sell your home

The first step is to establish your reasons for wanting to sell your property- what are the motivating factors that are prompting you to put your house on the market, and why now? If you are wanting to upsize properties, have you considered the possibility of extending your current home to avoid the costs of moving? It is important to also rule out the option of putting your current property up for rent, and decide if this is a potential option to explore further depending on your individual circumstances.  

You will want to find a competent solicitor to ensure that everything is completed correctly 

A Solicitor is an important part of your house moving process, as they handle all contracts, deed transfers and liaise with mortgage lenders on your behalf. Having a knowledgeable and competent solicitor that is experienced with professional negligence solicitor claims will go a long way in ensuring your purchase does not fall through and runs as timely and smoothly as possible. It is really important to have a trustworthy solicitor on your side, as if there are any negotiations of white goods, moving in dates, or last-minute offer changes, they can fight your corner and assist through the entire legal process. 

Find an estate agent who is able to sell your house

Although it can be tempting to go with the agent that values your house at the highest value, it is important to consider how realistic this figure is and compare it to the current market. Best practice would be to request a few of the most reputable estate agents in your area, and get a few different valuations on your property as a comparable.  Some estate agents such as Preston Baker have begun doing open house viewings to drive up interest, so it is important to also consider the estate agents’ marketing strategies and evaluate which methods you think would be best to sell your house for the highest asking price. 

Understanding your finances so you are able to decide if selling your home is right for you 

Alongside a valuation, book an appointment with an independent mortgage broker who will work with you to calculate how much equity is in your current property, that can be put towards your new purchase, as well as how much lenders will allow you to borrow. Speaking to an independent broker in comparison to a bank is always beneficial as they have access to a much larger selection of lenders, so will be able to secure you the best deal.

Nowadays, many estate agents are offering in-house mortgage brokers alongside their sales services, which can be a great way to keep the majority of the process under one roof and minimise the chance of any fall-through. This way a solicitor is dealing with fewer points of contact, and can further increase your chance of your property sale going as smooth as possible. 

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