Use our UK Finance guide and learn by experience. We outline pitfalls so that you don't have to learn the hard way, as many of us often do.
Property
Selling your home
How To Sell
Unless you're richer than Croesus, before you can move house you’ll need to sell the place you currently call home. How easy this will prove depends on factors that are, by and large, completely out of your control.
How long will it take?
This depends on the area in which you currently live, the sort of property you have, and the state of the local housing market. As a rule of thumb - and depending on how pushy you are, how loudly you shout at lawyers and how thick your skin is - you should allow at least two months from the date you accept an offer to the day you move out. Must I use an estate agent? No. Convenience, however, dictates that most people leave the sale in the hands of estate agents, even though dealing with one can sometimes make you feel like you're being force-fed marshmallows! They will draw up the details of your property (how else would you know whether or not your flat is a 'duplex' or a 'maisonette'?), measure up the rooms, help you determine the property’s market value and arrange viewing with potential buyers.
How much do they charge?
Most estate agents take a percentage of the price as their fee, paid in full when the sale is completed. This is often between 1.5 and 4 per cent and tends to be higher in London than elsewhere.
Who to choose? You can sign up with one company on a 'sole agent' basis, or take on several as 'joint agents'. The fee tends to be higher if you do the latter, but you increase your chance of the property being spotted by buyers.
How much economy with the truth?
Everyone expects a certain amount of embellishment in estate agents' descriptions - any flat will become a 'luxury apartment' and if you live within five miles of a particularly desirable area you will suddenly find yourself on its borders. However, downright lies are unacceptable. Your estate agent has a legal obligation to provide accurate information about the property. This means accurate measurements for rooms and truthful descriptions of facilities. So if you haven't got gas central heating and sole use of the garden, don't let the agents say you have. Do, however, make sure they don't forget to mention any particularly desirable features.
What are my other options?
An alternative to signing up with an estate agent is to use one of the new online property marketing companies. These will, for a fee, provide you with a 'For Sale' sign and printed descriptions of your property. You could even produce these yourself, but remember that nothing is more likely to put off prospective buyers than a shoddily-made sign.
How to show your property
Soft or hard sell?
How you show your property can have an impact on how long it remains on the market. Don't be too pushy or you may put people off, but don't be too modest about your home. Make sure you highlight things that are particularly good about it, and if you are happy to leave any fixtures or white goods behind, (kitchen units etc) make a point of mentioning this.
How will I find out about offers?
An estate agent is obliged to pass on any offers that are made on the property - even if they are ludicrously low. It is up to you how much you accept, and your decision is likely to be influenced by how quickly you need to sell the property.
What happens after I accept?
When you do accept an offer, your solicitor will be sent a series of questions by the buyer's brief, and these will be passed on to you to answer. As well as covering what fixtures and fittings are being left, there will be enquiries about boundaries (which bit of the garden fence is your responsibility, for instance), any alterations you may have made to the property and your relationship with your neighbours.
Honesty - the best policy?
Love thy neighbour?
Obviously, the seller won't care if you've been having an affair with Mrs Jones at number 44 for the past year, but they’ll want to know if there are any ongoing disputes with your neighbours. Failure to disclose this is illegal, and if the dispute continues after the new people move in you could find yourself on the wrong end of a lawsuit.
Where do I sign?
Once you have returned the enquiry form and the contracts have been drawn up, it's time to exchange them. It's at this point that you agree a date for completion - the date you have to move out. When that day arrives you must drop the keys off at the estate agent where, after your solicitor calls to say you’ve got the money, the new owner can pick them up.
The completed story?
Now, as anybody who’s bought a property will tell you, unless you’re incredibly lucky and everything clicks smoothly into place, you’re bound to hit a few snags that will put weeks onto the process. And until contracts are exchanged – the penultimate piece in a very big jigsaw – it can all go pear-shaped and you’re back to square one. It ain't over till that lady signs…
Summing Up Final thoughts
Bear in mind that your property is your biggest asset. Although the meek may inherit the earth, when it comes to property transactions the meek tend to get shafted. Be aggressive. Remember: you didn’t put your house on the market to make friends…
