Several factors go into the decision of whether or not to sell a house especially if you are planning on buying a new one soon. The constant changes in house prices might affect your decision to put your house up for sale. Rapidly rising prices could mean you might not be able to afford to buy a place much bigger than your current one. Also, your equity state should be considered. If you are currently in negative equity, you might want to accept that selling your house might not be the right move for you at the moment. In addition, the cost of moving from an old (sold) house to a new one would take up a huge chunk of money gotten from the sale that you might be better off expanding your current home.
If you are planning to sell your home, your first step should be to notify your mortgage lender of your plans. It is important to find out the extent of your outstanding mortgage, and if you are going to be held liable for early redemption penalties. This will enable you to calculate the amount of money that will be left over after paying off the mortgage. As much as possible, get different quotations from mortgage lenders to find out how much they would be interested in offering you. Note that at this stage, all figures are just estimates, because you do not yet know how much you will sell your house for.
The sale of your property can be handled by you as the owner, a traditional estate agent, an online estate agent or a cash buyer. With time and patience, a house sale can be successfully negotiated by you. If you decide to use a local estate agent, a bit of research is necessary before making a final choice. Find out the track records of the agents you are comparing, how quickly they make sales and how resourceful they are in terms of achieving a sale that is close to your asking price. Sole agents or multiple agents can equally handle property sales. When agreeing on fees for your estate agent, a sole agent will usually collect 1% plus VAT. Online agents are also a viable option and are becoming quite popular. You can simply go straight to a cash buyer, saving you a lot of stress and time. A cash buyer usually will make an offer close to the estimated value of your house and has the advantage of giving a fast sale without any fees to be paid.
Deciding on an asking price is one of the most difficult decisions in selling a home. Ways to make it easier include carrying out extensive research and understanding how the real estate market works. A number of agents can be gotten to provide a value estimation of your property. Different reports of the value of your property will be provided and the most reasonable one should be picked. Going for the highest price might only serve to put off some buyers. In addition, include some 5% to 10% addition to you asking price to make room for negotiations by buyers.
Putting effort into preparing your home can really improve the value of your home and make the difference in how quickly your house gets taken off the market. Preparing or staging a home for sale involves tidying and keeping it clean, getting rid of clutter and bad odours. A fresh coat of light-coloured paint will give your home a more inviting look and feel.
Yes. A solicitor or conveyancer can handle the legal side of a house sale which is a very necessary part of the whole process. Ideally, the choice of firm should be made before the sale of your house is carried out. Your estate agent will recommend a conveyancing firm but you can get quotes from other firms before making your final decision. This is because your conveyance firm might include a hefty referral fee in your bill.
Yes, you can. Even though the estate agent is obligated to pass all offers to you, you are not legally bound to any. You are free to change your mind if you accept an offer and are later presented with a higher offer. You are only legally abound to an offer after you have formally accepted the offer, and contracts have been exchanged.
After completion of sale, the property must be in the agreed upon condition as stipulated in the contract. In some cases, the estate agent and the buyer may visit the property as the sale of the property comes to an end.
Change of ownership is what is usually required for a property sale to be completed. You collect payment and turn over the keys to the new owner. Upon the day of completion, usually at midday, the money is transferred to you in return for the deeds of the property. The new ownership is then registered by the conveyancing firm with the Land Registry.
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