How to Sell Your House: A Step-by-Step Guide
Selling a house can be a lot more daunting than buying one as it’s usually a more complex process. From finding the right conveyancer to preparing for your completion day, there’s a lot more to think about and it can often feel like too much to handle at once. But with the right help, it can be a lot simpler than you think.
Compare My Move have created this guide to help you through the process of selling your house, breaking it down step-by-step to make it a lot easier to digest. We will go through each section in detail, helping you plan what to do and when to do it.
1. Organise Your Finances
Before you commit to selling your home, you need to make sure that you can definitely afford to sell and move out. For example, if you’re paying a mortgage on your current home, you’ll need to contact your lender and find out if there are any charges for exiting early or for transferring it to another property.
If you find out how much you can borrow for your new home, this will help you set a budget for how much you’ll be willing to pay for your new home. You’ll also need to calculate how much stamp duty you’ll be paying if you’re buying a property after you sell, as well as the other costs included in selling a house, such as conveyancing costs.
2. Find an Estate Agent
Next, it’s time to choose an estate agent to help you sell your house. It’s possible to do it alone but there are many benefits to using a professional estate agent to list your house for sale. Hiring an estate agent will take a lot of the pressure off you as they’ll advertise your property and arrange viewings with potential buyers.
Study the property portals, local agents websites and local property newspaper supplements to see which agents sell your type of home in the area. This should give you a shortlist of estate agents to choose from.
You should compare up to three estate agents’ market appraisals, this will include their suggested asking price for your home, details of their marketing strategy and evidence of similar homes they have sold close by in recent months. Make sure you have all the necessary information before choosing someone and to ask all the necessary questions. Shop around to find the best price and don’t neglect online estate agents as an option.
3. Have Your Property Valued
Before deciding on an asking price, it would be worth getting your property valued. If you set a high and unrealistic asking price you risk putting buyers off, whilst going too low can leave you out of pocket. Research other properties for sale in your local area for comparison and have your house valued by a number of different estate agents.
Your potential buyers will most likely need to conduct a mortgage valuation so it’s also good to have your own for comparison. You can even use the Land Registry as a way to get a basic valuation of your house and properties in the surrounding area. You can also look on property portals to see the asking prices of similar homes in your area.
4. Set an Asking Price
Deciding on an asking price can be daunting, but it’s an important step to get your house on the market. Your estate agent can advise you but the decision is down to you. Try to be realistic with the price but keep in mind that many buyers will try to negotiate the house price.
Take your chosen estate agent’s advice on this. Good agents vary their advice according to the state of the market in your area. Sometimes they will suggest a relatively low price to encourage rival buyers who will in turn offer more - perhaps well above your asking price. If the market is relatively weak, they may suggest a realistic price to avoid your property being seen as too expensive compared to similar homes nearby.
For further help, Compare My Move also have a guide discussing how much to sell your property for. This article will go through the necessary steps to take to help you make a final and informed decision.
5. Get the Necessary Paperwork in Order
To help move the process along, you need to get your paperwork organised as early as possible. Your conveyancing solicitor will remind you if there are additional documents required. Here’s a list of the main documents you’ll need to sell your house:
- Property title deeds
- Energy performance certificate (EPC)
- Property details and floorplan
- Recent utility bills
- Electrical certificates
- Building regulation certificates
- Planning permission certificates
- Buildings insurance policy
- Contents insurance policy
- Mortgage account number
- The lease if it’s a leasehold property
If you cannot locate some documents, particularly building regs or planning consent documents, then you may be recommended by your conveyancing solicitor to take out a relatively low-cost insurance policy against future claims.
6. Prepare Your Property
Once everything is in order, it’s time to prepare your property for any upcoming viewings. Give your house a deep clean and start removing any personal touches. You can’t think of it as yours anymore as it needs to be attractive to a range of people. Declutter the rooms, spruce up your garden and fix any minor issues to increase the chance of selling. To help you prepare, take a look at our house viewing checklist to see things from a buyer’s perspective.
A study conducted by the HomeOwners Alliance found that 68% of homebuyers in 2019 believed that “kerb appeal” was an important factor when buying a house. In the survey of over 2,000 British homebuyers, it was discovered that the key features they were looking for were well-maintained windows and a roof in good condition. These are just two factors to consider when preparing your property.
If you discover any major issues inside your property, it could be worth having a property survey to calculate the potential repair costs. You can then use the results to either renovate and improve the property or to alter the asking price. Many buyers will use a house survey to negotiate on the price and so having one to compare the results to can be vital.
7. Help With the Marketing of the House
Preparing your house not only makes it more attractive during viewings, but it also helps with the marketing side of the sale. Your estate agent should send a photographer to your property to take professional photos before putting it on the market. Cleaning and preparing your house will make the photos look even better, attracting potential buyers.
Along with the images, your estate agent will also need to write a description of the house and include a floor plan. Make sure you check these carefully before they are finalised and sent to prospective buyers and property websites. Once this is completed, your property will be advertised online.
8. Prepare for Viewings
Many high-street agents will conduct viewings on your behalf, but if you’re selling a house alone or through an online agent, you may need to conduct them yourself. If possible, it would be wise to have your estate agent conduct them for you as they have experience and can help make potential buyers feel more comfortable.
Once you know the dates of the viewings, try to ensure that you and any other occupants are out of the house. If you have children or pets, make sure they’re either with you or with friends or family. You don’t want too many people there as a distraction and so the fewer people there the better. Ensure your home appears in perfect condition.
9. Hire a Conveyancer
While you’re waiting for the house to sell, you should begin comparing conveyancers. Here at Compare My Move, our conveyancing partners are put through a strict verification process to ensure they’re fully regulated, trained and qualified to provide the highest quality services. The sooner you find a conveyancer, the more quickly you can begin the process once you accept an offer.
The conveyancing process is incredibly important when buying and selling a house. It’s the legal process of selling a property and is widely considered as too complicated to do yourself. A conveyancer or conveyancing solicitor will help organise and complete any legal documents, conduct the necessary conveyancing searches, draft the contracts and legally transfer ownership of the property. Make sure you compare quotes before choosing a conveyancer to see the different options available to you.
10. If it’s Not Selling, Reassess the Situation
If your property isn’t selling or you haven’t received any offers, don’t panic - talk to your estate agent and reassess the situation. It could be as simple as waiting for market conditions to improve or to lower the price. Look over your property’s online page - are the photos blurry or unappealing? Can you see all of the property? Although most estate agents will hire a professional photographer for you, perhaps you would prefer finding your own? Think of it from a potential buyer’s point of view. In extreme cases, you may want to consider changing estate agents.
Data collected by the independent property website, Property Road discovered that 78% of house sellers in the UK fail to sell their properties due to 15 specific reasons. The top 10 reasons include:
- A high asking price
- Not enough kerb appeal
- A cluttered property
- Bad photographs on the website
- Not enough photographs
- Your property isn’t listed in online portals
- Poor property listing description
- The lack of a floorplan
- The listing is missing vital keywords
- The estate agent isn’t responsive enough.
These are just a few of the things for you to consider if you’re concerned over not receiving enough offers. Each point can be easily fixed and so the sooner you address each issue, the sooner you may receive a more appealing offer.
11. Accept or Negotiate an Offer
If you receive one or more offers, it’s time to start thinking about whether you’re going to accept the offer or negotiate. Most offers will be less than your asking price so you may want to think about haggling until you reach a happy medium. If there’s no compromising, you’re within your rights to reject the offer outright. But negotiating can be a good way to ensure both parties are content with the deal.
Once you’ve found an offer you’re happy with, you must formally accept it. However, this agreement is not legally binding until you sign and exchange contracts and so it is possible to accept another offer from a separate buyer. However, this act is called gazumping and it’s often frowned upon due to its unfair nature.
In most circumstances, the agreed sale price is between 95% and 99% of the asking price.
12. Don’t Forget to Go House Hunting Yourself
Selling a house can be a daunting and time-consuming process so don’t forget to focus on your own situation too. As you’ll need to move out before the buyer can move in, it’s important to make sure you have somewhere to stay before ownership of the property is transferred.
You can start house-hunting whenever you feel ready. But if you’d like to focus on putting your house on the market first then it would be wise to start looking when your house is under offer or Sold Subject to Contract (SSTC). The sooner you buy a house, the quicker the process can continue for both you and the buyer. Moving out early also reduces the length of your property chain, meaning a lower chance of delays and a quicker transaction.
13. Get Ready to Move Out
Whilst you’re negotiating the contract with the buyer, you should start preparing to move out of the property. Keep a clear line of communication with your estate agent and conveyancer so that you’re updated on any changes. The next step will be to exchange contracts. This is when you legally transfer ownership of the house and so you should be ready to start moving out by completion day the latest. The sooner you’re out of the property, the less stressful it will be.
Now is the time to start comparing removal companies to ensure you get the best deal from the most professional company in your local area. All Compare My Move removal partners are regulated by RICS and have gone through our strict removals verification process to ensure they deliver the highest of standards that our users expect. Take a look at our moving checklist if you’re not sure how to begin.
14. Exchange Contracts and Complete
This is the stage where the buyer becomes the new legal owner of the property. The buyer must pay the deposit for the house and the contracts must be signed and exchanged, making the transaction legally binding.
By now both parties should’ve come to an agreement on the contract. If there are any changes you want to make, you need to make sure they’re done before you exchange contracts. Once everything has been signed, it’s too late to pull out of the sale or to make alterations. If you withdraw from the sale without due reason, the deposit will be handed back to the buyer and there’s a possibility that you could be sued.
Once the contracts have been exchanged, you must agree on a completion date. It’s possible to exchange and complete on the same day, but it’s rare. Completion day often occurs 7-28 days after the exchange of contracts. On this day, your estate agent must hand over the keys to the buyer and you should move or be in the process of moving out. Completion day is when all the payments are made, the deeds are transferred and your house is officially sold.
Save on Your Conveyancing With Compare My Move
Once you’re ready to begin the process of selling your house, fill out Compare My Move’s quick and simple form to compare conveyancers, saving you both time and money. The sooner you’re prepared, the more quickly the process can be completed.
All of our partners are experienced, qualified and fully regulated by the appropriate regulatory bodies to ensure you receive the highest quality services. Whether you’re searching for conveyancers, surveyors or removal firms, we have everything you need in one handy place.