A Guide to Selling a Residential Property

  • 1

    NOTIFY YOUR LENDER

    If you have an existing mortgage on your property, inform your lender about your intention to sell. Find out the total outstanding mortgage amount and check for any early redemption charges. Consider delaying completion until the penalty period ends, especially if it’s expiring soon.

  • 2

    CHECK YOUR ENERGY PERFORMANCE CERTIFICATE (EPC)

    Arrange for an Energy Performance Certificate (EPC) if you don’t already have a valid one for your property. You can either organise it yourself or through your estate agent if you have appointed one.

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  • 3

    GET YOUR PROPERTY VALUED

    Obtain valuations from local estate agents or review sales of similar properties online. Discuss the asking price with the estate agent, considering recent sales in your area.

  • 4

    PUT YOUR PROPERTY ON THE MARKET

    If you choose to work with an estate agent, sign a legally binding contract with them, outlining their terms and their obligation to promptly communicate and provide written offers.

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  • 5

    FIND A RELIABLE PROPERTY SOLICITOR

    Find a trustworthy Property Solicitor who will represent you throughout the selling process. Look for competence and reliability rather than solely focusing on the cheapest option to minimise stress and delays.

  • 6

    GATHER YOUR DOCUMENTS

    Collect all relevant documentation for the property, including planning consents, building regulation certificates, guarantees, and service information for heating systems. For leasehold properties, ensure the ground rent and service charges are up to date, and gather relevant lease and management company documents.

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  • 7

    COMPLETE THE FORMS

    Fill out the necessary forms and questionnaires to provide the buyer with comprehensive information about the property.

  • 8

    CONSIDER THE OFFERS

    Evaluate each offer individually and accept the one that best meets your needs. The highest financial offer may not always be the most suitable if other factors align better with your requirements.

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  • 9

    TAKE THE PROPERTY OFF THE MARKET

    Instruct the estate agent to remove the property from the market once you have accepted a satisfactory offer. However, the estate agent must still pass on any further offers they receive for your consideration.

  • 10

    REQUEST THE CONTRACT

    Instruct your Property Solicitor to prepare the legal contract for the transfer of ownership.

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  • 11

    ANSWER PROPERTY QUERIES

    Your Property Solicitor may receive enquiries from the buyer’s conveyancer. Address any queries promptly and accurately, especially those specific to the property. Consult with your Property Solicitor if uncertain about the appropriate response.

  • 12

    NEGOTIATE A COMPLETION DATE

    Through your Property Solicitor, negotiate the time between the exchange and completion of contracts. Consider the length of the property chain and any survey-related issues. Finalise agreements on fixtures and fittings to remain in the property.

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  • 13

    REVIEW THE CONTRACT WITH YOUR PROPERTY SOLICITOR

    Before signing the contract, carefully review it with your lawyer to ensure all details are correct. Verify that the property’s extent and land are accurately represented in the contract. Remember that signing the contract does not commit you to the sale until the formal exchange of contracts takes place.

  • 14

    EXCHANGE CONTRACTS

    Once contracts are exchanged, both you and the buyer are legally committed to the transaction. Failure to complete the sale without valid reasons may result in the return of the buyer’s deposit to them and potential legal consequences. Coordinate the exchange of contracts if you are also buying another property simultaneously.

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    COMPLETION AND FINAL STEPS

    The funds are transferred, and you receive payment. The property ownership is transferred, and the conveyancers exchange the title deeds. The keys are usually handed over, often through the estate agent. Ensure that the property is emptied of your belongings, leaving only the agreed fixtures and fittings. Your Property Solicitor will handle mortgage repayment, estate agent fees (if applicable), and distribute the net proceeds to you or allocate them to your related purchase if you’re buying another property.

    Congratulations on successfully selling your property!