The Selling Process

The selling process can seem complex, but we’ll use all our resource and experience to make sure it runs smoothly. Here’s our step-by-step guide to selling your property.

Step 1: Choose and Appoint an Estate Agent

The estate agent sells your house for you - and they try to make sure they get the best possible price in the specified time. The first step in selling your home is to choose and appoint an estate agent, who’ll value your home, market your home extensively to potential buyers and manage the sale through to completion. You pay them a commission for acting on your behalf.

We’ve got 6 sales offices across Middlesex, Hertfordshire and Buckinghamshire, each one staffed by people who have intimate knowledge of your area. We’ll help with every stage of your sale, from valuation to marketing and conveyancing. To find out how we can help, read Selling? Why choose us.

There are two ways you can appoint an estate agent.

Sole Agency is where one estate agent takes full responsibility for selling your home, and you pay them the agreed commission on completion. If you agree a sale privately you might also be required to pay commission, so check the contract.

Multiple Agency is an arrangement where you sell through more than one agent, but instruct them independently - so whoever sells the house gets the commission.

Because of our reputation, most of our sales are on a sole agency basis. With our network of offices you’re effectively getting a multiple agency performance at a sole agency rate.

When you first meet your agent, they’ll give you an estimated value for your home, and a commission rate for both sole agency and multiple agency.

Step 2: Instruct a Solicitor

You will need to instruct a solicitor or conveyancer to handle the legal aspects of selling your home. It is advisable to instruct your solicitor at the same time as appointing an estate agent. This will help to avoid delays and allow time for the collection of necessary documentation involved in transferring ownership of your property to the buyer (known as conveyancing).

We can recommend a local solicitor to you from our panel list of approved solicitors at Gibbs Gillespie Conveyancing who combine good old fashioned know-how with modern and caring customer service.

Step 3: Presenting your property

Presentation of your property is a critical factor in achieving the highest possible price. We get so used to the places we live in that it's sometimes hard to see them through others' eyes. But if you want a successful, quick sale, that's exactly what you have to do and first impressions count for a lot.

A few hours spent making your property look its best or even spending a bit of money to clear up some niggling problems could add to the price you get from a buyer. Here's a few tips to get you started.

Making your property more saleable

Think like a buyer - don't overlook flaws just because you don't mind them or you're used to them
Reduce clutter - get rid of everything but the bare essentials
Decorate neutrally - buyers need to be able to see it as their own home
Keep it light - clean the windoes and use light colours
Outside and in - buyers will often walk or drive pat first, and fresh paintwork and well cared for outside spaces make a great first impression.

You're ready for your estate agent to start showing buyers round.

Step 4: Considering Offers and Agreeing the Sale

As your agent we will start to generate offers from interested buyers. We will present each offer to you both verbally and in writing and negotiate on your behalf to get the best price for your property.

Here's what information we will discuss with you:

Once you've accepted an offer we'll pass on the good news to your buyer and start drawing up the paperwork.

Step 5: Up to Exchange of Contracts

Your buyer will provide us with their solicitor’s details, which we will pass on to your solicitor, so they can get on with drawing up the draft contract and the HIP for sending to the buyers solicitor.

The next stage is where the buyer and their mortgage lender carry out any valuations and surveys on the building and check that everything is as it should be with the paperwork. It’s quite normal for a few queries to be raised, so this stage can take a little while.

Once the buyers mortgage offer (if required) has been confirmed, and all enquiries including local authority search have been agreed you and the buyers will sign the contract and the buyers will pay their solicitor a deposit (usually 10% of the purchase price).

When this stage is complete, you’re ready to exchange contracts and set a completion date, when the money gets transferred, and the property legally changes hands, the conveyancing process will be complete.

Completion is normally four weeks later, but can be earlier. It might even be possible to exchange and complete on the same day if you need to. Leaving a gap gives you time to make arrangements for moving out and tie up any loose ends.

After you’ve formally exchanged contracts the sale is legal and binding which means, you’re legally obliged to sell the property to your chosen buyer and they’re obliged to buy it from you.

You will need to move out on or before your completion date. As soon as you have completed the sale the property belongs to your buyer and they can move in immediately.

Step 6: Completion

The date of moving will have been agreed by both parties. Completing the sale is usually as simple as getting a phone call from your solicitor telling you that everything has gone smoothly and that the balance of monies (usually 90%) have been transferred from the buyers solicitor and cleared in your solicitors account.

This means both parties’ mortgages have been paid off and new arrangements put in place, the conveyancers have successfully arranged the legal transfer, and the property officially belongs to your buyer.

The keys should be left with the estate agent for collection by the buyer.

You’ve sold your property – congratulations!