Simply Thanet Guide - Selling your own Home

Some people prefer to sell their own homes without the help or expense of an estate agent. For those that do, this step by step guide will help you along the way.

STAGE ONE - GETTING READY

Valuations

You will firstly need to establish a fair asking price, which should be based on the value of similar properties in your area. You should take into account the internal décor and perhaps leave a little room for negotiation, should you receive an offer below the asking price.

Find out what similar properties have bought or sold for in your area by asking any neighbours who have recently bought or sold their property. They may also have had their property valued recently for re-mortgage purposes.

Most estate agents will provide you with a free valuation but this not recommended practice if you clearly have no intention of using an estate agent.

Check prices of similar properties in your local newspaper and on the internet to get guide prices. It is important to get this right otherwise you will reduce your chances of selling the property or risk losing money on your sale.

Property Details

You should also put together some particulars about the property and take some digital photographs to put with the particulars.

The Property Misdescriptions Act 1991 makes it a criminal offence for estate agents and property developers to dishonestly and misleadingly describe property they are selling. This Act does not apply to individuals who sell their house privately. However you must still ensure that you do not mislead your buyer (either verbally or in writing) because they could sue you for damages for misrepresentation. They might even be entitled to pull out of the deal if the misrepresentation is discovered after exchange of Contracts.

Be careful to avoid subjective language and stick to the facts about your home. Be as accurate as you can. If you take a photograph, be sure to do it on a nice sunny day and try and avoid a picture with a refuse skip in the road or the next door neighbour’s car restoration project!

STAGE TWO- THE OFFER

When an acceptable offer is received from a potential buyer it is important to ask them for three things:

1. The offer in writing.
2. The contact details of their solicitor.
3. A copy of their mortgage offer or confirmation from their lender that an offer has been agreed in principle.

If you have decided not to use a local estate agent, you will need to take particular care that the offer is genuine before formally accepting it.

STAGE THREE- THE SALE

Find yourself a good local solicitor who specializes in Residential Conveyancing. They should provide you with a letter outlining their Terms and Conditions of Business and you should provide them with details of the Buyer and their solicitors.

Once instructed, your solicitor will ask you to complete a Property Information Form, Fixtures & Fittings Form and a Leasehold Information Form if your Property is Leasehold.

Your solicitors will also obtain the Title Deeds from you, or your Bank or Building Society if you have a mortgage, and prepare a Contract and sales pack for submission to your Buyers' Solicitor.

Your solicitors will then deal with any additional enquiries raised by the Buyer's Solicitor.

The Buyer or the Buyer’s mortgage company should now arrange a survey of your property. This is a crucial milestone in the process because it confirms that your Buyer is serious and willing to spend money. If the survey reveals any adverse matters, be prepared for the Buyers to come back to you to try and renegotiate the price. Always ask to see a copy of their survey and for any quotes that they have obtained for works to be carried out, in order that you can establish whether their request is a reasonable one.

When the Buyer is happy to proceed, your solicitors will send you your part of the Contract for signature and discuss with you the Completion date to aim for.

STAGE FOUR- COMPLETION

Once a suitable date for completion is agreed, Contracts are exchanged and a legally binding agreement is created.

On the day of completion, funds are transferred from the Buyer’s Solicitors to yours and the property is then theirs.

Ensure that you have made arrangements with regards to the handing over of the keys to the Buyers.