According to a recent survey, 1.1 million homes were recently sold in the UK. But what the survey did not mention is the UK house-selling process. Placing a house on the market requires making timely decisions that can save you a lot of money. Here is your complete guide to selling the house easily.
The first step in the UK house-selling process is identifying the finances. If you are switching policies, the seller may need to browse the mortgage documents or talk to the lender. In addition, if the house owner is relocating to an expensive property, they can re-mortgage the deal too. Unfortunately, the calculations are estimates. Therefore, stay organised for the future.
The house owner must consider their future when the house sale is complete. Renting reduces the stress of buying a new home. On the other hand, it increases expenses too. It is an excellent motivator to move on with the process. Therefore, do not rent if you have discovered your ideal new home, as you might lose it to a high bidder.
You can sell your home yourself. However, a real estate agent is an expert in the UK house-selling process. They identify the complications. Furthermore, they are professionals at resolving matters. The seller is encouraged to browse and interview different agencies to discover the best fit. A real estate agent at TRPE will sell the house expertly.
Energy Performance Certificate ranks the property regarding energy consumption efficiency. The certificate is valid for a decade. It mentions the property’s energy consumption and recommends ways to reduce wastage. Sellers must provide EPC to the buyer. Otherwise, the sale is invalid. If the property does not have an Energy Performance Certificate, the owner must hire an assessor to produce the relevant documentation.
Deciding on the house selling price is one of the most annoying steps in the UK house selling process. The seller wants to sell their home for maximum value. However, the sale will not happen if the asking price exceeds the market value. Therefore, the price must match the housing market to attract buyers. The price will likely drop when the buyers negotiate, so bear that in mind too.
Here are a few ways to make the house look presentable for the potential buyer:
A solicitor will draft and supervise the legal paperwork related to the UK house-selling process. As a result, the sales process is completed sooner than expected. However, you must hire a conveyancing solicitor before the house goes on the market. You can ask for references to ensure you work with the best legal professional.
The next process in house selling involves answering detailed questions for record-keeping purposes. The solicitor will provide the following to the homeowner:
The buyers will now present different bids for the house. Some are less than five to ten per cent of the market value. Therefore, the seller must remain patient. In other words, do not reject or accept an offer immediately.
The draft contract is the first legal document the solicitor creates. It will mention the initial deposit, price, and other details. The document also mentions mortgages and environmental harms. The seller is sent a copy for confirmation.
Exchanging contracts means the sale is legally binding. The buyer or seller will face penalties and fines if they do not comply. However, the probability of that happening is very little as parties are usually relieved that the legalities are concluding.
After the contracts are signed, the seller will move out of the home. At the same time, the buyers receive the property keys. The solicitor will complete the following requirements before transferring the money to the seller’s solicitor:
Hiring an estate agent to sell the house takes several days to weeks. Meanwhile, the seller will interview and browse different agencies. High-end, traditional, and online agents are some of the options.
Listing and marketing the property in the house-selling process timeline in the UK takes one to two weeks. Some agencies also use social media to maximise exposure and attract buyers for viewings.
After the buyer and seller are pleased with the offer, the solicitor will figure out the legal details. The procedure can take nine weeks. The buyer may hire a surveyor to renegotiate the price according to marketing findings.
Lastly, the house-selling process timeline in the UK for exchanging contracts is two weeks. As a result, the entire house-selling procedure can take 12 to 27 weeks. However, the timeline can extend or shrink according to the price, agent, market, and other factors.
TRPE will save time and money throughout the house-selling process timeline in the UK. We have years of experience in dealing with international and local clients. TRPE is reachable via phone and email, so contact our experts today. Visit https://trpe.co.uk/ to learn more about services and core values.
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Learn MoreA step by step guide to selling your property in London. Speak to one of our London experts if you need more information.
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