Energy Performance Certificates
When thinking about selling your property, you must have an Energy Performance Certificate E.P.C. for short . This should be offered free to prospective buyers. This E.P.C. supplies current information about energy efficiency in the property. Differing bands, are used as ratings, letters A -G The letter A is the more efficient and G the least. This certificate, is produced by a domestic energy assessor.This must be produced, within a 7 day period of offering up the property for sale.
As of January 2013 you should show an EPC rating attached to advertising a property for sale, in no matter what format. A penalty charge of £150 – £200 per property can be incurred, if this rating isn’t provided. A certificate is valid for ten years, and can be used numerous times during this period. Check the internet for more information.
Sell the property yourself, or use an Estate Agent?
If you decide to use an estate agent, it will be an added expense. The estate agent, will however alleviate, the pressure from your shoulders, to take on the duties of showing prospective buyers around the property, advertising and negotiating a good price for your home. On the other hand, if you decide to sell the property yourself, and find a buyer, you could save money. You must be confident in handling people though, and acquired skills necessary to achieve a sale. time must be in abundance, to sort out viewings, handle advertising, and be on standby for any problems, that could arise along the way. it is the beginning of a journey into the selling world, if you take the challenge yourself.
Quick House Sales
There are numerous companies, that will offer to sell your property for you. They will offer, to buy your house, sell it for you, maybe to a third party, on your behalf, but not for the full market value. Be careful, if you are thinking about using this type of company. The Office of Fair Trading, have been forthright in their concerns about quick selling firms. It is a risk to take, as some of these companies, may reduce the price offer on your property at the last minute. This makes you out of pocket, with a considerably lower price achieved. Also, you will not get to know, why is buying your property, or whether they have the necessary finances to follow the sale through.
Finding a buyer yourself – How much should your asking price be?
You must decide on an asking price for your property. Estate agents, may offer a free valuation, and it is always desirable to get more than one estate agent to offer their valuations, to compare. A formal valuation, can be asked for, but the estate agent, will charge for providing this information. There are other ways to find out the cost of houses similar to yours, by looking through local papers, which advertise houses for sale, estate agent’s windows, which will provide relevant house price information.
Before going through the house selling process, it is important to focus on and consider:
* Doing repairs, or freshening up your décor, to make it easier to promote your property and achieve a sale.
* Paying for a survey, to rule out, any doubts of major problems that you think could affect the house value, for example, concerns about the state of the roof.
If you live in Wales, the government has a scheme called Houses into Homes, which provides a loan system to help make property fit for sale. It is available through the local authority. if you live in wales, and need more information about this scheme, visit website new.wales.gov.uk decide in advance, which items or extras you will include in the sale. These extras, could include, carpets and curtains, these are known as fittings. They could be sold separately or included in the asking price.
Be clear, to the buyer what you will include in the sale. Certain items, such as fireplaces and the central heating system are known as fixtures, and are naturally included in the house sale. Providing an exacting list, which outlines what you are leaving, fixtures and fittings, will clarify without any doubts, of the items you intend to remove or are prepared to sell, avoids problems at a later date. Normally, a prospective buyer, will not offer the seller, the actual asking price. You should, allow for this scenario, and set your price a little bit higher than you actually expect to get for it.
Research, and find out the price that your local newspaper charges for advertising house property for sale. Draft an advert to process, for the price you want to spend. The format, can be copied from existing advertisements, with obvious adjustments. Put for sale notices in shop windows, to promote your property, don’t give your address, but provide a contact number. You can also facilitate a sale, by producing a leaflet to handout to prospective buyers. This can highlight, room size and inform about local amenities, car parking facilities and local schools. property, can also be advertised on the internet, to connect to a wider audience.
Use an Estate Agent – maybe?
Research your estate agent, don’t just use the first one you come across. Find out these details:
* How much, the estate agent will charge.
* The type of property they specialise in
* If the local estate agent has a good reputation. Ask friends and relatives about their experiences.
Estate agents, must comply fully with the laws, protecting consumers, and operate fair sales and marketing practices. Check the internet for more information. Type in Unfair trading.
Estate agents, don’t perform or give their services for free. They calculate fees, on the final selling price for your property, and take a percentage for their fee. Usually, this rate of commission is 1.5 – 2.6 percent. There maybe, hidden charges as well, so be on your guard, and find out before you hire them.
Additional costs may result from:
* A ‘For Sale’ board
* Preparing details of the property and photographs.
Confirmation of all the costs, must be agreed upon.
Sale by tender
Sale by tender, is becoming more popular amongst estate agents. Buyers, view the property on a day organised by the estate agent, known as an open day. Then if they are interested, an offer is made, but through a bid, which is sealed. the buyer, will probably pay the commission fee, as part of this process. But if you aren’t happy, to commit to this, don’t!
There are no laws governing this process, and it can be slightly confusing for the seller, if the agent doesn’t explain it clearly. One of the benefits, to selling your property by tender, is the agent’s commission fee, isn’t paid by the seller, you. It is off putting to the potential buyer though, as they are expected to to pay the fee. There are guidelines, for the estate agent to adhere to though, produced by the Property Ombudsman. You can find this guidance at www.tpos.co.uk
Agreements arranged by the Estate agent
‘Sole agency agreement’
This arrangement’s title, conveys, what the basis of the agreement is. If you use only, one estate agent to handle your sale. The agent may have the rights to ‘sole selling’ This depends greatly to what you have signed up for. These terms, need explaining in writing, if they are used in a contract. These rights, clarify that the estate agent, will have the right to sell your home, and need payment for their services. Even if you sell the property yourself, or find your own buyer. This agreement, must only be for a specific period of time.
If two estate agents act together, on your behalf, to sell your property, it is known as ‘joint sole agency’ This means, the estate agents, share the commission, when the property is sold, no matter which representative actually sells it. Multiple estate agents maybe used, the estate agent, who sells the property, will end up with the commission. The rate of the commission is nevertheless higher.
The Estate Agent – What they do
The estate agent, visits the property to value it, and advises on a price to ask for on the market. You can call on more than one estate agent to do this. Compare the asking price of similar houses in your locality. The main job, of the estate agent is to put together, house details to advertise the property for sale, to prospective buyers. Listing, number and size of the rooms, and fixtures and fittings, which will be left in the property. The estate agent is generally prepared to attend viewings, on your behalf, if you are working.
Complaints about Estate agents
Estate agents, must belong to an approved redress scheme. There are two schemes, the Property Ombudsman scheme and the Ombudsman services – property. If you have on-going complaints, and the estate agent, ignores, or does nothing about it, you can take your complaint further, to the scheme, your particular estate agent is covered by. You can also look further into related matters via the internet.
Who will you sell your property to?
It is your concern, who you sell your home to. No matter, whether you have used an estate agent, arranged selling the house yourself, and hopefully will receive, more than one offer for your property. It is your choice, who will be the owner of your domain. You don’t have to sell to the buyer who offers the most even. You may want to consider the following influencing factors
* Wants to move at the same time as you
* Is a first time buyer
* Is likely to get a mortgage, or is paying cash
* Isn’t part of a chain, has found a buyer for their own property
* If they are in a chain of buying and selling, how long is the chain?
An estate agent, will obtain all the relevant information from the buyer, if they are hired. Although, it is your choice, who you sell to, it is unlawful to discriminate against a prospective buyer, based on their religion or belief or race. An estate agent, has aspects of discrimination to adhere to. Further advice, is available via the internet.
If an estate agent, is used, their negotiating skills will come to the fore. They will negotiate, the best price for you. However, if you are selling the property yourself, you will have to negotiate the price yourself. Don’t make a rushed decision, be cautious.
The Acceptance Offer
You are at liberty, to change your mind, even if you have accepted an offer of sale. You must understand, that when an offer is made, it is subject to getting a mortgage. The potential buyer, can withdraw or negotiate the offer, if the survey shows up structural problems. If you are selling it yourself, keep a list of prospective buyers’ names and addresses, in case your offer on the house falls through.
Conveyancing or legal work
The estate agent, needs to inform whoever, is doing the legal side of things, when you have accepted an offer. It can be done by yourself, but it is a complicated procedure.
It is advisable to hire a solicitor, who has expertise in conveyancing. Most solicitors offer this service as matter of course. Check the internet for more information.
Conveyancer who is licensed
Licensed conveyancer can be used and shouldn’t be confused as being solicitors. there are no set fees, attributed to conveyancing.
* Check if the figure is a fixed fee, or is more expensive if more work is required
* Make sure VAT is included, and ask for a breakdown of costs.
* If the sale falls through, you need to know if you will still be charged.
When contracts, are exchanged before completion, a visit from the buyer, could be on the cards. Possibly, to measure up for new furnishings or building work, to get an estimate for this. No work should be started till completion. Utilities, such as fuel companies, and telephone companies, need to be informed, so they can take meter readings, before the hand over. Also the local council needs informing to change over names for the council tax.
The house must be emptied completely, and ready for keys to be exchanged. the buyer will hand over the rest of the purchase price to the solicitor, and this together with the deposit, will be handed to you. Good luck with your house sale.