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Seller's Guide

Being an estate agent in Birmingham, selling properties is our bread and butter. But if you’ve never sold a property before, doing so can be quite a daunting task. With that in mind, we have created a step-by-step guide to selling a property, as well as a checklist that can be downloaded below, in order to help alleviate some of the stress and uncertainty this process might otherwise create. 

Step 1

Inform Your Mortgage Lender
The first step to selling your property is to inform your mortgage lender that you wish to do so. They will then be able to tell you how much of your current mortgage is outstanding, whether that balance can be carried over to the new property (if you are planning on buying another property), and whether there are any early repayment charges. 

However, if you are lucky enough to be mortgage-free, then you should skip to step two where you should begin requesting valuations.  

Step 2

Request Valuations

Before putting your property on the market, it is important to request several estate agents to value your property to ensure you receive an accurate valuation. Be mindful of estate agents that deliberately overvalue your property to win your instruction. This is usually a free service and you are under no obligation to sell your property with the estate agents that value your property. This step is crucial in order for you to determine; how much you’re going to be able to spend on your new property (if you wish to buy another property), and how much will be left to spend after the current mortgage is paid for.

Step 3

Choose An Estate Agent

Once you have received the valuations for your property, your next step should be to decide which estate agent you’re going to instruct to market and sell your property. This shouldn’t just be the estate agent that gave your property the highest valuation because estate agents will sometimes overvalue your property in order to win your instruction. This often results in people having difficulties selling their property.

 

But fear not. Our article on ‘how to choose an estate agent’ will provide you with some excellent tips on how to decide which estate agent is the best fit for you.

Step 4

Choose An Asking Price

While you should bear in mind the valuations the estate agents gave your property, it is also important to consider that your property is in competition with every other property on the market in your area. Why would a buyer pay £225,000 for your property if they can buy a near identical property for £200,000? 

 

Therefore, it is important to have a reasonable asking price that takes into consideration the price that similar properties in your area are being sold for. By researching those prices, you can eliminate estate agents that over valued your property to win your instruction.

Step 5

Prepare Your Property

Staging your property to make it appear more desirable will mean your property is more likely to sell quicker and could even increase it’s value. This can be done simply by ensuring your property is tidy with no mess or clutter, as well as by applying a fresh coat of paint to areas that need it. 

 

In this article here we go into detail on how you can make your property more appealing to potential buyers during the viewing process. 

Step 7

Exchange Contracts

Once you have formally accepted an offer for your property, the buyer’s mortgage lender will likely instruct a surveyor to survey your property for any defects and their solicitor will conduct searches on the property to ensure there isn’t a risk of problems arising in the future. 

 

Providing no issues have been highlighted, the buyer and seller exchange contracts and negotiate which fixtures and fittings are included in the sale, as well as agreeing on a completion date. After this point, the buyer and seller are now legally committed to the sale of the property. 

Step 6

Hire A Solicitor

When you’re selling a property, a solicitor is required in order to handle any legal paperwork including the transfer of the property from the seller to the buyer. During the course of the sale, the solicitor will provide the seller with several forms and questionnaires for them to complete about themselves and the property. 

 

As a seller, you should consider hiring a solicitor as soon as possible so that once a suitable offer is received and accepted, the sales process can be completed as soon as possible. 

Step 8

Moving Out & Completion

Once the contracts have been exchanged with the buyer, the seller can begin moving out of their property at any point between now and the agreed to completion date. 

 

When the seller has moved out, keys are handed to their estate agent ready to hand over to the buyer on completion day. On that day, the mortgage or cash funds are released to the seller who pays off their remaining mortgage on the property, as well as any remaining legal fees, and fees to their estate agent. 

Seller's Guide

Being an estate agent in Birmingham, selling properties is our bread and butter. But if you’ve never sold a property before, doing so can be quite a daunting task. With that in mind, we have created a step-by-step guide to selling a property, and a checklist that can be downloaded below, in order to help alleviate some of the stress and uncertainty this process might otherwise create. 

Step 1 - Inform Your Mortgage Lender

The first step to selling your property is to inform your mortgage lender that you wish to do so. They will then be able to tell you how much of your current mortgage is outstanding, whether that balance can be carried over to the new property (if you are planning on buying another property), and whether there are any early repayment charges. However, if you are lucky enough to be mortgage-free, then you should skip to step two where you should begin requesting valuations.

Step 2 - Request Valuations

Before putting your property on the market, it is important to request several estate agents to value your property to ensure you receive an accurate valuation. Be mindful of estate agents that deliberately overvalue your property to win your instruction. This is usually a free service and you are under no obligation to sell your property with the estate agents that value your property. This step is crucial in order for you to determine; how much you’re going to be able to spend on your new property (if you wish to buy another property), and how much will be left to spend after the current mortgage is paid for.

Step 3 - Choose An Estate Agent

Once you have received the valuations for your property, your next step should be to decide which estate agent you’re going to instruct to market and sell your property. This shouldn’t just be the estate agent that gave your property the highest valuation because estate agents will sometimes overvalue your property in order to win your instruction. This often results in people having difficulties selling their property.

 

But fear not. Our article on ‘how to choose an estate agent’ will provide you with some excellent tips on how to decide which estate agent is the best fit for you.

Step 4 - Choose An Asking Price

While you should bear in mind the valuations the estate agents gave your property, it is also important to consider that your property is in competition with every other property on the market in your area. Why would a buyer pay £225,000 for your property if they can buy a near identical property for £200,000? 

 

Therefore, it is important to have a reasonable asking price that takes into consideration the price that similar properties in your area are being sold for. By researching those prices, you can eliminate estate agents that over valued your property to win your instruction.

Step 5 - Prepare Your Property

Staging your property to make it appear more desirable will mean your property is more likely to sell quicker and could even increase it’s value. This can be done simply by ensuring your property is tidy with no mess or clutter, as well as by applying a fresh coat of paint to areas that need it. 

 

In this article here we go into detail on how you can make your property more appealing to potential buyers during the viewing process. 

Step 6 - Hire A Solicitor

When you’re selling a property, a solicitor is required in order to handle any legal paperwork including the transfer of the property from the seller to the buyer. During the course of the sale, the solicitor will provide the seller with several forms and questionnaires for them to complete about themselves and the property. 

 

As a seller, you should consider hiring a solicitor as soon as possible so that once a suitable offer is received and accepted, the sales process can be completed as soon as possible. 

Step 7 - Exchange Contracts

 

Once you have formally accepted an offer for your property, the buyer’s mortgage lender will likely instruct a surveyor to survey your property for any defects and their solicitor will conduct searches on the property to ensure there isn’t a risk of problems arising in the future. 

 

Providing no issues have been highlighted, the buyer and seller exchange contracts and negotiate which fixtures and fittings are included in the sale, as well as agreeing on a completion date. After this point, the buyer and seller are now legally committed to the sale of the property. 

 

Step 8 - Moving Out & Completion

 

Once the contracts have been exchanged with the buyer, the seller can begin moving out of their property at any point between now and the agreed to completion date. 

 

When the seller has moved out, keys are handed to their estate agent ready to hand over to the buyer on completion day. On that day, the mortgage or cash funds are released to the seller who pays off their remaining mortgage on the property, as well as any remaining legal fees, and fees to their estate agent. 

 

© 2021 Matthews Estate Agents
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G.N. House, 119 Holloway Head, Birmingham. B1 1QP

Tel: 0121 358 0008
Email: admin@matthewsestateagents.com

For any queries about our sales or lettings services, you can get in touch with us directly via phone, email, or through our social media links below.

Phone: 0121 358 0008
Email: admin@matthewsestateagents.com
Address: G.N. House, 119 Holloway Head, Birmingham. B1 1QP.

  • Facebook
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© 2021 Matthews Estate Agents
Privacy Policy