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Selling a property through Parkheath EstatesYou Are Here: London Estate Agents > Selling your property A good estate agent will earn their fee by accurately valuing your property and promoting it at its best market value. They will reach more potential buyers and be on hand to field enquiries and vet the time wasters from the serious applicants. A good estate agent will also help with negotiations – should they be necessary – and be available to give advice and bring the sale to completion speedily and professionally. In essence, a good estate agent will pay for itself in the energy they put into your sale, and the time they will save you, and of course if they do not sell your property then they do not receive a fee! If you have obtained several valuations on your property, it is advisable to ask the agents for details of other properties which they have recently sold, in order to substantiate the higher valuations. This will help you to verify that the agent is being realistic and not giving false hope in order to obtain your marketing instructions. Remember that a first impression is very important to the marketing process and it is not ideal to see your home languishing on the market for weeks or months, being reduced in price time and again in order to secure a buyer. Valuing your propertyChoosing your estate agentGetting your property ready to marketEstate Agents’ feesAppointing a solicitorViewing hours Preparing your property for viewingsReceiving an offerAccepting an offer Preparation of a draft contractExchange of contractsCompletion
Valuing your propertyIn order to establish a value for your property, an estate agent will visit to perform what is technically called a ‘competitive market analysis.’ This takes into account factors such as the desirability of the area, local and national market trends, and any improvements carried out to the property (such as loft conversions) to calculate the ‘estimated market value’ of your property. You then use this figure to arrive at your asking price. There is no charge for a valuation. To request a free market appraisal you can either:
• Call us; Choosing your estate agentWhen choosing an estate agent to market your property, it is a good idea to put yourself in the buyer’s shoes. Think about first impressions and whether you would want to buy from them. What was their telephone manner like? Have they responded to any requests promptly and politely? Do their offices present a professional and welcoming image? Look in the local press and make sure they have a high profile in the property sections. If you have obtained several valuations on your property, it is advisable to ask the agents for details of other properties which they have recently sold, in order to substantiate the higher valuations. This will help you to verify that the agent is being realistic and not giving false hope in order to obtain your marketing instructions. Remember that a first impression is very important to the marketing process and it is not ideal to see your home languishing on the market for weeks or months, being reduced in price time and again in order to secure a buyer. Getting your property ready to marketOnce we have received confirmation of you instruction to place your property on the market with us, we will arrange for professionals to take photographs and to produce detailed floorplans of your property. The photographs are then used in our extensive marketing activities on our website, various property portals on the internet, brochures and mail drops and weekly and monthly advertising. View details of the extensive marketing service that we offer to our vendors Estate Agents’ feesFees are only paid on completion. If you decide on sole agency then your fees will be lower than multi agency. Appointing a solicitorParkheath Estates work with solicitors in the local area and are always happy to recommend a solicitor from our extensive database. It can definitely be an advantage to use a solicitor that has a good working relationship with your Estate agent. Viewing hoursParkheath Estates extending opening hours mean that viewings are conducted by our negotiators from: • Monday -Thursday: 9am - 7pm Viewings hours can be a little restricted, and we do ask people viewing a property to be punctual. It also keeps things simple if you can let us know straight away if you are interested – or not – in taking matters further regarding a property after viewing it. We act on behalf of the vendor, and we will be happy to pass on any queries you may have. We will also keep you informed about any other interest in properties that you view. Preparing your property for viewingsNow you have appointed a professional to market your property and handle the legal necessities, you need to prepare your property for viewing . It is always a good idea to complete any outstanding work and keep your property clean and cheerful for viewings. This will help to ensure a positive impression of your property • Paint the front door and ensure the entrance is clean and tidy. The following checklist is useful for preparing your home for viewings: • Tidy up. Receiving an offerWe will confirm verbally and in writing once we have received an offer on your property. If you have received an acceptable offer you need to make a decision as to whether or not to continue to market your property . We can advise you on this. If you decide to continue marketing you could undermine your buyer’s confidence and result in their pulling out. However, the buyer may wish to renegotiate or pull out following the survey or local authority search, leaving you vulnerable. These problems can be offset by arranging a verbal or written undertaking to take the property off the market after an agreed period while the survey and local authority search are being completed. Again, a good agent can advise you on this. There is always the possibility that you will receive multiple offers. It is also possible that you might receive several identical offers and need to decide between buyers. We can help in a number of ways in these circumstances to bring this situation to a satisfactory conclusion: Open bids ("Dutch auction"): The agent negotiates with each buyer until they drop out, one by one, and the highest offer is left on the table. This method can achieve a high final offer from the buyers in the best position to proceed. Sealed bids: Buyers are invited to submit their final offers in writing, and the sealed bids are opened at a pre-agreed date and time. The highest offer wins. This method is seen to be fair to all buyers. As people are casting their offers blind and have only one chance, they are encouraged to put down the maximum they can afford. However this system does not necessarily take into account which buyer is in the best position to proceed. Contract race: The buyers are advised that the vendor will sell to the buyer who can exchange contracts first. This avoids the vendor having to choose between buyers. Accepting an offerOnce an offer has been accepted the following details need to be agreed:
• Date for exchange of contracts. Preparation of a draft contractYour solicitor will forward a draft Contract of Sale and a copy of the title deeds (or copy of the lease if appropriate) to the buyer’s solicitor who will verify all the documentation. Your solicitor will require you to fill out a “vendor’s questionnaire” therefore it is worth considering the following factors in advance such as:
• Restrictions/boundaries. Service Charge Accounts Whilst preparing your contract of sale your solicitor require need the following documents: Freehold Property • Title documents (from you or your Bank/Building Society). Leasehold Property • Leasehold title deeds will replace title documents. Exchange of contractsOnce all the queries have been satisfied, the buyer’s solicitor will obtain a local authority search and a copy of a mortgage offer. The buyer’s solicitor sends a signed contract and a deposit cheque to the vendor’s solicitor and exchange of contracts takes place, making the sale legally binding CompletionCompletion will then take s place 2-4 weeks after exchange of contracts . The outstanding money required for the purchase of the purchase money is transferred to your solicitor. They pay any mortgage, deduct their legal fees, pay the estate agents fees and forward you the balance. DisclaimerThis guide is intended to help readers navigate their way through the selling process under the estate agency systems in England and Wales. Readers take any advice at their own risk. Parkheath Estates Ltd accept no responsibility for any action taken, or loss occuring, as a result of any advice and/or information in this guide.
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