Complete Selling House Checklist UK
Estimated reading time 12 minutes
There's tonnes of information online regarding buying a new house. There is checklists for what to look out for at property viewings, to checklists for the move day itself. However, wouldn't it be handy to have a checklist for selling your home too? Below Gaffsy have put together the ultimate guide for selling your property.
1. Assess the financial feasibility
When putting together a checklist for selling a house, it's important to consider your finances. Selling a house can be expensive, and you should assess whether it's the best option for you. According to data obtained exclusively by Which?, existing homeowners spend just over £14,000 when moving house.
Evaluate the property market
It's important to evaluate the property market in your area, including how quickly properties are selling and at what prices. You should also consider whether you would be in negative equity if you sold your property now, and if extending your current property could be alternative option.
Understand your mortgage terms
Review the terms of your mortgage to determine if there are any penalties or charges for paying off the loan early. If there are early repayment charges, you will need to factor them into your overall costs when selling your home. Another option may be able transfer the mortgage to your new home if you are buying another property. You will need to check this with your lender and it too may come with additional costs that need to be factored in.
Next, you will need to determine the remaining balance on your mortgage. This is the amount you still owe to the lender. Keep in mind that the remaining balance will be subtracted from the proceeds of the sale of your home. So, the price you are asking for the house for sale needs to be equal to or larger than the amount you owe or you will find yourself in a negative equity situation.
Check out our How Much Does it Cost to Sell a House guide for a more detailed breakdown of the how much it actually costs to sell a house. Also for more information on mortgages check out our First Time Buyer Mortgage guide which will provide you with everything you need to know about mortgages. If you want to sell your home fast (and for free contact) Gaffsy now.
Well done, having assessed the financial feasibility of selling a house, you have now completed selling house checklist number 1.
2. Who will sell my house?
When choosing who to instruct to sell your house in the UK, it's important to consider the reputation, experience, and fees of the different options available to you as there are several options available to you including:
- Estate agents: Estate agents are professionals who specialise in selling and buying properties in a specific area. They can help you with valuing your property, marketing it to potential buyers, and negotiating with them. Estate agents typically charge a percentage fee based on the sale price of the property.
- Online estate agents: Online estate agents operate through websites and offer a more cost-effective alternative to traditional estate agents. They typically charge a fixed fee rather than a percentage of the sale price.
- Auctioneers: Auctioneers specialise in selling properties through auctions. This option may be suitable if you're looking for a quick sale or if your property is unique or difficult to value.
- Cash house buying companies: Cash house buying companies typically offer a quick and trouble-free way to sell your property, without the need for fees, viewings, or negotiations. They can often complete the purchase within a matter of days, which can be an advantage if you need to sell quickly.
Hooray, having decided who you will instruct to sell your property, you have now completed selling house checklist number 2.
3. Where should I set the asking price for my house for sale?
When setting the asking price, it's important to consider various factors such as the location, size, condition, and age of your property, as well as the current market conditions and recent sales prices of similar properties in the area.
One option for getting a better idea of your property's value is to use an online valuation tool. These tools use data such as recent sales prices, local property trends, and other factors to estimate the value of your property. However, it's important to note that online valuations are not always accurate and may not take into account certain factors that could affect the value of your property.
Therefore, it's a good idea to get a professional valuation as they will be able to provide a more accurate assessment of your property's value based on their knowledge and experience of the local property market. Contact Gaffsy for a free valuation and no obligation cash offer today.
Set the asking price too high and your property won’t sell, set the price too low and buyers may worry what is wrong with the property. It is important to strike a balance between setting a realistic price that will attract buyers and not undervalue your property. You may also want to consider leaving room for negotiation as buyers may want to make an offer below the asking price.
Excellent job, having decided on the asking price you have now completed selling house checklist number 3.
4. Property viewings
Why prepare for property viewings
Preparing your house for property viewings is important because it helps to create a good first impression on potential buyers. When someone views your property, you want them to see it in the best possible light, so they can imagine themselves living there. A well-prepared home can also help to attract more interest from potential buyers, increase the perceived value of the property and increase the chance of a successful sale.
How to prepare for property viewings
- Declutter and Clean: Clear away any clutter and tidy up your home before viewings. This will help potential buyers to see the full potential of your property. Clean your home from top to bottom, including windows, carpets, and kitchen and bathroom surfaces.
- Make Repairs: Fix any minor repairs, such as leaky taps, broken door handles or squeaky hinges. This will give a good impression to potential buyers and show that your home has been well-maintained.
- Neutralise decor: If you have any bold or personalised decor, consider neutralising it to appeal to a wider range of potential buyers. A fresh coat of neutral paint can work wonders.
- Outside Areas Presentable: Mow lawns, wash patios, sweep away leaves, clean windows. Remember the first impression is made before the buyer reaches the front door.
- Make it Welcoming: Create a warm and welcoming atmosphere by opening up curtains or blinds to let in natural light. Consider adding fresh flowers or a pot of coffee to create a welcoming scent.
- Secure Pets: If you have pets, make sure they are secure or taken off-site during viewings. This will avoid any potential distractions or disruptions during the viewing.
- Be Flexible: Be prepared to be flexible with viewing times, especially if potential buyers have busy schedules. This will increase the chances of a successful viewing and potential sale.
Fantastic, that’s your property prepared for viewings and the selling house checklist number 4 is now complete.
5. Choose a conveyancer or solicitor
Whilst you don’t technically or legally need a solicitor to sell your house Gaffsy would advise against not using one. The amount of legal documentation that you need to prepare, submit and deal with as well as all the legal terminology and jargon you would have to decipher is no easy task. When it comes to selling your house we would recommend you do it with legal representation.
You can use a solicitor who is a qualified lawyer with training in all branches of the law and can offer a full range of legal services. They can only act for one party in a property transaction. Or a licenced conveyancer who is a specialist in the legal aspects of selling and buying a property but cannot deal with complex legal issues and is therefore on the whole cheaper than a solicitor. They are also able to act on behalf of both the buyer and seller in a property transaction.
We recommend you get quotes from different solicitors and compare their services, fees, and reputation before making a decision to instruct one. Note, If you proceed with your cash offer from Gaffsy we will introduce you to a solicitor and cover your fees.
Amazing, that’s the conveyancer or solicitor chosen and number 5 ticked off the selling house checklist.
6. Negotiating and accepting an offer
Once you receive an offer on your property, you can choose to negotiate the terms and conditions of the sale. This can include the price, the completion date, and any additional conditions. Once you have agreed to the terms, you can accept the offer. As the acceptance offer is not legally binding you can still accept a better offer if one comes along and you can also change your mind up until you exchange.
Negotiated and accepted an offer number 6 ticket off the selling house checklist and now onto number 7
There are many documents that need to be completed, reviewed, and signed during the process of selling a house. It is important to ensure that all paperwork is completed accurately and in a timely manner, as mistakes or delays can lead to complications or even cause the sale to fall through. You will be required to complete the TA6 (general questionnaire), TA10 (fixtures and fittings) and TA13 (completion) forms. If you are selling a leasehold property you will need to have completed the TA7 form, or a TA9 form if it’s a commonhold property you are selling.
Once the offer has been accepted, the buyer's solicitor will draft a contract for the sale of the property. This will include details such as the price, completion date, and any special conditions. You should review this contract carefully and work with your solicitor or conveyancer to ensure the contract is as you expect.
Once both parties have agreed to the terms of the contract, you can exchange contracts. This is a legally binding agreement that sets out the terms and conditions of the sale. At this point, the buyer will usually pay a deposit, typically 10% of the sale price. It is possible to exchange and complete the sale on the same day if you need to. This is something Gaffsy as a cash buyer can facilitate very easily so, if you want a cash offer today with a simultaneous exchange and completion you know who to contact.
On the completion date, the sale is finalised, and the buyer takes ownership of the property. You should arrange to vacate the property, and ensure that all the necessary paperwork and keys are provided to the buyer. The remaining balance of the sale price is typically paid on this date as well. Once completed the deeds will be exchanged and your solicitor or conveyancer will register the transfer with the Land Registry.
Well done, on following the selling house checklist perfectly, however in case you missed the pointer don’t forget step number 8 on the selling the house checklist. This step needs to be actioned between exchange and completion.
After exchanging contracts, there are a few important tasks you need to arrange.
- Arrange and Compare Removal Companies: You need to compare and arrange removal costs, once you have decided on the company let them know the moving date and give them a call a couple of days before just to reconfirm.
- Sort out Bills: After selling your home, it's crucial to notify your service providers and banks of your change of address. Contact your bank and credit card companies to inform them of your new address. Additionally, you should notify your utility companies, such as electricity, gas, Sky, broadband, phone line providers, to notify them of your new address and to provide final meter readings as needed
- Redirect Mail: To avoid others accessing your personal information and the risk of identity theft, consider setting up a redirection service for your mail. You can arrange this with the Post Office for as little as £31.99, redirecting your mail for 3, 6, or 12 months. This gives you ample time to notify important contacts of your change of address, ensuring that they know how to reach you in the future
Congratulations, having applied the checklist for selling a house you have hopefully successfully completed the sale of your property.
If for one reason or another your sale has fallen through don’t despair you can contact Gaffsy a company with a wealth of knowledge and expertise in purchasing properties in your area. Whether you have a residential or commercial property, regardless of its condition, we are able to provide you with a cash offer right away.
As authentic cash house buyers we have readily available funds to finalise the purchase, you can rest assured that everything will be handled smoothly once you accept our offer and additionally, we will cover your legal expenses to give you further assurance.