Step by Step Guide to Selling

We have put together this step-by-step guide to help clarify the selling process for you, and we hope that this will show you how we can help you achieve the maximum price for your property.

Valuing Your Property

In order to establish a value for your property, we will perform what is technically called a “competitive market analysis”. This takes into account factors such as the desirability of the area, the location of your property, 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. We then use this figure to arrive at your asking price.

Home Information Pack (HIP)

As of 1st June 2007 the way in which residential properties are marketed when they are put up for sale changed.  The new legislation, subject to a few exemptions, requires all homes to have a Home Information Pack (HIP). 

Appointing a Solicitor

We advise that you instruct your solicitor as soon as you are ready to start marketing your property. This will avoid delays and allow time for your solicitor to collect all the necessary documentation required to transfer the ownership of your property to a buyer. (This process is known as conveyancing). Many of these documents will form part of the HIP.

Marketing

As soon as we have received confirmation of your instructions to market your property with us, we will arrange for colour photographs to be taken, these will be uploaded to our website and a printable colour brochure. All our prospective buyers will be alerted to your property via telephone calls, text messages and email alerts. Further to this, the photographs are then used in our extensive marketing activities which include your property being featured in our office window, in various internet property portals, in mail drops, weekly and monthly advertising.

Viewing Hours

Our policy is to accompany all viewings. We will notify you of any viewings that are taking place and to follow up the viewing with a phone call to give you detailed feedback from the applicant.

Receiving an Offer

As soon as we receive an offer on your property, we will discuss it with you and then confirm it in writing. 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.

Accepting an Offer

Once you have accepted an offer on your property the following details need to be agreed:
1. Details of any fixtures and fittings to be included or excluded in the sale of your property.
2. Date for the buyers or lenders survey on your property.
3. Date for exchange of contracts.
4. Date for completion.
Throughout this process we will be on hand to advise you and negotiate for you (if needed) and keep you informed at every step. This and the following stages of the selling process are critical as this is where many sales fall through. At Prominence we believe that by working closely with our vendors, applicants and solicitors, we help prevent sales fall through.

Preparation of a Draft Contract

Once an offer on your property is agreed, your solicitor will forward a draft Contract of Sale and the HIP for your property to the buyer’s solicitor. The buyer’s solicitor in turn will verify all the documentation and will carry out preliminary enquiries.

Exchange of Contracts

An exchange of contracts occurs once all the queries have been satisfied by the buyer’s solicitors and once they have seen the local searches and have agreed to them.

The contract needs to be signed by you and the buyer. The deposit (which is usually 10% of the purchase price) is transferred to your solicitor. Once they receive the deposit the contracts can be exchanged. It is at this point that the sale is legally binding.  The completion date is set.

Completion

A completion can be set for any day from the day of exchange to a few weeks after exchange, depending on each parties’ requirements and what was agreed. The balance of the purchase price is sent from the buyer’s solicitor’s account to your solicitor’s account.

It is at this point that you have sold your property.

We Value Your Trust

Prominence Property Rentals 124 Western Road Hove East Sussex BN3 1DB Tel 01273 72 43 74 Email info@prominenceproperty.co.uk