SIX VERY EASY STEPS TO… BUYING AND SELLING

BUYING A PROPERTY

Follow advice from the professionals to make the process run smoothly

1

HOW TO DECIDE ON YOUR PERFECT PROPERTY

Think long-term. If you expect to move again within a few years, would selling be easy? Is there enough space for a growing family, or would it be too big if children flee the nest? If it’s perfect except for size, look at how it could be extended. Could you convert the loft, garage or cellar? Two things you can’t change though are proximity to a busy road and natural light.

2

THE BEST PLACES TO GET STARTED

Register with local estate agents and strike up a rapport so they’ll let you know when good properties come onto the market. Sign up to property portals such as Rightmove, Zoopla and Trovit Homes. When setting search terms, extend your price bracket and geographical distance slightly so you receive details on a wider variety of houses – you might be able to do a deal on a too expensive property. And use social media to post details of what you’re looking for.

3

FINDING A SOLICITOR OR CONVEYANCER

You can choose between a traditional high street solicitor or a specialist conveyancing firm. Some estate agents may persuade you to use companies they have a relationship with – and who may pay them a commission – but don’t be pressured. Word of mouth is the best recommendation.

Instruct early. ‘These days many conveyancing firms work on a ‘no move, no fee’ policy so the risk of losing money is gone,’ says property expert Gavin Brazg at property advice website The Advisory (theadvisory.co.uk). ‘There’s no reason not to instruct a conveyancer when you begin to think about buying or selling.’

4

MAKING AN OFFER

It’s daunting, but it is only an offer. If you change your mind, perhaps after the survey results (see right), you can legally withdraw up to the point of exchange without penalty. Find out how the asking price compares to sold prices achieved for similar homes.

Use an online guide such as ourproperty.co.uk, which uses Land Registry figures.

5

GETTING THE APPROPRIATE SURVEY

A valuation (required for mortgage purposes) and a survey are different. Surveys aren’t strictly necessary, but Paula Higgins, CEO of the Homeowners Alliance (hoa.org.uk), says one is recommended if you’re worried about specific areas (such as the roof), feel unsure about its general condition or are looking to buy an old or unusual home, or one of ‘non-standard’ construction, such as timber-framed or listed. The most basic survey is a Condition Report (about £300), while the most detailed is a Building Survey (upwards of £500).

Most people go for a Homebuyer Report, upwards of £350, which highlights obvious major problems such as subsidence, but won’t deal with anything going on under floorboards, for example.

6

KEEPING ON TOP OF THE SALE

According to Gavin Brazg, the average length of a property chain is three links. ‘No one in a chain can exchange contracts or complete until everyone is ready,’ he explains. ‘Chains move at the pace of the slowest link. The longer the chain, the greater the risk of delays or breakdown.’ That’s why it pays to keep on top of progress. Once your offer is accepted, the process is largely in the hands of your solicitor or conveyancer, so keep on top of things by emailing them weekly and if progress stalls, pick up the phone and chase them.

1

TRADITIONAL ESTATE AGENT, HYBRID OR ONLINE?

There are three main ways to sell: the traditional ‘shop window’ estate agent, who may be an independent business or part of a chain or franchise; the ‘hybrid’, such as Yopa and Purplebricks, which conducts business online but has property agents who act as liaison between seller and buyer; and the purely online ‘sale by owner’ companies that list your house for a flat fee, such as The House Shop.

Both traditional and hybrid agents advertise on the major property portals such as Rightmove and Zoopla. A big factor is cost; while average commission for traditional agents is 1.42 per cent of the final selling price of the house (according to property advice website, The Advisory), basic ‘sale by owner’ packages can start at just a couple of hundred pounds.

2

CHOOSING AN AGENT

It’s best to go on personal recommendation, but as a general rule, get valuations from at least three different estate agents, and research online the sold prices of similar properties in yours and surrounding streets. Some agents will value on the high side to get your business, so be wary.

Lots of estate agents include a tie-in period in their contracts, so check you can escape if you’re not happy with their service. ‘Make sure your contract gives you the flexibility to terminate and go elsewhere, without incurring a penalty,’ says Paula Higgins, CEO of the Homeowners’ Alliance. ‘Never tie in for more than 12 weeks and be careful of unnecessarily long notice periods,’ she adds.

3

HIGHLIGHTING

THE BEST FEATURES

It’s a good idea to work up a unique selling point (USP) for your house, so that it stands out with buyers. ‘Think back to when you bought it,’ says TV property expert Phil Spencer, co-founder of property advice site Move IQ (moveiq.co.uk). ‘What was it that first caught your eye? If it worked for you, it’s likely to work for the next buyer, too.’ Whatever USP you decide on – the smart open-plan kitchen, the child-friendly garden or the spacious garage – get it into super condition, and if your estate agent is hosting viewings, make sure they know to highlight it.

4

IS IT WORTH

DECORATING?

While it’s definitely worth touching up tatty paintwork, it’s unlikely that a full redecoration will add value to a sale equal to the time and cost of the work. In fact, it may even put buyers off. Even if you decorate in a neutral style, your taste might not be shared by potential buyers. Also, some may wonder if you’re covering something up. The best advice is to take a long, hard look at your home and consider whether there are any specific areas that would put a buyer off that could be easily changed. For instance, colourful wallpaper in children’s rooms can be simply and inexpensively replaced in less than a day.

5

WILL HOME STAGING SPEED UP THE SALE?

Home staging is where you remove most if not all of your things and replace them with more neutral furnishings and decor. Some sellers employ home staging experts.

According to Sam Ashdown of home-selling advice company Home Truths (hometruthslancs. co.uk): ‘A typical home stager may cost £300 for a first visit and to provide recommendations. Time is charged by the hour after that. This could include shopping for you or just making a shopping list.’ See Home Staging Network (homestagingnetwork.co.uk) to find a professional. Alternatively, you could bring in your own ‘living props’ – a pair of wellies in the porch perhaps, or a dog lead on a cool coat hook – to help foster an ‘experiential’ connection with would-be buyers, says Phil Spencer.

6

HOSTING THE VIEWINGS

Who should host viewings will depend, to an extent, on what kind of agent you’ve opted for. If it’s a hybrid agency, property experts may not be available to host viewings, or they may charge extra.

Some high street agents may also attempt to wriggle out of doing viewings, or send a representative who will simply open the front door and accompany prospective buyers as they look around.

If you’re confident, host the viewings yourself, but be aware that sometimes in eagerness to ‘sell’ their house, owners can gush and put buyers off. It’s one to discuss with your agent*.