How to Sell a Property

In the month of January, our team of solicitors had an influx of open market sales. This is where the property is put on the open market (usually by way of an Estate Agent). The Buyer submits a bid and the Seller decides whether or not to accept the offer.  

 

Before you look to instruct a Solicitor and get on Google searching for your “nearest Solicitors” or “local Solicitors near me” consider whether a sale on the open market is the way you want to sell. 

 

If you need a quick sale you may be better off selling at auction. Whilst you risk selling at a lower price when the hammer falls you will save yourself potentially months of uncertainty. Whereas, if you are buying a new build property it may be worth asking the developer whether they offer part exchanges – remember this is not available if you are purchasing using a Help to Buy scheme.  

 

Often as we get older, many people find that their wealth is tied up in property. A home equity release scheme is one way to access this money without having to move out of your home. These schemes are only accessible by older owners, the minimum age varies between 55 and 65. In some circumstances, there are now a number of companies offering to buy property for a lower market value in exchange for a quick turnaround BUT always be sure to get an independent valuation before choosing this route so you can be check what undervalue you are selling at. 

 

MG Legal’s Conveyancing Solicitors note that, usually at least, Spring and Autumn tend to be the best time to sell. In Spring, day light is getting longer and gardens are starting to come back to life - there is New Year enthusiasm in the air. Whereas, summer tends to be a time people concentrate on summer and school holidays. With the knowledge that new schools may be starting in September added to the fact that sales often take a while to go through, families may not want that upheaval at the start of a new school year.  

 

In Autumn a flurry of housing market excitement can erupt; people having had chance to consider the new home for the Christmas period, whereas Winter sales slow down as viewings tend to lessen when the dark and damp nights loom. 

 

MG Legal know that getting the right price is essential: Too high and you risk not being able to sell, you may then have to drop your price drastically at a later date, creating the impression that something could be wrong with the property, or too low and you risk selling the property at an undervalue or if you decide to raise the price at a later date you create mistrust, which can put nervous buyers off.  

 

An Estate Agent can help with this, especially if you get a couple of Valuations, they will assist with marketing and identify potential purchasers for you. Just be wary of the amount of commission they charge – different Estate Agents offer different levels of commission. 

 

Once your property is on the market make sure you keep the property clean and tidy, wash the windows, repaint the door and make sure the garden is neat. Let as much light in as possible and declutter. 

 

Finally, when you accept the offer be sure you instruct a trusted, experienced firm to help you through the conveyancing process, with a reputation for getting matters completed as smoothly and quickly as possible.  

 

MG Legal, team of Solicitors in Lancaster, have an excellent reputation so if you’re feeling the spirit of Janus, call us now on 01524 581306 or email enquiries@mglegal.co.uk to instruct.