21 Mar Buying and Selling a Property
As a homeowner, we don’t tend to buy and sell our homes on a regular basis and so, the chances are that you’ve forgotten what it’s like to buy and sell a home within the same process since you last did it.
Buying and selling a property can be an extremely stressful life event, in fact its right up there with death and divorce! So, we’ve put together a guide on how to keep the process from being too stressful and of course, if you’re selling your home through SJ Homes, we’ll hold your hand all the way through.
If you’re looking for a property in Slough and the surrounding area, make sure you give the leading estate agents in Colnbrook a call on 01753 683000 or email us and we’ll help you find your next home.
The Maths
Step one of any large financial decision should always be to do your sums. This starts with gathering information, so make sure you get your property valued by trusted local estate agents. We recommend that you do some of your own research looking at comparable properties which have sold in your local area. Once you have a ballpark figure in mind, get a couple of agents in to give you a valuation, we recommend one independent agent and a larger chain.
You will need to work out all of the costs associated with moving home. Things like conveyancing fees, agent percentages, stamp duty, local searches, and property surveying will add to your total expenditure; make sure you know what the costs are before committing to anything.
It sounds obvious, but make sure you have a good handle on your finances. Knowing where you stand in terms of income and outgoings will help you get a better understanding of what you can afford. Check your savings and the equity you have in your home; this will help decrease the amount of money you have to borrow for your new home.
Speak to your mortgage or financial adviser to make sure that you aren’t missing anything, if you would like us to introduce you to one, then please email us.
The Preparation
One of the most common bottlenecks when it comes to getting properties bought and sold is the locating of paperwork. When preparing your property for sale make sure that you have your title deeds, ID, energy performance certificate, and any certificates you have to prove that work has been done to your home; this includes FENSA certificates for windows and doors, gas safety certificates, boiler service documents, and Electrical Installation Certificate. We recommend keeping both paper and digital copies so that you can email them to the relevant parties quickly and efficiently.
Next, get your home looking spik and span. In our blog about preparing your home for sale, we listed some things to consider on a room-by-room basis. Get your home looking its best for those potential buyers.
You’ll need to instruct an agent to market your property who will come round and take photographs of your home, they may have a preferred conveyancing company who will undertake the legal process and it’s worth engaging with them as soon as possible to help the rest of the transaction progress smoothly. There is a lot that can be done before your property even hits the market.
The Transaction
Once you hit the market it shouldn’t be too before you secure an offer on your home. Now is the time for you to find your next property; having an offer on your home puts you in a good position to move forward; you now have a more accurate idea of your budget and can target homes you can afford. Once you get find your new home and have your offer accepted you need to kick off the conveyancing.
The conveyancers can start drafting contracts and getting the local searches and surveys carried out. They will also firm up any mortgage arrangement and resolve any issues – this is when the transaction seems to be slowing down, but behind the scenes, all the cogs are turning and your job is simply to be patient while the ducks align. You can help the process by making sure that you reply to any queries quickly and on occasion chase for progress reports.
The End
Once the legal processes are done, the searches are complete and any issues are resolved, you can set exchange and completion dates. The exchange date is the date on which contracts are signed and exchanged which makes the transaction legally binding. This is the penultimate major milestone in the entire process.
Once the exchange is made you can start to negotiate on the completion date. This is the date on which you will move out/in and hand over the keys and everything is official. This date is usually one that is convenient to the entire chain, not just you and the links on either side of you. It can take a while to organise but again, patience is a virtue in this instance.
Get in Touch
If you are in a position to move and are looking to buy, sell or rent a property in Slough and the surrounding areas, we are the leading independent estate agents in Colnbrook and are location experts. So, contact us on 01753 683000 or email us. You can also follow us on Facebook, LinkedIn, and Instagram.