Selling Guide

Valuation

Pitching the price of your property correctly is a skill. Too high and you won't receive any interest. Too low and the property sells for much less than it is worth. An accurate valuation pulls together information from several resources: The cosmetic, general structural condition and future potential of the property, the prices achieved for similar properties in the area. This information is reviewed and an appropriate asking price is offered to you.

Selecting an estate agent

Selecting the perfect estate agent to represent your interest is most important. Sound local knowledge, well trained highly motivated staff; clear, fair terms of business, a competitive fee structure and a proven history of sealing deals should be high on your list of priorities. The agent that gives you the highest valuation is not always the best for you. Our staff are trained to an exceptionally high standard so you can rely on us.

Obtain an EPC

An Energy Performance Certificate (EPC) rates the energy efficiency of a property and its carbon emissions. As of 6th April 2012 the EPC details should be displayed on all property particulars and it is now a legal requirement to provide an EPC for most properties in England and Wales.

Instructing a solicitor (conveyancer)

You will need to decide who will do your conveyancing. Conveyancing is the term used to describe the legal process you must go through when buying or selling a home. Conveyancing can be done by a solicitor or a licensed conveyancer. Find out what their fees are, what other legal costs are involved and when these are payable. We can recommend a solicitor if you do not have one.

Presenting your property

Prospective buyers will come to view your property, by appointment through the estate agent. Ensure your home is tidy and clean. Touch up any stains, ripped wallpaper etc. A quick coat of paint does wonders in some cases. De-clutter and take down any personal photographs for viewings - it makes the property less personal to you and more of a blank canvas for those looking around.

First impressions are formed even before a prospective buyer walks into the property so make sure that the outside of the property is taken care of just as much as the inside. Try to think of your property less and less as your home, and more as an asset to be maximised and presented in the best light possible. It is also a good idea to have your household bills to hand to show any interested buyer. These could be your annual service charge or maintenance statement, ground rent, council tax and even gas and electricity. It is important to know the running costs of any property.

Accompanied viewings

DRE believe that flexible opening times are essential to maximize viewing opportunities for your home. We know that our customers need to work around their usual daily commitments, resulting in a large number of our clients viewing after work or at weekends. Accompanied viewings allow us to share our expert knowledge on your property to achieve competitive offers. The safety of our clients is paramount therefore we never allow prospective buyers to visit un-accompanied.

Receiving an offer

All offers will be reported both verbally and in writing and we will check all offers for their validity and ask for proof of funds. We will also conduct checks under the Proceeds of Crime Act 2002 and Money Laundering Regulations 2003 and ensure that any mortgage offer is verified. In the case of multiple offers, we will advise you on the best course of action.

Where there is a chain in place, we will endeavour to validate all parts of the chain for their robustness and confirm timescales. We will always try to achieve the best possible price for your home and act in your best interests throughout the transaction.

Offer agreed

Before an offer is agreed we will check the buyer's ability to purchase a property. We can also contact the buyer's personal mortgage adviser to confirm their financial commitment. This minimises the risk of a purchase falling through. At the point of a sale being agreed, we will liaise with both your solicitor and the buyer's solicitor and prepare the memorandum of sale and we will write to all parties confirming the agreed details of the sale.

Your solicitor will request the title deeds from the lender (if appropriate). The solicitor will prepare the draft contract, which details the terms of the sale, and send it to the buyers' solicitor together with all relevant documents. The buyer's solicitor will then start the preliminary checks. The Title Deeds and Lease (if applicable) will be checked and local searches carried out. Remember that in England an offer is not legally binding, so until contracts have exchanged your buyer could change their minds without financial loss.

Exchange contracts

At this stage both parties become legally committed to the sale, and if it falls through from this point onwards then the deposit is forfeited. Contracts are signed by both parties and the solicitor requests the buyer's deposit. A completion date is set and agreed upon by both you and the purchaser. Unless agreed otherwise (e.g. a simultaneous exchange and completion) the completion date can be anything up to 28 days from the date of exchange.

Organise your move

Normally both parties will want a short period of time between exchange of contracts and completion to organise their move. If you haven’t done so already you should have arranged all packing and removal duties, informed everyone of your change of address and booked any disconnections/re-connections of services for your new home. Remember on the date of completion the property is legally owned by the new buyers so allow plenty of time to move out. Don’t forget the cat!

Completion

Completion occurs when all outstanding legalities have been completed and the balance of funds are transferred to your solicitor. The solicitor will let you know when this has happened and will inform us so that we can release the keys.

Close

Information for Assured Shorthold Tenancy Tenants:

Relevant letting fees and tenant protection information

In addition to paying rent for the property, you may also be required to make the following permitted payments:

Before the tenancy starts: Holding Deposit: 1 week’s rent, which forms part of total deposit.

Deposit: 5 weeks rent (or in the case of rental income of more than £50,000 per annum 6 weeks rent).

During the tenancy:Payments to other third parties: such as council tax, utilities or payments for communications services;

Default Charges: such as payments for the replacement of lost keys or security device actual cost of replacement. Interest on overdue rent 3% per annum over The Bank of England base rate.


Tenant Protection

DRE Residential is a member of Client Money Protect, which is a client money protection scheme, and members of Property Redress Scheme, which is a redress scheme. You can find out more details on our website or by contacting us directly.

 

Landlord Fee Information

Let Only 12.0% inc VAT
Rent Collection 14.4% inc VAT
Fully Managed 16.8% inc VAT

 

For more information, please call us on 0203 059 4500