Selling your home with Harper Macleod

Selling a property FAQ

• What are the first steps to selling my home?

  The first steps to selling your home involve a series of decisions and preparations to ensure a smooth and successful sale. As Harper Macleod offers both estate agency and conveyancing services, we can guide you through the entire process, starting with a formal valuation of your property. This valuation will inform the asking price, taking into account recent sales of similar properties in your area and the current market conditions.

  Following the valuation, it's important to prepare your home for viewings by potential buyers. This could include minor repairs, decluttering, and ensuring the property is presented in its best possible light. Additionally, it's crucial to gather all relevant documents early in the process, such as your Energy Performance Certificate (EPC), which is legally required before listing. Harper Macleod will also discuss the legal aspects of the sale, including the conveyancing process, to ensure you are fully informed from the outset.

• Can I sell my property without an estate agent?

  Yes, it is possible to sell your property without an estate agent, a process often referred to as a private sale. This approach can potentially save money on estate agent fees. However, selling a property involves complex procedures, including marketing, negotiating with potential buyers, handling legal requirements, and managing the conveyancing process. Without the expertise of an estate agent and conveyancing solicitor, sellers may find these tasks challenging and time-consuming.

• How is the asking price for my property determined?

  Determining the asking price for your property involves a thorough analysis of various factors to ensure it is competitive yet appealing to potential buyers. This process typically starts with a formal valuation conducted by an experienced estate agent or a professional valuer. The valuation considers several key elements, including the property's location, size, condition, and any unique features or improvements that might enhance its value.

  Additionally, the valuation takes into account recent sales of similar properties in your local area, known as "comparables", to gauge the current market conditions and trends. The economic climate, interest rates, and demand for properties in your location also play a significant role in setting the right price.

• What is a formal valuation, and how does it differ from an estate agent's valuation?

  A formal valuation, conducted by a qualified surveyor, provides a legally binding estimate of a property's market value for financial, legal, or tax purposes, taking into account the property's size, condition, and location, among other factors. In contrast, an estate agent's valuation aims to determine an asking price that will attract potential buyers, based on the agent's market knowledge and the prices of recently sold properties. While the formal valuation offers an objective value for legal or financial proceedings, the estate agent's valuation focuses on marketability and selling strategy, aiming to balance the seller's expectations with the realities of the current market to facilitate a timely and profitable sale.

• What happens to my existing mortgage when I sell my property?

  When selling your property with an existing mortgage, you must inform your mortgage lender of your intention to sell. The proceeds from the sale are used to repay the outstanding mortgage balance, as detailed in the redemption statement provided by the lender, which may include any fees or early repayment charges. This repayment is typically managed by your conveyancing solicitor, who ensures that the mortgage is paid off as part of the legal transfer process. If the sale proceeds exceed the mortgage balance, the surplus is returned to you. Alternatively, if you're buying a new property simultaneously, you might consider remortgaging, where the mortgage can be transferred to the new property under new terms, potentially adjusting the loan amount or terms to better suit your current financial situation.

• How can I make my property more appealing to potential buyers?

  To make your property more appealing to potential buyers, focus on enhancing its visual appeal and overall condition.

  Start with kerb appeal; a well-maintained front garden and clean exterior can make a strong first impression.

  Inside, declutter and depersonalise spaces to allow buyers to envision themselves living in the home. Ensure the property is clean, well-lit, and any minor repairs or major problems are addressed, as these can be deterrents. Updating or refreshing areas like the kitchen or bathroom can add value, but even small changes like a fresh coat of paint can make a significant impact.

  Additionally, ensuring your home is energy efficient, which can be shown by a good Energy Performance Certificate (EPC) rating, can also be attractive to buyers, as it suggests lower running costs in the future.

  Presenting a house that feels cared for and ready to move into can significantly increase its appeal to potential buyers.