LATEST TWEETS
Selling your home in a flat market, some top tips
Experts predict that the housing market will face some challenging times in the months ahead as the number of sales continue to fall. With the average house now taking over 19 weeks to sell, the outlook may appear disheartening if you want to sell.
There are still buyers out there, searching for their next home from a smaller pool of properties, and Claire Wicks, Chartered Legal Executive in the Residential Property team at Parnalls, offers some advice on selling your home in a flat market.
Be realistic on price
Market data suggests that overall house prices are slipping. There are strong regional and local variations, so it pays to research the sale price your home may realistically expect to achieve.
Local estate agents should have a good idea of how much your property is likely to fetch, and it is a good idea to speak to several. Ask them about comparable properties they have sold in your area and the prices they achieved. There are also online tools which can give you an indicative value for your home, such as the one at Homeowners’ Alliance.
Once you have worked out how much your home is worth, you will need to agree an asking price. Discuss your strategy with your agent. Most buyers expect to negotiate on price, so you may want to ask for a little more than you would be happy to accept. The price should also reflect how keen you are to sell your property quickly. A lower price is more likely to attract speculative offers. Price too high and you may struggle to generate interest.
Appearances count
Research suggests that for over three quarters of buyers first impressions are crucial when viewing a property. It is important, therefore, to maximise your home’s appeal. Deep clean, fix anything that needs repairing, and make sure your property looks its best. Experts suggest de-cluttering and de-personalising so that would-be buyers can visualise themselves living in your home more easily. Remember too, that a lot of people decide whether to view a property based on how it looks online. So make sure the photos of your home really do it justice.
Be informed
You no longer need to provide a Home Information Pack, or HIP, before putting your home on the market. However, you will still need an Energy Performance Certificate which will give your home a rating depending on its energy efficiency.
The idea behind the HIP was to make house buying more transparent by providing a lot of the information a buyer needs up front. Your conveyancing solicitor will deal with the matters previously covered by the HIP once you have accepted an offer. It is a good idea to discuss your plans with your solicitor early on, ideally before you put your home on the market. This way you can ensure that all the information a buyer may require is readily available. For example, if your home is leasehold, would-be buyers may ask about the service charge. Having this information to hand will enable you to answer their questions and help to build confidence.
Resolve any title issues early on
Discussing your plans with your conveyancer early on will also enable any problems with the title to be resolved so they do not jeopardise the progress of your sale. For example, if there is a restriction on your property’s title which prevents building without a third party’s consent, your solicitor will need to show that there is a relevant consent, or that its absence is unlikely to cause problems. This may be possible by showing a history of non-enforcement and an appropriate title insurance policy.
Remember, any title issue is better actively addressed by your own solicitor rather than coming as a nasty surprise to your buyer.
Pay attention to marketing
It is important your estate agent is enthusiastic about selling your property. Before choosing an agent, think about how good they will be at showing your home to would-be buyers.
Ask them how they will market your home. A good agent can suggest different strategies to generate interest and help to speed your sale up. Open house events, where prospective buyers may view a property in a short window of one or two hours, can be an effective way of generating interest in some properties. Others may better suit a more targeted approach.
Remember too that the process of selling your home does not end when you accept an offer. Find out from your agent how they will check progress and help to keep your sale on track.
Choose the right conveyancing solicitor
In a flat property market, buyers may feel more jittery particularly if they are buying a home for the first time. It is important, therefore, to choose a solicitor who will manage your sale proactively and who is a good communicator.
Title issues, unexpected delays, or a protracted silence, can make buyers nervous or encourage them to look elsewhere. An experienced conveyancer, who you can have confidence in and who will give your sale their close personal attention, will help you get to completion even in the most challenging market.
For further information about selling your home, or buying or selling a property in general, please contact Claire Wicks, Chartered Legal Executive in the Residential Property team on 01566 772375 or email wicksc@parnalls.com
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.
Tags
Categories
MORE NEWS
The Right to Make Noise
Ill-health pension transfer not liable for IHT
Legal Time Limits - why so important?
Would you pay a premium for a south-facing garden?
Video-witnessed wills to be made legal
New Planning Relaxation Is Not the Whole Storey
How to minimise delays in obtaining Grant of Probate
Could you benefit from the Green Homes Grant?
A SHOCK TO THE SYSTEM: new electrical safety regulations for residential tenancies
Property of Cornish residents who die without a will goes to Prince Charles
Does your lawyer progress your accident claim efficiently and provide you with a personal and professional service? Can i change solicitors for my accident claim?
What effect could the new changes to stamp duty have on property sales?
Preparing to sell your Launceston property
Staying safer in video meetings
Making Sure Your Great New Home Comes With Clean Air
Property Market Re-Opens in England
Coronavirus: Wills and Powers of Attorney FAQ
Medical Care Received Not Up to Scratch?
Had an Accident in Someone's Home?
Accident or Injury Involving a Dog?
Social Distancing No Obstacle for Parnall's Mobile Document Signing Team
Coronavirus (COVID-19) and Commercial Property Legal FAQs
Rent Charge Suspensions: Protecting Your Interests
Been Asked to Sign an Employment Settlement Agreement? Seek Advice Urgently...
Services Update: Continuity of Legal Service Provision
Advising You in Uncertain Times
Coronavirus Update
Could carelessness on social media land you in court?
Is an electronic signature on a commercial property document acceptable?
What happens when there is no health & care LPA in place
Social Media Training for Businesses
Information to gather for your probate solicitor
Gazundering, what it is and how to avoid it
Relief from forfeiture – what happens if the tenant forgets to pay the rent?
Not so safe at work - compensation for an accident at work
New organ donation law: giving you control
Running a business from home
Have nude photos of you or your teenager been posted online?
Landowners’ rights and the Electronic Communications Code
Building in your back garden
Christmas is a time for giving (and inheritance planning)
Buying the freehold of your leasehold house
Redeveloping an empty pub for commercial use
Why it takes time to obtain the Grant of Probate
Social Media: The unconscious privacy threat
Is your reputation being threatened?
Making a will after your spouse or partner has died
Interns celebrate completion of internship at solicitors
Selling your home in a flat market, some top tips
Claiming compensation for a serious road traffic accident
New Media and Communications Court list reflects surge in internet defamation claims by Laura Baglow
Has your personal information been shared without your permission?
Planning your escape to the country, what you need to consider – part 2
Government consultation on new national model for shared ownership
Choosing a partnership structure
Planning for what happens when you die by Deborah Adams
Changes to legislation could offer protection for tenants in the private rental sector
Move to the country - Part One
The risks of DIY probate
Will your septic tank still be legal in January?
The death knell for ‘kiss and tell’?
Making a will when you retire
Selling your property at auction
Not looking so good - your guide to compensation for botched non-surgical cosmetic procedures
New threshold of seriousness in defamation proceedings
Legal considerations when building a granny annex
Choosing the right person for your power of attorney
Formal Interviews - Do you need legal representation?
Privacy rights and aerial images
Trustees’ duty to give information to beneficiaries
Five problems with a leasehold property
Taking your first commercial lease
Is your organisation protected from employee social media legal risk?
Have you been targeted by negative social media posts?
Farmers be alert when being inspected
Help for House Sellers?
Don’t let your digital assets end up in a digital grave
Valuing an estate for probate
Development proposals and your local authority search
What can you do if your child is injured in a serious accident
NetRights welcomes new protection for social media users
SHOULD I GET A LAWYER FOR A SPEEDING OFFENCE?
Supreme Court recognises that social media is a “casual medium” in libel battle
Choosing the best conveyancer who is right for you
Making a will after a second or subsequent marriage
Option or promotion agreement – which is best for landowners?
Anonymous pub and restaurant online reviews leave a bad taste
Have you had an accident involving a horse?
Help to Buy – beware of some cracks in the structure
Understanding Lasting Powers of Attorney
Changes to Energy Performance Certificate for Landlords
Had a cycling accident? Your route to obtaining compensation
New year, new home: tips to sell your home in the New Year
Tax Planning for your inheritance
Hearing loss: when your employer may be liable
Buying a home for your retirement, five things you need to consider
Farmers plan to diversify after Brexit
Ministers press ahead with probate fee shake-up - reports BBC News
Botched dental treatment? You may be entitled to compensation
Why a Health and Welfare Power of Attorney is a good idea
Will the new charge on building developments in Cornwall affect you?
Energy Performance Certificates – Do They Matter?
HMRC Challenging Stamp Duty Land Tax Payments
Ben Mitchell qualifies as a solicitor
The potential implications of Brexit on employment law
Appointing a guardian for your children
Houses in multiple occupation – new rules from October 2018
New Agriculture Bill published
Will Brexit affect my pension?
Dreaming of a holiday home? Sort out the legals before putting your feet up
Lasting Power of Attorney by Deborah Adams
Settled status after Brexit by Alexis Hager
How to choose an executor to administer your estate when you die
How overage agreements can boost profits from your land
Top tips for first-time buyers
How Could Brexit Affect My Farm?
Wills & Succession in Spain by Deborah Adams
Brexit – an international and local view by Alexis Hager, Litigation
Capital gains tax - important facts for non-residents of the UK
Buying a home: the importance of making sure the seller is entitled to sell
Changing a will after someone has died: it is possible and it could save you money
Your responsibilities when you have people working in your home
Sad passing of Battle of Britain pilot who served with Parnall family member
Considerations when buying a heritage property
Disciplinary proceedings at work: guide for employers
Employers should have a disciplinary process in place, but just following this may not be enough to avoid falling foul of the law and exposing yourself to the risk of an employment tribunal claim.