Selling your property - the process
Hudsons guide to selling your home.
For a brief explanation of each step in the selling process simply click on each sub-heading.
If you require further information or advice please contact our office where our experienced staff will be pleased to help you.
- Property Valuation
- Preparing your home for sale
- EPC (Energy Performance Certificate)
- Appointing a Solicitor
- Sale Terms Agreed
- The next step towards exchange of contracts
- Exchange of Contracts
The first step to selling your property is to appoint a local estate agent to value your home and make recommendations on pricing and timescale. It is important to obtain 2 or 3 opinions and to appoint an agent who is professional, realistic and who has successfully sold similar properties recently.
Jonathan Hudson, an agent with many years experience and living in the West End himself or Simon Bray, conducts the Hudsons free appraisal service. To request a valuation of your property please call our office at 24 Charlotte Street on 020 7323 2277 or for the Covent Garden area please call Robert Burwood on 020 7631 8700. Robert has 12 years experience working in the Covent Garden area.
Alternatively you may prefer to complete the online appraisal section on our website.
On receipt of your signed Confirmation of Instruction Agreement we will be ready to begin marketing your property.
There are two ways in which estate agents can be appointed:
1. Sole agency – giving instructions solely to one agent for a fixed period of time. The rate for sole agency is lower than a multiple agency rate since the agent has exclusive rights on securing a buyer for your home. N.B if you accept an offer from another agent during the exclusive period you may be liable to pay two fees.
2. Multiple agency – normally costlier than sole agency and is unlimited in the number of agents you appoint. However, be careful not to list your property with too many, some buyers may perceive this as a negative sign.
Hudsons sales team will tailor our service to meet your property's needs. This will include a property-specific marketing campaign, maximising exposure of your property and ensuring we achieve the best possible price on a timescale that suits you.
Preparing your home for sale
Optimising your asset will ensure the best result so it is beneficial to complete any odd jobs that are needed prior to marketing. Try to visualize your property through the eyes of a buyer, inside and out. Buyers will often walk past your home before an arranged viewing so window boxes and fresh paintwork always create a good first impression. Reduce clutter, decorate neutrally and maximize light.
Hudsons will take professional photographs and create floor plans for your property. From these we can prepare property particulars and, subject to your approval and the receipt of a full HIP, upload them to our newly redesigned website, available to our substantial database of prospective purchasers.
EPC (Energy Performance Certificate)
Thankfully now HIP's (Home Information Packs) are no longer required. The speed in which your property can be marketed has increased and the cost to initially market your home greatly reduced as you only need to order an EPC (Energy Performance Certificate) before marketing can commence. If you have rented the property since 01 October 2008 you may have a current EPC already if not please let us know and we can order one for you.
Appointing a Solicitor
When selling your home you are required to appoint a solicitor to handle the legal formalities involved in transferring ownership of your property. We advise that you do so as soon as you place your property on the market. This ensures that title deeds and any other necessary documentation can be obtained early on, saving considerable time and potential delay once a sale has been agreed.
If you do not have your own solicitor Hudsons will happily recommended one from our panel of trusted law firms.
We will accompany all prospective buyers to your property, and report feedback and interest back to you.
When we receive an offer we will discuss with you the value of the offer and what position the buyers are in (i.e. do they have a property to sell and is their finance arranged?) We will also discuss timescale for both parties and advise you of our opinion on the offer. All offers will also be confirmed in writing either by letter or email.
Any offers will be subject to contract and are not legally binding for you or the prospective purchaser.
Sale Terms Agreed
Once an agreeable offer has been received and accepted by you, we will write to all parties, including respective solicitors, in the form of a 'memorandum of sale'. This letter will include any other relevant conditions of sale.
This is the time when exchange and completion dates should be planned. It is important to ensure that details of extras you intend to include or exclude in the sale are specified in the memorandum along with target timescales for exchange of contracts.
Remember that nothing is legally binding (England and Wales) until contracts have been signed and exchanged.
The next step towards exchange of contracts
Once a sale has been agreed your solicitor will prepare and send to your buyer's solicitor a draft Contract of Sale together with a copy of the title deeds and other relevant documentation. Pre-contract queries are normally raised by the buyer's solicitor once they receive a draft contract and supporting documentation. A buyer meanwhile will be finalising his mortgage and or survey (if applicable).
Exchange of Contracts
Once the buyer has secured their mortgage offer (if applicable) and formalities have been completed, the vendor and purchaser will sign the contract. The deposit, normally 10% of the purchase price, is forwarded to your solicitor and contracts are then formally exchanged. At this stage the transaction becomes binding for both seller and purchaser and you are legally obliged to sell.
A completion date will be agreed on by both parties before contracts are exchanged and will usually be between two and four weeks from the date of exchange.
Shortly before, or on the actual day of completion, the balance of the purchase price will be transferred to your solicitor's account. Once the property has been vacated and funds received, your solicitor will confirm that completion has taken place.
Congratulations your property is now SOLD.
Having an idea of the cost of extending a lease can be an important factor when selling or buying a property with a short lease. Click here for useful lease extension advice from The NAEA (National Association of Estate Agents)
|"I have dealt with many agents in the past 6 months and purchased 3 properties. The service I received from Hudsons sales team rank no 1 for me. They made me feel that I am a little bit more special and not just another client. Thank you for all your help, I will definitely recommend Hudsons to all my friends."
Janice Yulo, London