Process for selling a property

1. Arrange with a good, well-established, local agent to send their Negotiator to provide an estimate of the value of your property.

2. Agents must give you written details of their fees and business terms before you commit to enter into an Agency Agreement with them. Read these terms carefully and when satisfied with them instruct the agent by signing their agency contract.

3. It is a legal requirement that your selling agent provides you with a declaration that needs to be signed by all joint owners of the property confirming that they are in agreement with the sale.

4. Your agent will prepare the details of the property that will be used in the marketing process. Hobdens details include an overview of the property, its location and the surrounding district, measurements of the rooms and possibly the garden, a good selection of external and internal photographs and a floor plan. The National Association of Estate Agents’ Code of Practice requires that the agent takes “all reasonable steps to make sure all statements, whether oral or written, made about the property are accurate.” Further to the Code’s requirements, your agent will normally send you a copy of the draft marketing material for your approval prior to commencing marketing.

5. As soon as the details and all the above paperwork are completed then marketing will begin. At Hobdens this process involves the following:

Marketing brochures are circulated, as appropriate, to an extensive applicant mailing list of people seeking properties in the locality and applicants in a good position to proceed with purchases are individually telephoned when appropriate properties come onto the market. In addition properties are advertised through our prominent offices in Barnham and Yapton and through the internet using Rightmove currently the leading internet portal and our own website, which appears very prominently in search engine results and has several thousand visitors each week.

6. Your agent will continue their marketing campaign and conduct viewings on the property until an appropriate buyer is found. At Hobdens unless otherwise agreed, all viewings are made by prior agreement and are accompanied by a member of our trained staff who will be familiar with the property and able to answer anticipated questions about the same. Our representative conducting the viewing provides feedback to the vendors.

7. When an offer is received by your agent they are legally required to tell you as soon as reasonably possible and they must confirm offers in writing. The National Association of Estate Agents’ Code of Practice, when dealing with offers, requires an agent to “take reasonable steps to find out from the prospective purchaser their availability of funds for buying the property and to pass this information to the client (i.e. vendor)”. Furthermore it requires agents to act in the best interests of the client and to offer suitable advice to meet the client’s aims and needs.

8. When an offer has been accepted subject to contract, The National Association of Estate Agents’ Code of Practice requires the selling agent to “consult and take their client’s instructions as to whether the property should be withdrawn from the market, or continue to be marketed.” In the latter case, the agent is required to so advise the prospective purchaser in writing.

9. Once an offer is accepted your agent will require the name and address of your solicitor and that of the prospective purchaser’s solicitor. The agent will then send a Sales Memorandum detailing the terms of the agreed offer and an overview of any related transactions (the Chain) to you and your solicitor and to the prospective purchaser and their solicitor. At Hobdens we carefully and regularly monitor the progress of the legal and physical aspects of the conveyancing process that takes place between an offer being accepted and the completion of the sale. Hobdens look for key milestones along the process to be successfully passed in order to identify that the sale is progressing normally, we keep all parties appropriately informed and liaise to provide assistance where required.

10. Your solicitor will require from you the whereabouts of the Title Deeds and information about any mortgages that might relate to the property.

11. On receipt of the Title Deeds your solicitor will prepare and submit a draft contract in duplicate to the buyer’s solicitors together with copies of the Deeds (and a copy of the lease if leasehold). Any enquiries by the purchaser’s solicitors will be answered, with help from you as necessary.

12. The purchaser’s solicitors will approve and return one copy of the draft Contract. You will be asked to sign this in readiness for an exchange.

13. Contracts will be exchanged when both parties are ready. The purchaser’s solicitor will forward your solicitor a signed Contract and funds for the deposit.

14. As soon as Contracts are exchanged you are committed to sell. The whole process will be synchronised if you are buying as well unless the solicitors are notified else how.

15. Once Contracts are exchanged you will need to complete and return a Purchase Deed that your solicitor will provide, arrange removals, inform gas, electricity, telephone and possibly water authorities of the date of removal so that meters can be read. If a leasehold property then you will need to supply your solicitor with a receipt of the last payments due in respect of ground rent and service charges. Your agent will ask you to arrange for the handing over the keys on the completion day. If you have a mortgage on the property, your solicitor will obtain from your lender(s) a statement of the amount required to redeem the mortgage(s), which will be paid on completion. On the completion day your solicitor will obtain the balance of the purchase price from the purchasers solicitors, deduct and pay your agents fees and their own fees and disbursements from the net sale proceeds and send the net sale proceeds to you, or as you instruct, or use them in connection with the purchase of any new property you may be buying.

For more information on the whole process, please click on a link below: