A Guide to Selling
Many sellers consider moving house to be a frustrating and emotional period in their lives due to all the red tape which goes along with selling and buying. If you choose the right agent who has the professional staff within their organisation able to guide you through the various steps prior to moving, then the whole transaction should be completed with the minimum of inconvenience to you and your family. Main and Main can offer this service.
sellers take different views on how to sell a house. In our experience, those who participate in the sale and work alongside the agent generally end up not only obtaining the best price but enjoying the whole experience. There is no magic about selling, but there are tried and tested methods which have stood the test of time, although some minor adjustments may be necessary to suit individual needs.
The First Step
Contact Main & Main to arrange a market appraisal. We will come to your home and advise on price, a suggested marketing price and any improvements which may be required to obtain its maximum value.
At this initial meeting we will also suggest that you seek mortgage advice prior to coming to the market. It is always best to know your approximate future monthly repayments beforehand.
The costs involved with moving
Main & Main will explain the financial costs involved to give you an idea of your total outlay. This will not only include our fees, but all other expenses you are likely to incur. (See Guide to Buying on our site.)
Marketing your home
Following our initial visit Main & Main will write to you confirming the asking price and setting out our fees and terms of business. Providing you are happy with its content and you wish to offer your property for sale, we will revisit your home to carry out the following:-
i. Measure up and take down details,
ii. Take photographs as necessary. This may mean internal photographs
iii. Erect a "For Sale" board with your approval,
iv. Complete any necessary paperwork relevant to your sale
v. Establish your preferred times to arrange viewings, usually accompanied by a member of staff
vi. Finalise any last minute queries.
Main & Main will advise on the next steps to be taken which will hopefully lead to a successful sale. During this period we suggest you start to look around to see what properties are available in the area you wish to live, at the same time compare prices. Feel free to talk to us for advice.
Agreeing a sale
Buyers submit offers in different ways, be it verbally, by letter or e-mail. All offers, no matter how low, will be passed on to you. Once you have an offer which is acceptable, the buyer's background will be checked out so as to qualify his/her ability to purchase. Once we are happy with our enquiries we will instruct the solicitors acting on both sides.
If the buyer requires a mortgage he/she should then complete the necessary paperwork so that the lender can take up references and instruct their surveyor to inspect the property. (Where the buyer is paying cash, Main & Main will need to see some proof of available funds.) Once the survey has been completed, a mortgage offer should be available to your buyer within 5 to 10 days. Providing no further reports are required.
Exchange of contracts and completion
Your solicitor having done all the necessary paperwork should now be in a position to exchange contracts on your home. Your buyer will sign their half of the contract and pay a deposit, normally 10% of the purchase price. You, the sellers, will sign your half and the solicitors then carry out an "exchange" of contracts. At this point a completion date agreeable to both parties is fixed, normally a date within 28 days. On the day of completion, the balance of monies are paid over and you move into your new home. Keys are generally handed to the selling agents whem vacating and will be given to the new owners once all monies have been paid.
A GUIDE TO PURCHASING A PROPERTY
Main & Main have offices across South Manchester situated in prime locations all with excellent High Street frontage. For most people buying a home will be their most important and largest investment, consequently it is important that you seek the correct advice from professional Agents who 'know the market place' - Main & Main fulfil that requirement.
It is essential that as a buyer follows simple rules so as to make the transaction as smooth and trouble free as possible.1.
When you have chosen the property that you wish to purchase, submit your offer to the selling Agent, give as much background information as possible on your situation including any related sale, details of your mortgage requirements. We would strongly recommend that mortgage advice be sought prior to purchasing especially for first time buyers. The mortgage market is forever changing and it is important that you choose a mortgage to suit your financial commitments. Click here to obtain a Mortgage Quote2.
Once your offer has been accepted, the selling Agent will require further details in order to instruct solicitors to act on your behalf. Having completed your mortgage application and paid your survey fee the Building Society/Bank will instruct a surveyor to inspect the property. Surveys are undertaken in various ways depending on the fee. Click here for more information on 'Surveys'. Providing that the surveyor is satisfied with the home that you are proposing to purchase he will submit a report to the Building Society/ Bank and a mortgage offer will subsequently be made. This will give you details on condition, necessary repairs and value both for mortgage and insurance re-instatement value. Be careful not to confuse these two valuations as these figures can vary considerably and this in turn will lead to confusion as to the price that you are expected to pay for the property3.
Your solicitor will check the contract documentation, raise any queries and apply for the necessary searches, for which you will be required to pay a fee.4.
Once you have signed your contract and exchanged with the sellers solicitor, having placed a deposit (usually 10% of the purchase price) a completion date will be set for the balance of the funds to be paid over, this is normally fourteen to twenty eight days after exchange.5.
On completion you may have to pay Stamp Duty (A tax levied by the Government)The rates are as follows:
- No stamp duty up to £125,000 in most areas, this is at a higher level of £150,000 in areas of regeneration.
- Up to £250,000 - 1% of the total purchase price (First time buyers exempt).
- £250,001 - £500,000 - 3% of the total purchase price
- £500,001 - £1,000,000 - 4% of the total purchase price
- 5% of sales over £1,000,000
Finally, on completion day keys are not handed over to you until the sellers solicitor has advised the Selling Agent that all monies have been received. This can mean that you may not be able to move into your new home until the mid afternoon.
Surveys and Valuations
Mortgage Lending Valuations, Homebuyers' Reports and Building Surveys are undertaken by Chartered Surveyors who are either Fellows or Members of the Royal Institution of Chartered Surveyors. buyers have three options, which are as follows:-1. Scheme One - Valuations
These inspections are undertaken by Chartered Surveyors who are instructed directly by the Lending Institution to prepare an open market value on the property, advising on essential repairs, condition and suitability of the property for lending purposes. Although in most cases Lending Institutions do release a copy of the report, it is for valuation purposes only and there is now a growing trend for the lenders not to release the valuation report.2. Scheme Two - Homebuyers' Report
A Homebuyers' Report is a pre-printed format report produced by the Royal Institution of Chartered Surveyors, which is designed for small terraced houses and more modern and larger and detached dwelling houses from 1930 onwards. The report is suitable for purchasing as it identifies the description, style of construction and condition of the property, and gives a general appraisal for a buyer to decide whether or not to continue with the purchase and any repairs that are urgent or may be required in the future. It is quite feasible for a Homebuyers' Report to be linked with a Scheme One valuation.3. Building Surveys
This is an in-depth report which is far more detailed than a Homebuyers' Report and where practical to do so surveyors will carry out sub-floor inspections and roof void inspections.
Purchasing a property is the most expensive investment one makes and it is not advisable to rely on a Scheme One Valuation. buyers should consider a Homebuyers' Report or Building Survey to protect their interests. Using small independent Chartered Surveyors that are known in the area is far more preferable than a large multiple practice. Independent surveyors will spend more time in dealing with personal requirements and in some cases the Independent Surveyors of your choice will be on the panel of valuers for the Lending Institutions and can supply a mortgage valuation to the Institution in a fully inclusive fee with the Homebuyers' Report or Building Survey.
Full terms and conditions regarding the various valuations can be obtained on request.