Selling property in the UK is a great opportunity to not only capitalise on rising prices, but also to legally release a significant amount of cash. However, to ensure that everything goes smoothly, you need to approach the process wisely and prepare in advance.
Here are the main steps to follow:
This article will explain how to go through each of these steps as efficiently as possible so that you can sell your property profitably and hassle-free.
The first step in selling a property is to have it valued. The easiest way to do this is to use an online calculator. These services can be found on the websites of local realtors. All you need to do is enter your postcode and basic property details to get a preliminary valuation.
You can also contact a real estate agent. They will be able to take into account the condition of the house, neighbourhood features and current market trends – something that online calculators can miss.
However, for a more accurate picture it is worth ordering a professional valuation from a valuator. This is a regulated profession, the standards for which are set by a special government body, the Valuation Office Agency.
In addition to the market assessment of the property’s value, the valuator can also analyse its technical condition. This is the most correct and accurate assessment. It can show potential problems that you may not be aware of, but that a buyer could potentially encounter.
The fact is that the buyer can order an independent valuation before the transaction. Еhe deal may fall through when any serious problems are discovered only at this stage,. Therefore, it is better to find out about hidden problems in advance. Besides, it will demonstrate your transparency and openness to potential buyers.
Thus, consulting with a professional can help you better understand the real value of the home and properly prepare for the sale.
Over the last five years, inflation in the UK has been 23.4% and property prices have risen by an average of 29.55%. This means that home values have increased faster than inflation, making selling particularly lucrative if you bought your property before 2020. Even with everything else rising in price, owners can expect to make a solid profit.
This is particularly noticeable in London, where price growth has outstripped national figures. In prestigious areas such as South Kensington and Shoreditch, property values have increased by over 40% in the last five years. This is a great opportunity for those who haven’t valued their property in a while to take advantage of the current market conditions and sell their home for a good profit.
If you haven’t checked the value of your property in a while, now might be a good time to do so – prices are rising and you could make a serious profit.
Once you estimated the value of your property, the next important step is to calculate all the costs that may arise in the selling process. Even if the price of your home has increased in recent years, it is important to understand how much it will cost to sell it yourself in order to accurately estimate your benefits.
If you are selling a property through an agent, you need to keep in mind their commission. It usually consists of a certain percentage of the transaction. In general, it is cheaper to use the services of an online agent. Depending on the value of your home and the region, an agent’s services can cost between 0.5 and 3.5% of the value of the property. This amount usually covers taking photos of the property, listing it on an online platform, organising viewings, communicating with buyers and preparing the house for sale.
The contract can also be non-exclusive, which gives you the right to approach other agencies, or exclusive, where only one agency has the right to sell this property. In the case of an exclusive contract, the commission is usually lower.
Whether you are selling on your own or through an agent, you will need legal support for the transaction. The cost of a solicitor will vary greatly depending on the complexity of the transaction and its specifics, such as the structure of the property and the amount of paperwork required. It can range from £1000 to 1% of the value of the property. This includes checking all the documents and drawing up the contract.
This document is compulsory if you want to sell a property in the UK. It shows the level of energy consumption of the house and costs between £50 and £120.
Don’t forget the moving costs. This includes packing, transport and possible movers’ services.
Understanding your upcoming expenses will help you better assess your benefit after the property sale and avoid unexpected expenses.
Before you put your home on the market, it’s important to determine its value. Start by analysing similar properties in your area. Compare multiple listings on major platforms such as Rightmove and Zoopla. This will give you a realistic idea of what homes of your type are selling for. You can also use online valuation calculators but be aware that they don’t always take into account the features of a particular home – condition, repairs or window views can make a big difference to the price.
Once you’ve decided on a price, place your advert on one of the major platforms – Rightmove and Zoopla. These sites will get you the most views. Consider paid promotion, especially if there are a lot of similar properties in your neighbourhood – this will help draw attention to your offer.
Another effective channel is local and themed Facebook groups. Although the number of views there will be lower, these sites often attract people already interested in buying property in your area.
The key to a quick sale is quality photos. If possible, book a professional photo shoot – it’s a small investment that can significantly increase interest in your property. Photos should be bright and clear, show rooms from the best angle and emphasise the unique features of your home.
The text of the advert also plays an important role. Include not only the area, number of rooms and condition, but also details that may attract a buyer: proximity to schools, public transport, parks. If you have floor plans, be sure to add them – this will help potential buyers better visualise how they can use the space.
Monitor responses to your advert, answer questions promptly and arrange viewings. Selling on your own means being constantly involved in the process. If you are short of time or need professional support at certain stages, you can ask for partial help from specialists – for example, for paperwork.
An Energy Performance Certificate (EPC) is a mandatory document when selling a property in the UK. It shows how efficiently a home uses energy and helps buyers estimate future utility costs.
The EPC rates a home on a scale from A (most energy efficient) to G (least efficient). A home with a high rating can reduce monthly utility costs for a buyer, making it more attractive in the market. The report also makes recommendations for energy efficiency improvements that can help increase property values.
To arrange an EPC, you need to get a certified surveyor to carry out a home inspection. You can do this through an estate agent or online services. The cost of an EPC ranges from £50 to £120 depending on the type of property and region. The certificate is valid for 10 years, so if it was obtained recently, you may not need to order a new one.
If you want to improve your EPC rating before selling, consider simple measures such as insulating the loft or replacing light bulbs with energy efficient ones. More serious steps, such as installing new windows or solar panels, can significantly improve the rating and increase the value of the home.
To ensure your home makes a good impression on buyers, it’s important to prepare your home in advance. Here are the key steps:
Before viewing, pay attention to any little things that might stand out: burned out light bulbs, creaking doors, a dripping tap. Even small imperfections can give the impression that the home has been poorly cared for. Investing in minor repairs will pay off as buyers will see the home in a better light.
Cleanliness is very important. Start by putting away personal items, especially photos and decorative items. Buyers don’t want to see your home, but a space where they can visualise themselves. Loose surfaces, tidy cupboards and neat rooms will help buyers visualise how they can use the space.
Refresh the atmosphere in your home. Air out rooms to remove musty odours, open curtains to maximise light and add nice accents like fresh flowers or candles. The right presentation can make even a small space feel cosier and more inviting.
If your home has unique features – a large kitchen, a beautiful terrace or a green garden – make them catch the eye. Open the curtains to show off the view or emphasise the spaciousness of the living room. Make sure these features stand out, because they can be deciding factors for a buyer.
At the viewing, try to be friendly and not too pushy. Highlight the strengths of the house and neighbourhood – for example, proximity to transport, schools or parks. Answer questions honestly but avoid long stories or unnecessary details. If buyers ask about disadvantages, it’s better to focus on how you can fix them rather than discussing them.
When you receive offers from buyers, it’s important to take your time and evaluate them properly. Here’s how to choose the best one and not miss out on the benefits.
Collect all offers and do not accept the very first one right away. It is important to consider not only the amount, but also the financial readiness of the buyer: whether there is an approved mortgage, how long the transaction will take, how confident the buyer is in his abilities. Sometimes buyers will offer a price, but delay making a decision, which can delay the sale process.
It’s okay to bargain. If you are not satisfied with the offer, try to negotiate the terms. The buyer may be willing to raise the price or offer a more convenient time frame. You can also use multiple offers to up the ante – let the other bidders know you have a better option. But it’s important to negotiate correctly and respectfully to avoid scaring off buyers.
The highest price is not always the best option. For example, a buyer with an approved mortgage or cash can be more reliable than one who offers more, but only in the initial stages of loan approval. Buyers who are willing to close faster or without complicated terms may be more favourable, even if their offer is slightly lower.
When you have selected the best offer, it is important to put it in writing. This can be in the form of a preliminary agreement or a letter of intent. This will document the arrangements, making it less likely that the buyer will change the terms or back out of the deal at a later stage.
Sometimes it pays to go along with a buyer, especially if they are willing to close quickly or offer terms that are convenient for you. For example, if the buyer is willing to close quickly, it may offset a lower price. Or if the buyer offers more time to move in, that could be a deciding factor.
Forming a contract is one of the key points in selling a property. It is important to consider every detail to avoid delays and misunderstandings.
A contract for the sale of a property is usually prepared by your solicitor. It spells out all the main terms: the sale price, completion dates, the obligations of both parties and any additional terms (such as repairs or rectification of defects). The solicitor will also check that all the property documents are in order, including title deeds, plot plan, tax and utility bills.
Once the contract has been drafted and both parties have reviewed it, it is time to exchange contracts. At this point, the buyer pays a deposit (usually 5-10% of the value of the home). From this point on, the terms of the deal are considered to be officially fixed.
This is a legally binding step: once the parties sign the contract, neither the seller nor the buyer can walk away from the transaction without serious consequences, such as loss of deposit.
After the contracts are signed, there is a final stage – the finalisation of the transaction. This usually takes place within a few weeks after the exchange of contracts, depending on the arrangements. On the day of completion, the buyer transfers the remaining amount and the keys are handed over to the new owner.
If the property is being sold with a mortgage, your solicitor sends the paperwork to the bank for approval. The bank will check all the paperwork associated with the sale and confirm the mortgage balance has been paid off or transfer the money to your account if the loan has already been paid off. This process can take a few days, depending on the bank and the complexity of the transaction.
Your lawyer handles all negotiations and ensures that the transaction is legally clean. They are also responsible for transferring the money, settling all accounts and finalising the mortgage, if necessary. The lawyer makes sure that everything is done correctly, including the transfer of ownership.
Moving is the final step in the selling process, and you need to prepare for it thoroughly. Here are some things to consider:
Start with packing ahead of time. Put things together by category – what you need right away and what you can put away until the last day. It is better to sign the boxes to make it easier to take them apart later. Order packing materials – boxes, cover foil and tape. Don’t forget to pack fragile items carefully to avoid damage in transit.
If you have a lot of stuff, it’s worth hiring movers and a transport company. Choose a date well in advance to avoid seasonal loading. The average cost of a move, which depends on the volume of belongings and distance, is usually between £400 and £1,200.
Handing over the house to the new owner is an important step. Make sure you remove all personal belongings, remove rubbish and leave the house clean. Ideally, do a general cleaning or hire a cleaning company. Buyers will appreciate it if the house looks like it’s ready to move in immediately.
When you hand over the house to new buyers make sure you leave all copies of the keys, as well as instructions for appliances, meter details and important contacts (plumber, electrician, etc.). This will make life easier for the new owners in the first few days after moving in.
Imperial & Legal will help you sell property in the United Kingdom profitably. Our specialists will handle property preparation, communication with buyers, viewings, and promotion of your listing. We’ll assist with all bureaucratic complexities, carefully draft the contract, and help you negotiate the terms of the sale.
If your property is mortgaged, you will need to co-ordinate the sale with your bank. As a rule, the balance of the mortgage is repaid from the funds received from the buyer. It is important to make sure that the sale price covers the outstanding loan, otherwise there may be difficulties in finalising the transaction.
Yes, you can sell the property yourself. This will save on commission but will require you to be more involved in the process, from assessing the value and placing adverts to organising viewings and negotiating with buyers.
You will need: a title deed, an Energy Performance Certificate (EPC), utility contracts and a sale and purchase agreement. Your solicitor will help you to collect all the necessary documents.
The average time to sell a property in the UK is between 3 and 6 months. This time may vary depending on the complexity of the transaction, the availability of mortgage obligations and the agreement of all legal formalities.
Yes, you will have to pay Capital Gains Tax whether you are UK tax resident or not. It will be 18% on the increase in the value of the property since you bought it, if the difference between the purchase and sale price was £31,865 or less. Or 28% if the difference between the purchase and sale of the property is more than £31,865.
A tax resident will be required to include all information about the transaction in the annual tax return. If you are not a tax resident, the tax return must be filed immediately, within 30 days of the transaction.
Related expenses and whether the property is the only residence are also taken into account when calculating taxes.
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