Keystone Selling for the first time? Guide

WHAT HAPPENS NEXT? FIRST-TIME SELLER GUIDE

So, you’ve decided to sell your home. You’ve never done this before. What’s the first step? How much will it cost me? How will I prepare my house? So many questions coupled with the idea that moving house is one of the most stressful experiences in life: It’s enough to put you off before you’ve even started. But don’t close that laptop just yet. Here at Keystone, we have put together this guide to help you navigate your way through this minefield so grab a brew, settle in and let us answer all your questions.

WHAT ARE THE COSTS? Mortgage fees Okay, let’s get this bit out of the way first. When it comes to selling your property, fees are unavoidable but they can be lessened depending on your circumstances. First, you need to dig out your mortgage paperwork. If your current mortgage is on the Standard Variable Rate (SVR), then there shouldn’t be any penalties for moving. Note that the SVR is the rate on which a mortgage is placed after your discount, tracker or fixed rate comes to an end. If your mortgage is still within the initial set timeframe of one of these products (e.g.

2yr fixed rate), there will likely be a penalty to pay for redeeming the mortgage earlier than the set time. However there is the option to “port” your mortgage over to the new property. This involves taking your current mortgage balance over to the new property when you’ve sold. You may then be able to borrow extra money on top which becomes a second mortgage possibly on a different rate. The main thing to try to do is keep it in line with the original mortgage so the fixed rate period is ending at the same time. This way we could look to bring the two mortgages together in the future with a remortgage.

Our mortgage advisors at Keystone will be able to have a chat with you about this and discuss your options. Remember, here at Keystone we can access the whole of the market and find you the best deal. We are able to access mortgage products from a variety of lenders who can cater for the differing needs of our clients - including those who have encountered credit difficulties.

What is my house worth?

Next, you will need to get an idea of what your property is worth against the

FIRST-TIME SELLER GUIDE

outstanding amount left on your mortgage. Here at Keystone, we offer three unique ways you can find out the value of your property: • Instant Valuation: A computer algorithm, using previous sales data calculates this figure. This is 60-70% accurate and is a simple way to obtain an approximate valuation. This option is great for those clients who are simply a little curious and would like a ballpark valuation.

• Valuation Plus: Here you send us pictures and a description of your property and we will send you a report within 24 hours. This is suited to clients who are thinking of a move within the next year.

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Face-to-Face Valuation: This solution is perfect if you are ready to move soon. We will visit your home in person and talk to you about your property using our expert knowledge of the housing market. At this stage we will discuss agency fees with you and give you an honest and realistic valuation of your property.

Solicitor fees When you sell your property, you need to use a Conveyancing Solicitor to take care of the legal work involved. Solicitors will also normally ask for Local Authority Searches to be paid for upfront too. These searches are a mortgage lender requirement and whilst there is no obligation for cash buyers, it is advisable.

Fees vary and remember, you pay a solicitor for both selling and purchasing a property. In terms of costs you are generally looking at around £1700 £2000 for selling and buying all in. Usually if there is enough profit from the sale of your property the solicitor will retain all of their fees, any Estate Agency and Mortgage broker fees. The solicitor will then be responsible for paying the estate agent and mortgage broker. You will receive a completion statement which itemises all of these costs.

The solicitor will also be responsible for paying off your existing lender with the sale funds and also calling for the money from the new lender to pay for the new property. Any deposit coming from the sale of your existing property will be added to the new mortgage funds and then transferred to the solicitor acting for the seller of the property you are buying.

FIRST-TIME SELLER GUIDE

PREPARE YOUR HOME FOR POTENTIAL BUYERS Now for the fun bit: preparing your home for potential buyers! Okay, maybe that’s a little optimistic. But actually, here at Keystone, we believe that preparing your home can be a perfect opportunity to de-clutter and organise your home in preparation for your own move. It should be noted: potential buyers do not expect a show home but neither do they expect a ‘find us as we are’ approach to presentation. Somewhere in the middle will do just fine. Read the handy tips below to ensure the potential buyer of your home becomes the buyer of your home.

Smells sell You have probably heard that the smell of brewing coffee and the nostalgic aroma of freshly baked bread will help sell your property but before you dig out the cafetiere and rush out to buy the latest bread making machine, let’s explore the idea of smells in the home. Studies have shown that strongsmelling scents in homes can sometimes distract buyers as they try to consider what the smell is. The new theory about selling with scent is to opt for a more subtle approach. Clean and fresh is the way to go but go carefully with the bleach – you’re selling a house, not covering up a murder scene.

First of all, you need to clean items where smells can linger. The main culprits are: • Sofas and other upholstered furniture • Carpets • Curtains • Carpets and rugs • Throws and blankets • Pet items (bedding, litter trays etc.)

Concentrate on thoroughly cleaning and washing areas where these smells linger rather than blasting your potential buyers with cloying plug-ins, which only temporarily cover up bad smells. By taking this approach, you will ultimately freshen up the whole house. Remember, clean things smell clean and buyers will notice if they aren’t.

Once you have generally freshened up your home by simply cleaning, you might want to consider the following ideas to ensure a fresh, enticing, yet subtle aroma for your potential buyers:

• Burn a linen fresh candle up to an hour before buyers arrive.

• Fresh air is your best friend. Open windows and doors for a good 30 minutes to ensure any lingering cooking smells are expelled.

• If it’s wintertime, pop a tumble dryer sheet on a hot radiator for a beautiful, clean smell that will fill the whole house with that fresh, ‘just laundered’ aroma.

• Use Zoflora Linen Fresh undiluted to clean the front door, internal doors and banisters. The smell will cling to the doors for a day or so and emits a clean smell without overpowering the home.

• Consider buying some indoor plants. They clean the air whilst instantly beautifying the home.

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If you do have the time and costs allow it, a fresh coat of paint on the walls in high-traffic areas a week before you put your house on the market can also help freshen up the overall smell of your home, especially if you have animals.

Pets at home This is a tricky one. Whilst you may have become accustomed to the aroma of your canine friend, there is no getting away from the fact that pet smells can be off-putting for potential buyers. Follow the advice above to ensure you are minimizing any offensive animal odours. Ask a family member to be honest with you and ask them if there are any offensive smells lingering.

If you can have your animals stay with a neighbour or family member whilst you show potential buyers around then great. Animals can at best, be overly interested in new people entering the home and at worst, territorial. The last thing you want is your dog whipped into a barking frenzy whilst trying to sell the virtues of a sea view and a quiet neighbourhood. If someone else cannot look after your animals, perhaps ask your agent to show potential buyers around the house whilst you take your dog (or even your cat) out for a walk. Our staff at Keystone understands the different circumstances of our clients and we feel potential buyers are far more at ease with the Estate Agent showing the property so we tend to do accompanied viewings on all of our properties although if this is something you would prefer to do that’s absolutely fine!

FIRST-TIME SELLER GUIDE

FIRST-TIME SELLER GUIDE

TIPS TO SHOW OFF YOUR PROPERTY TO ITS FULLEST POTENTIAL •

Try to create space in each room. This isn’t about stripping the rooms bare but if there are any unnecessary pieces of furniture that can be stored at a family member’s home then this will help to create spacious living areas.

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Most of us have clutter: there is no getting away from that. However, selling your property can be a perfect opportunity to finally indulge in the therapeutic activity of removing unnecessary items from the home.

This will also help alleviate the stress on moving day if you are selling your property and buying another home.

• Wires and leads. Try to put these out of view when potential buyers arrive. They look unsightly and messy. Consider purchasing cable clips to attach wires to discreet places out of sight.

• Put clothes and washing away. Even in the laundry room, potential buyers don’t really want to see your smalls.

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Remove toys from the living room and any unnecessary items. You are trying to show each room to be spacious. Having children’s toys in the living room could perhaps give the impression that bedrooms aren’t big enough.

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Remove bottles of shampoo and shower gel from display in the bathroom. Consider purchasing a dispenser unit for these products to save space. Place a freshly washed towel bale in the bathroom if there is space. Green indoor plants can also freshen up a bathroom and aesthetically, they look great.

• It goes without saying that all beds should be made but think about adding some cushions for a more presentable finish.

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Whilst we are told to ‘never judge a book a book by its cover’, this maxim does not necessarily apply when selling your home. Again, potential buyers are not expecting a show home but the front of your property should be clean and tidy. If time and costs allow for it, a freshly painted door can transform the front of your property. If not, a simple clean

can give your front door a new lease of life. Hanging baskets; new housenumber plaques; a jet wash of pathways and a neatly mowed lawn can be a fairly inexpensive way of giving that all-important, great first impression.

Accepting an offer Keystone will act on your behalf at this stage. Remember, you are our client and we aim to secure the best possible price for you. Our experienced negotiators are skilled in asking the right questions to your potential buyer in order to get you that great price and to ensure they are fully committed to the purchase.

Normally, when you have accepted an offer on your property, the process takes around 8-10 weeks. Please note that this can sometimes take longer depending on a number of factors but a smooth sale will normally take around a couple of months. Take a look at the stages of a sale below for a rough idea of the process: • Offer accepted • Solicitors appointed for both seller and buyer and a Memorandum of Sale will confirm an agreed sale subject to contract.

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Buyer’s mortgage lender will verify details given to them and once confirmed, they will arrange for a surveyor to visit the property to check it is structurally sound and that it is worth what is being offered. Once the lender is happy with their checks, they will send a mortgage offer to the seller’s solicitor.

• Seller’s solicitor will draw up a contract and send to buyer’s solicitor • Buyer’s solicitor will contact the seller’s solicitor to confirm exactly what is included in the sale.

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Buyer’s solicitor will perform searches of Land Registry and Local Authority information. Here they will check for planning history; drainage and mining around the property and any potential developments around the roads near to the property.

• Contracts are signed

FIRST-TIME SELLER GUIDE

• A date for exchange of contracts and completion (moving out day) is agreed. Note that Buildings Insurance should commence from this point as the potential buyer is legally responsible for the property at this stage.

• Contracts are exchanged. Seller’s solicitor will receive the buyer’s deposit along with the signed contract. Both parties are now legally bound to the purchase.

• Completion. Keys are given to the new buyers; the sale is complete and the champagne can be opened.

Keystone have an amazing system that has been specially developed for them where the buyer/ seller can log in to see the progress of the sale.

Every time you reach a particular milestone it will change to green and let you know. You can see all of the estate agent and solicitor case notes so you are seeing the live progression of your sale and how far away from completion you are at any particular stage. ...and finally.

Remember, selling your current property and moving onto your next should be an exciting moment in life rather than a stressful one. Here at Keystone, with our wealth of experience and knowledge, we try to preempt any issues that may arise before they become a problem so you can be rest assured that you are in safe hands with our dedicated sales team who will endeavor to make your journey with us a memorable and positive experience.

Our final advice to you as a first-time seller is to acknowledge that unexpected challenges can sometimes crop up when selling any property and even though moving house is deemed one of life’s most stressful events, we believe it is one of the most enjoyable moments helped along by preparation; organisation and planning…and of course, keeping a cool head.

Deep breaths…

You’ve got this.

IF YOU WOULD LIKE FURTHER INFORMATION PLEASE GET IN TOUCH TODAY 01244 836 636 mail@keystonepmc.co.uk keystonepmc.co.uk