First-Time Sellers Guide – Your Next Steps Once You’ve Decided to Sell

*This article follows on from our First Time Sellers Guide – Prior to Marketing.

Congratulations, you have decided to sell your property. It’s a big, exciting step but it can also be an unnerving time as you go from being a landlord to seller. At Marybow Property, we like to give you a heads-up in respect of the issues that will come up and the actions you need to take to make your sale go as smoothly as possible.

Property Information Questionnaire (PIQ)

Your property agent should have given you a copy of the PIQ to complete as soon as you informed them of the decision to sell your property. Do not delay submitting this document as an agent can be prosecuted for marketing a property with incorrect information. If you have any doubts about what information you should include, err on the side of caution and disclose ALL information, concerns and questions to your agent.

Anti-Money Laundering check

All sellers must go through a formal Anti-Money Laundering check. This process is usually outsourced to specialists to ensure it is HMRC-compliant. If the property agency you’re using to sell your property is the same as the one you were with as a landlord, you may still be asked to go through an Anti-Money Laundering check again. Don’t be concerned about this; it’s a routine check. Only a computerised check can determine whether you are a Politically Exposed Person (PEP) or a high-risk individual (or company/trust).
Your solicitor/conveyancing expert will also each need to do a separate Anti-Money Laundering check, which can take some time. They may ask you to visit their office and if you are an overseas landlord, there may be additional checks and certified documents to send back by post. Do not delay!

Conveyancing

While your agent is marketing your property, you should appoint a conveyancer. A conveyancer can be a solicitor or company that has a dedicated ‘case worker’ who will help progress the sale.
It’s important that they are someone you feel comfortable working with. Good, regular communication is vital, as the conveyancing process is complex and can take many months. You want to be kept informed and not always be chasing them for an update.

You should obtain a few quotes on a suitable conveyancer and compare their services. Bear in mind, though, that a conveyancing company found on a comparison site may not represent you directly; instead, they may merely be acting as a platform that assigns solicitors. The conveyancing company will, therefore, be a third party. Another thing to check is whether the company has fees if you abort or levies no fee until you exchange and complete.

Time on the Market

Managing your expectations is vital, especially when you are used to the fast pace associated with lettings. In lettings, offers can come quickly, and tenants can move in, within a matter of weeks. Sales are not like this; the process takes much longer.
Your agent will give you an approximate ‘Time on the Market’ for your property, assuming it is an empty property. ‘Time on the Market’ means the period the property will be on the market before an offer is received. It is often a rough estimate, so it could be much longer or shorter than you expect, but you should use it to budget for paying for your mortgage and other bills when you’re not receiving a rental income from the property.

Your agent may market with tenants in situ, but this should be a separate discussion. As a rule, we at Marybow Property don’t advise this as viewing enquiries cannot be predicted. An enquiry can come in with a viewing required straightaway, or you could wait days or weeks without a single enquiry being made and when they do, your tenant may not be able to give access or hasn’t had time to tidy up.

Viewings and Offers

Hopefully, you will receive viewing feedback which will help you to keep the property attractive and relevant to the market. When an offer is received, it should be responded to promptly, as the agent may need to complete lengthy anti-money laundering checks on the buyer. You don’t want to waste any time.

Are you looking for a competent estate agent to sell your property? Contact us today at 0203 588 5115.

Disclaimer: Marybow Property takes all reasonable care to ensure that the information contained on this website is accurate. However, we cannot guarantee the accuracy or completeness of the content. Our website, including the blogs, is not legal or financial advice and should not be construed as such. We reserve the right to change the information on this website at any time.