According to the property portal Rightmove, the average sold price of a Brighton and Hove home over the past year was £480,000 – a 10% increase on the previous year and 16% up on the 2019 peak. Flats sold for an average of £336,000, terraces for £531,000 and semis slightly higher at more than £532,00.
If the rise in value of your property, means you’re thinking of selling, it’s worth giving the idea plenty of thought. With a housing market that’s been both interesting and unpredictable over the past two years, commentators aren’t sure what will happen in 2022. But for now, demand is high with supply limited, meaning this could be a good time to come to the market.
If you’ve never sold property before or not for a while there’s a lot to consider. To help you, we outline the 17 steps involved in selling your Brighton and Hove property.
You probably have a good reason for selling – relocation, school places, the need for more space … But if you just fancy a change, give the decision lots of thought before you commit. Remember here are many costs involved in moving house – not least stamp duty which now must be paid in full, so make sure you’ve really thought it through.
If you’re selling and buying, you need an idea of your home’s worth to help you set a budget. You can get this from the many online valuation tools available and by looking at recent sold prices in your area.
Consider whether to move into rented accommodation after you sell. Doing so brings extra costs, but will mean you’re selling chain free, making your home more appealing to buyers. With limited supply in the current market, it will also give you space to wait for the right property to buy and make the process less stressful.
If you’re buying, do the sums to work out what you can afford, taking into account stamp duty, solicitors fees and other moving costs. If you’re looking to upsize, ask yourself honestly if you can comfortably afford higher mortgage payments. Look at the terms of your mortgage – if you can move it without harsh penalties, this might be a good time to look for a better deal.
If you’re changing lender or need a bigger loan, do your research as soon as you can and get an agreement in principle. Mortgage applications are one thing that slows down the process so do what you can as early as possible.
Whether you choose a local firm, big chain or online operator, this is a key decision, so do plenty of research. Decide on your priorities – online agents are usually cheaper but will require you to be more hands-on. Draw up a shortlist then find out some key facts – how many properties like yours your candidates have sold and how long they have been on the market. Ask too about how sale prices compare to asking prices. Check out online reviews and get personal recommendations from friends and family. Trust your instincts when meeting the agents and think about how well you gel – you will need to work closely with them.
Sellers must provide an energy performance certificate (EPC) to potential buyers. EPCs reveal how energy efficient a property is, with details about how expensive it is to heat and light – key information this year with the steep rises in energy costs. You must begin the process of getting an EPC before your home goes up for sale.
Check the property portals and online sales data for a realistic idea of what to expect. Listen to your agent too – a good one will help you decide the pricing strategy for your goal, whether a quick sale or maximum offers. But be wary of an agent who proposes the highest asking price. They may be over-valuing to secure your business. Budget for the fact that offers tend to come in 5 to 10% below asking price.
First impressions are vital, so don’t miss this crucial step. You need to present your home with polish, while depersonalising the space so buyers can imagine living there. Have a massive declutter, minimise furniture that can make rooms seem small and attend to any outstanding DIY jobs. Give your home a fresh coat of paint in neutral shades and don’t ignore the outside – kerb appeal is key.
You can’t instruct a solicitor until you have accepted an offer. But you can decide who to go with so you’re ready when the offers come through. As with agents, look for personal recommendations and reviews not cost alone. Now is the time to get together your paperwork such as building approval documents and guarantees for when needed.
Your estate agent must pass on all offers made on your property for you to accept, reject, consider or negotiate. In England, accepting an offer is not legally binding – you can change your mind, accepting a better one if it comes along – ie gazumping. Think about the ethics of doing this – you probably wouldn’t want it happening to you. Once you have accepted an offer instruct your solicitor to begin the conveyancing process.
You’ll need to fill out sellers’ questionnaires giving important information about the property – including things like building work and neighbour disputes. You must answer honestly or face the sale falling through and legal action. Mention at this stage which fixtures, fittings and appliances you will leave behind and any extra charges.
Your solicitor will draw up a draft contract with the dates for exchange and completion on the sale. It will specify any fixtures and fittings and any discounts on the price if the survey revealed problems.
If you and your buyer are happy, contracts will be exchanged. Now you are both committed to the sale and can’t pull out without being liable for compensation.
The money is transferred from the buyer to the seller and all legal documents needed to transfer ownership are handed over to the buyer along with the keys
You must move out on completion date or before, leaving the property clean and tidy as agreed in the contract.
Once your solicitor has received the funds from your buyer, they will pay off the mortgage redemption fee, provided by your lender, and return the balance to you. You’ll then receive a final bill for their services.
We know selling your home is a long, stressful and complex process, but we aim to make it as smooth and comfortable as we can. If you’re selling in Brighton and Hove, and are looking for a local agent, talk to us, for helpful advice and a no-obligation market appraisal.
Do you have any questions about the topic above? Our team of experts is here to help in answering any query you may have.
Fueled by his desire to be the best, most reputable estate and lettings agent in town, Steve has spent his career cultivating The Property Shop. Steve prides himself on his authenticity, honesty, and knowledge-base which is emulated by The Property Shop and his team.
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