The Selling Process

SELL

1. Valuation
This is probably the most important part of the selling process; price your property too low and you’ll sell it in record time, but for less than might be possible.  On the other hand setting the price too high will mean your property won’t generate much interest and you’ll almost certainly struggle to find a buyer.

At Young London we use our extensive local knowledge of property sale prices, coupled with in depth research into a particular street or development to give you an accurate valuation of your property - ensuring you achieve a quick sell for the best possible price.

2. Instruct an Agent
If you have had valuations from a number of estate agents, you must then decide which agency to use.  Although it’s tempting to simply opt for the agency that has offered the highest valuation this can often be counter-productive; if you ask too much, you could put off potential buyers and become extremely frustrated with the lack of interest.

It is better to consider each agency on its individual merits; where will each advertise your property?... what are their opening hours?... when will they be available to conduct viewings?... what is their local presence and reputation?

Finally consider the fees they charge for selling your property.  As with the agency offering the highest valuation, the agency offering the lowest fee is rarely the best. If their fees are lower than their competitors it will usually mean their marketing budget is low - meaning less people will see your property, making it harder to achieve the best price.  There is also a high chance that their levels of service will fall short too.

3. Find a Solicitor
It is advisable to instruct a solicitor when you first decide to market your property as this will help prevent delays when you come to accept an offer.  A local solicitor with knowledge of the specific property market is a much wiser choice than a cheaper out-of-town option.

Young London can recommend a number of independent solicitors with experience of buying and selling property in your area, so don’t hesitate to ask.

4. Accepting an Offer
If your property is priced correctly and you have chosen the agency with the widest marketing coverage, you should enjoy a steady stream of prospective purchasers. On average a property will usually take approximately 4 to 6 weeks to generate a suitable offer, but don’t be afraid to consider an offer from the first viewing.  A property new to the market should generate some excitement and a good estate agent will use this to your advantage.

5. Conveyancing
Once you’ve accepted an offer, it’s time to let the solicitors take over, but a good estate agent’s work doesn’t stop here.  Young London will manage the whole process, ensuring that both sets of legal representatives communicate fully with each other and we’ll report back to you with regular updates on your transaction’s progress.

6. Exchange
The conveyancing process commonly takes between 4 and 8 weeks.  Once both parties have agreed the terms of the sale, agreed the date for the sale to complete and the purchaser’s solicitors have carried out the relevant due diligence and searches, contracts are exchanged.  The purchaser will need to pay a deposit and at this stage the agreement is legally binding.

7. Sold!
On the agreed completion date, usually around 4 weeks after exchange of contracts, you’ll receive the remainder of the money from the purchaser and they receive the keys to their new home.  The sale is completed and you’ve sold your property!