6 STEPS TO SELLING YOUR HOME

Transcription

1 6 STEPS TO SELLING YOUR HOME

2 THANKS Thank you for contacting us regarding the sale of your home. Plumlife have a strong record of reselling shared ownership properties and we hope that your journey with us from this initial enquiry, through to the completion of the sale of your home will be smooth, informative and timely. This booklet has been produced to give you important information and advice on selling your home. To help make your move run smoothly, we are working in partnership with Move with Us, a residential property services company. Our partnership enables us to remove some of the upfront costs associated with the sale. Costs are not payable until completion (or, if you withdraw from the sale), removing the financial barriers some customers experience. This step by step guide will, we hope, provide you with an easy to follow process. It is important that we inform you in detail, so please read through the guide carefully. Whilst you are proceeding with your sale, there will be times when you need help and advice. Our sales team will assist with any query you may have (contact details are provided on the back page of the booklet). In summary we hope that this guide will: Lead to a smooth and efficient service from initial enquiry through to the completion of the sale of your home, with independent advice and support throughout Assist you with the decision as to whether to proceed before money is spent Explain how better quality images and descriptions of your property will aid a more attractive listing and increase the chance of finding a suitable buyer within 8 weeks (the nomination period) Explain what happens when the nomination period is over and the options available to you as well as how Move with Us, in partnership with local estate agents in your area, will maximize the chance of you selling your property 1

3 STEP 1 - FREE DESKTOP VALUATION Using recently sold and currently on market properties that are comparable to yours, along with an assessment of local market conditions, Move With Us will be responsible for providing a free desk top valuation. Move With Us will give you a likely range of values for your home to assist you in deciding whether it is financially feasible for you to continue with a sale. If you would like to proceed with your free desk top valuation, please contact us on or resales@ plumlife.co.uk and we will instruct Move With Us to arrange an appointment with you directly. The desktop valuation will be an estimate of the value of your home. If you decide to proceed the actual value will be determined by a RICS qualified surveyor (Royal Institute of Chartered Surveyors). This value could be higher or lower than the desktop valuation. 2

4 STEP 2 - FULL PROPERTY APPRAISAL Once you have the desktop valuation and if you decide to proceed, you should let Move with Us know. They will: Write to you and ask you to complete a form stating that you wish to proceed to the next stage, agreeing that you will cover the cost of the valuation and EPC* Arrange for a local estate agent(s) to visit your property. The agent will be taking photographs during this visit, so it s important that you present your house in its best possible light. They will take pictures and room measurements and will glean from you the best features of your home. Please refer to our Top Tips guide at the end of this brochure. Arrange an Energy Performance Certificate (EPC) if you don t have one* An EPC is a certificate attached to your property s details which says how energy efficient your house or flat is, and is required by law when any property is marketed for sale. If you do not have an EPC, a surveyor instructed by Move with Us will be able to assess your home and provide one. Arrange an independent valuation by a RICS qualified surveyor* Once the valuations are complete Move with Us will send a copy of the valuation report to you and Plumlife. As property prices change the RICS valuation is only valid for three months. If you haven t agreed a sale price and exchanged contracts within this time, you may need to have your home revalued at your own cost ( 40). * If Move with Us arrange the valuation, you won t be charged up front for this work. Once you complete or withdraw from the sale you will be liable for costs incurred at this stage. You may choose another RICS qualified surveyor. If you do so, the charge will be payable to the surveyor directly at this stage. Please note that you will be responsible for providing photos and room dimensions to us. CONTINUED ON NEXT PAGE. 3

5 STEP 2 - FULL PROPERTY APPRAISAL SHARE VALUE CONTINUED. The value of the share that you own is calculated based on the RICS valuation of your home and on the percentage that you own. As an example, if your home is valued at 100,000 and you own 25% of the property, then the share price would be: 100,000 x 25% = 25,000. Within the nomination period, you can t sell your property for more than the share price given, although you can sell your property for less. In the unlikely event this happens, please ensure you contact us for advice before proceeding. STEP 3 - INSTRUCTION TO SELL Once the share price has been confirmed and you decide to proceed with the sale of your home, you ll need to send us the completed Instruction To Sell form (enclosed in this booklet) along with your EPC (if not purchased through Move with Us). As per our standard lease terms, Plumlife has the right to nominate a buyer and has an 8 week period to market your home. Our charge for selling your home includes finding eligible buyers, qualifying and nominating buyers, and progressing the sale from offer stage until completion. This charge is 1% of the full value of the property and is payable on completion. A list of costs associated with the selling process is included in this guide. 4

6 STEP 4 - FINDING A BUYER Once we ve received your signed Instruction To Sell form and the EPC, we ll begin marketing your property; we ll advertise online, telephone potential buyers and send out direct mailings to our database of applicants. Potential purchasers will contact you directly to arrange a viewing. We can also use Move with Us s network of local estate agent(s) to help promote your property. They will refer additional buyers to us, to boost nomination period success. Anyone interested in your home will call you to arrange a viewing. After viewing your property, the buyer contacts us if they wish to proceed. They will need to complete Plumlife s online sales form to be approved by our sales team and provide proof of income. If several buyers are interested in your home, we will prioritise in order of housing need. 5

7 STEP 5 - SALES PROGRESSION Once a buyer has been found for your property, both you and your buyer will need to instruct a solicitor and provide us with your solicitors details. We will then instruct our solicitors to proceed with the legal paperwork. We will progress the transaction through to legal exchange and completion. We will liaise with all parties and provide regular updates throughout. Please note that it usually takes approximately 12 weeks for a sale to proceed to legal completion. If a re-valuation is required at this stage, we ll let you know how to go about organising this. Before exchange, you ll need to make sure you re up to date with your rent and service charge and any other payments required in terms of the sale. Rent and service charges are payable up to the date of completion; we calculate these and your solicitor will arrange payment of these on completion along with payment of legal costs and sales fees. Costs Involved Energy Performance Certificate RICS Valuation Survey Fee Your Legal Fees Fees payable to Plumlife s solicitors Plumlife s selling fee Plumlife s administration fee (N/A if sold 100%) from 60 plus VAT Payable to Move with Us on completion of or withdrawal from the sale 160 plus VAT. Payable to Move with Us on completion of or withdrawal from the sale obtain quote/fixed fee before instructing your solicitor approximately 325 plus VAT & distribursements 1% of full value of the property (selling within nomination period) 350 for a flat, 250 for a house (if selling outside the nomination period) Once you have legally completed on your sale, please liaise with your solicitor with regard to handover of keys and any parking permits. Make sure that you ve instructed your bank or building society to cancel your direct debit payments in relation to the property you ve just sold once legal completion has taken place. On completion, the survey and EPC costs will be paid to Move with Us along with other fees associated with your sale. Any outstanding rent, service charge or tenant ledger payments Plumlife Leasehold Enquiries Fee Notice of assignment and charge 100 plus VAT (This is for providing copies of information about the account. If your solicitor requests this information you will be responsible for payment of the fee). 30 plus VAT. The above are for guidance only and accurate quotes can be obtained from your solicitor. 6

8 STEP 6 - FURTHER SALES PROGRESSION If we haven t found a buyer within 8 weeks, Move with Us are happy to proceed with the sale and will become your main point of contact. They will instruct 2 local agents to find you a buyer. It is possible to sell 100% of your home at this stage. Please contact your solicitor for further advice. Move With Us Sales Fee: 1.75% plus VAT (selling outside nomination period) You will only be liable to pay Plumlife s selling fee if we have found you a buyer. You also have the choice to find an alternative estate agent at this stage should you wish to do so. Survey and EPC costs must be paid to Move With Us before marketing with another agent commences. 7

9 FREQUENTLY ASKED QUESTIONS What service is provided for the sale fee? The 1% selling fee is only payable if Plumlife finds a purchaser, and covers the cost of marketing your property. The fee covers the costs for the following: Nomination Fee All marketing including sending mailshots, advertising on website portals, processing buyer enquiries. Administration Liaising with your solicitor, the buyer and buyers solicitor to progress the sale through to completion. Cost of photography Production of marketing collateral Full market appraisal Estate agent referral Why do I need to have a RICS valuation done? The terms within your shared ownership lease state that a valuation must be carried out by an RICS qualified surveyor before proceeding with marketing your property. Why do I have to pay Plumlife s solicitors fees? You are responsible for Plumlife solicitors fees as you have decided to sell your share within the property and Plumlife will not be selling their share. However if you decide to staircase, Plumlife will cover their own solicitors fees. Can I sell 100% of the property? If we are unable to find a buyer for your share within the 8 weeks, you will then be able to market the full 100% on the open market. 8

10 FREQUENTLY ASKED QUESTIONS CONTINUED. What if I don t agree with the RICS survey? Plumlife have no influence on the value of your property. You will need to contact the company that carried out the valuation. I have found a property that I would like to purchase, how do I proceed? Before looking for a new property your current property should be under offer to avoid disappointment. Plumlife will make every attempt to sell your share as soon as possible however we cannot confirm the time it will take to nominate a purchaser. Why can t I sell my property for more than the valuation amount? The terms within your lease state that you can only sell your share for the value determined by an RICS chartered surveyor. If you wish to sell your share for more, you will need to obtain a valuation report that has been carried out by an RICS chartered surveyor to confirm the property is worth this amount. After the nomination period lapses, you are free to sell 100% of your property and you are free to negotiate the sale price. However, at minimum you must repay Plumlife the full RICS valuation of our share. Why do I need a Energy Performance Certificate (EPC)? It is a legal requirement that you have a valid EPC before your home is marketed for sale. They are valid for 10 years and if you received an EPC when you bought your home, it could still be valid. You will need to provide this to us. 9

11 PROPERTY DESCRIPTION DETAILS This is your opportunity to tell potential purchasers about the key selling points of your home. Remember that potential buyers are going to glance at the key features of your house description, and then decide whether they want to read on. It is important to remain positive throughout your property description, and to describe things in an encouraging way. For example, a small living room might be described as cosy, or a small graveled garden could be described as a low maintenance courtyard. However, please note that whilst your description can be poetic, it should most definitely not mislead the prospective buyer. CONTINUED ON NEXT PAGE. 10

12 PROPERTY DESCRIPTION DETAILS CONTINUED. 11

13 TOP TIPS 1. De-Clutter and De-Personalise Potential buyers need to imagine themselves living in your house, so get rid of ornaments and photos - especially posters in kids bedrooms. Put things you don t really use on a daily basis in the attic or storage. Large pieces of furniture should also go into storage; this will make rooms feel much bigger. Focus on the hallway - clear away coats/clutter; the bathroom - hide all your products; and the kitchen - clear the work surfaces of appliances, jars, tins, etc, and replace any ragged tea towels or smelly bins. 2. Freshen Up A great New Home effect can be acheived by a fresh coat of neutral paint, cleaning the grout in the bathroom, replacing broken light bulbs; re-painting the front door; ironing sheets in the bedroom; taking down any heavy dark drapes; and strategically placing flowers throughout. Just a few of these can do wonders to smarten up a tired looking property. 3. Clean Up If you d rather not re-decorate, it is still essential that the house be spotless. Time spent making the place sparkle will be time wellspent; clean the carpets, sofa covers, oven and windows while you re at it. Pay special attention to the kitchen and bathrooms, which need to be inviting and hygienic; finish up with fresh white towels; and a strategically placed plant or two. Watch out for over-stuffed wardrobes - yes, people do look in them to check the amount of storage space - so clear them out. 4. Preparing for Viewings Everyone knows that first impressions count, and you ll want the house to appeal to as many people as possible; the more people there are who like the property. So sweep up, and make sure the entrance to your home is tidy and inviting. Turn the lights and heating on; air out the house; and don t smoke or cook before viewings. If you ve got parking, leave the space free for the buyer - this will add to the whole experience. 5. Showing a Property Have a think beforehand what order you will show the rooms, and guide viewers around the property once, showing the best rooms first or last. Don t overload them with detail, such as the size of your boiler or the trouble with the neighbour s cat. Be business-like during the first viewing; if someone is interested, you can always get to know them a little more on the second viewing. Never point out problems or issues, but do feel free to highlight the odd positive point, like a south-facing garden, or very convenient parking. Finally, invite viewers to take another tour round the property on their own... but don t go off and make a phone call - be somewhere nearby, on hand to answer queries. 12

14 INSTRUCTION TO SELL Plumlife Southern Gate, 729 Princess Road, Manchester M20 2LT tel:

15 CONTACT DETAILS Plumlife Southern Gate, 729 Princess Road Manchester M20 2LT tel: Please note that this document is intended as a guide only and we believe the information provided to be correct at the time of issuing.