Selling Your Property in Leeds, Wakefield & Wetherby

How an RICS estate agent can help you sell your home

When you want to sell your home, be it in Leeds, Wakefield, Bradford or even Wetherby, you can take advantage of our expertise by choosing an estate agent who is a Member of the Royal Institution of Chartered Surveyors (RICS).

The Royal Institution of Chartered Surveyors has developed this guide to help you understand the selling process. You’ll find plenty of practical tips and sound advice.

Many estate agents throughout the UK are  members of the Royal Institution of Chartered Surveyors. Here are the advantages of using an RICS member:

• They give you clear, impartial and expert property advice
• They act in your interest
• They are tightly regulated and have strict codes of conduct to protect you – including proper insurance
• Members of the Royal Institution of Chartered Surveyors have to update their skills and knowledge throughout their careers, so you can rely on their expertise
• You are further protected by a complaints service.

The process

Decided to sell

If you have decided to put your property for sale in Leeds, Wakefield or Wetherby remember it can take anything from four weeks to several months if a chain is involved.

Choosing your Estate Agents in Leeds, Wakefield, Wetherby and Bradford

Once you have decided to sell your property you need to employ a firm of estate agents to put your property on the market for sale.

Marketing your property

An estate agent will discuss the best way to put your property for sale and will discuss with you the price to expect from the sale. You will need to sign a contract with the estate agents marketing your property.

Agreeing the sale

You will have to negotiate around making and accepting an offer on your property. It is up to the seller on how much they are willing to accept for the property.

Instruct your solicitor

Your solicitor will help prepare the documents required to help put your property on the market for sale. They will also get involved in the negotiations through to the exchange of contracts and completion of sale.

Exchange of contracts

Both parties will sign contracts and agree a date for moving house. At this stage the sale becomes legal and binding.

Completion

Date of moving. The funds will be exchanged and the keys to the property will be left with the estate agents.

Choosing a firm of estate agents

The estate agents sell your house for you – and they try to make sure they get the best possible deal in the specified time. You pay them a fee for acting on your behalf, so you need to make sure you employ a reputable firm. Ask the estate agent if they are an RICS member and look out for the RICS logo.

Using local agents

It’s a good idea to choose a local firm of who are members of the Royal Institution of Chartered Surveyors as estate agents with experience of selling homes like yours in Leeds, Wakefield, Bradford or Wetherby. Here are some points to follow before you make a decision:

• When getting valuations from different agents – bear in mind the highest figure may not be the most realistic
• Check their terms and conditions – charges may vary
• Find out exactly what you’re paying for – how the estate agents will advertise your property, and where
• Your may be able to negotiate fees, although most agents charge a standard fee based on a percentage of the selling price. We’d advise against very low fees as the agent will have less motivation to sell your property quickly for the best price – which means you could actually lose money.
• Agree a minimum selling time. If you’re happy with the service, you can always extend it – and if you’re not, you can change estate agents when the time’s up
• Last but not least, try and choose an firm of estate agents you like – selling a house can be a long process, so it’s important you get on.

Types of agency

There are different types of agency contracts which you can enter into. There are:

Sole agency

This is where one estate agent takes full responsibility for selling your home, and you pay them the agreed commission on completion.

Joint agency

This is an arrangement where two or more estate agents sell your property and share the commission when the sale goes through – regardless of which agency makes the sale.

Multiple agency

This is an arrangement where you sell through more than one estate agent, but instruct them independently – so whichever sells the house gets the commission.

Marketing your property

When you’ve decided which estate agent (or estate agents) to go with, ask them to come round to discuss the sale with you. A member of  the Royal Institution of Chartered Surveyors  will offer good service advice on the best way to sell your particular property – whether by negotiated contract, auction or sealed bid.

They’ll also tell you how much you can realistically expect to get after you’ve paid all the fees and taxes, and whether smartening up your home will increase the selling price.

Let the estate agent know how quickly you want to sell, as this could affect their advice. An RICS estate agent can also help you look for a new home if you haven’t already found somewhere and can arrange for it to be surveyed for you.

Once you enter into a contract with an estate agent, they have to give you details in writing of their charges and the length of contract. Make sure you understand the contract fully before you sign; you don’t want to sign into a lengthy tie-in.

Your RICS estate agent can advise on ways to get the best price for your property. Here are some tips for showing round potential buyers:

• First impressions count, so make sure your house is always clean and tidy
• Buyers like light airy rooms, so open windows and put lights on if the weather’s dull
• If it’s winter, put the heating on so it fees warm and inviting
• If possible don’t have your pets in the house when potential buyers come round – and try to get rid of any pet smells
• When you show house buyers round, don’t talk too much. Let them ask questions
• Make viewing your property easy, so they feel comfortable about coming back.

Agreeing the property sale

Most property is bought and sold through estate agents. Once a marketing figure has been put on the property, you will find that most buyers will put in offers.

You will find negotiation around making and accepting an offer can be a lengthy process. You should ensure that you answer any queries that may be raised during negotiations.

All offers on the property must be forwarded onto the seller by the estate agent. It is up to the seller on how much they are willing to accept. Your estate agent is pivotal in the negotiation process in ensuring that you reach an agreed price with the buyer.

For more information on selling your home at auction, please see the RICS ‘Buying and selling property at auction, please see the RICS ‘Buying and selling property at auction ‘leaflet or visit rics.org/propertyauctions

Instruct your solicitor

You will need to employ a solicitor to handle the legal aspects of selling your home. Once a buyer has been found for the property your solicitor will liaise with the estate agent and the buyer’s solicitor.

Exchange of contracts

After all the enquiry forms and contracts have been signed and returned, this is the point at which it is time to exchange. The buyer and the seller will agree a date for completion, i.e. the date that the seller will need to move out of the property. This is the stage at which the sale becomes legal and binding.

Your solicitor will also get involved in the contract negotiation, exchange of contracts and ensure completion through transferring the legal title and funds.

Completion

The date of moving will have been agreed by both parties. On completion day the funds will be exchanged between solicitors and the keys for the property should be left with the estate agents for collection by the property buyer.

Home Information Packs

In June 2007 the government is introducing reforms that will change the way we buy and sell our homes in England and Wales. All homes put on the market will need to have a Home Information Pack (HIP) prepared on behalf of the seller. It is most likely that the seller’s estate agent will arrange for the Home Information Pack (HIP) to be prepared. The Home Information Pack (HIP) will then be provided to buyers so that they have information about the property up front and can make a more informed purchase decision.

Some estate agents may offer Home Information Packs before June 2007 as part of the Government’s dry run to test how they will operate in the market.

At the moment when you buy a property you have to make an offer with very little information to hand. If a building defect or legal problems shows up later it can cause buyers extra expense, ruin a sale or even destroy a chain.

The Home Information Pack (HIP) aims to introduce greater certainty into the home buying and selling process by providing searches and other information at the start of the process, when a property is put on the market.

What will the Home Information Pack (HIP) contain?

Documents which are expected to be included in the Home Information include:

• Index
• Sale Statement
• Home contents form
• Home use form 
• Evidence of title
• Search report
• Energy Performance Certificate

There are additional requirements for Commonhold and Leasehold properties.

A number of other useful documents can be included within a Home Information Pack (HIP) on a voluntary basis. These include a Home Condition Report.

More information on the home buying reforms can be found on the Department of Communities and Local Government website at:  homeinformationpacks.gov.uk

Seller’s checklist

Here’s brief summary of the various costs you have to consider when you sell your home:

Estate agent’s fees

These are likely to be between 1-3% of the sale price plus VAT. Charges vary from one agent to another, so it’s worth checking on fees in your area.

Solicitor’s fees

These vary from place to place. Expect to pay the solicitor about 1% of the total agreed price – but check the range of services they’ll provide for the fee, and ask if they offer a no sale, no charge deal. It’s often worth choosing a solicitor on the recommendation of a friend or colleague – otherwise contact the Law Society to find firms in your area.

Surveyor’s fees

If you’re moving to a new home, it’s worth paying for a survey on the new property from a qualified RICS member – especially on older properties, or buildings you want to extend or renovate. RICS produces a leaflet entitled ‘Understanding Property Surveys’ which explains the different types of property surveys available. Again, surveyors’ fees vary, so compare prices before choosing, and negotiate the fee to match the size and type of property. Ask the surveyor exactly what’s covered in the survey, so you know what you’re paying for.

Moving costs

The cost of moving varies according to how many belongings you have, how difficult they are to pack, how far you’re moving and the time of year. Shop around for the best deal – and remember it’s worth checking to see if the quote includes insurance.

Storage

If you’re not moving straight into a new home, you may have to consider storage. The costs for this vary according to how much you need to store. As a rough guide, a two bedroom house will probably fill up to four containers, and a three-bedroom house can fill six.

We hope the above guide is useful. 

Manning Stainton sell houses in Leeds, Wakefield, Bradford & Wetherby including: Armley, Wortley, Bramley, Farnley, Pudsey, Morley, Churwel, Gildersome, Tingley, Durkar, Beeston, Middleton, Crossgates, Oakwood, Roundhay, Moortown, Alwoodley, Adel, Horsforth, Rawdon, Yeadon, Guiseley, Pudsey, Rothwell, Adel, Crossgates, Farsley, Moortown, Oakwood, Roundhay, Headingley, Shadwell, Linton, Woodhall, Harewood, Ling Lane, Boston Spa, Thorner, Clifford, Idle, East Keswick, Rigton, Bardsey, Beckwithshaw, Sicklinghall, Leathley, Collingham, Thorner, Spofforth, Huby, Weeton, Pool in Wharfedale, Wyke, Aberford, Wooton, Sandal, Woolley, New Miller Dam, North Deighton, Boston Spa, and Clifford.