aclear,impartialguideto… sellingyourhome · 2014-01-17 · rics.org/usefulguides 09...

A clear, impartial guide to…

Marketing | Exchange | Completion

Selling your home

rics.org/usefulguides

Contents

03 How an RICS estate agent canhelp you sell your home

04 The process

05 Choosing an estate agent

07 Marketing your property

10 Agreeing the sale

11 Instruct your solicitor

11 Exchange contracts

11 Completion

12 Seller’s checklist

13 Useful links

14 Free RICS guides

15 Further information

15 Find an RICS member


“Buying, selling or extending a home isone of the most exciting things you’llever do – its also one of the biggestfinancial commitments you’ll make.

More than ever before, property meansbig money – YOUR money. It will payfor you to seek the best advice possiblefrom professional experts who reallyknow what they are talking about.

It’s my opinion that you can do no betterthan accept ‘a helping hand’ from RICS.”

Phil Spencer


How an RICS estate agent canhelp you sell your home

03

When you want to sell your home, you can takeadvantage of expertise by choosing an estate agent whois an RICS regulated firm and follows the standards laidout in the Blue Book: Residential Property Standards.

Many estate agents throughoutthe UK are RICS members. Hereare the advantages of using anRICS regulated firm:

� They give you clear, impartial andexpert advice

� They act in your interest

� They are tightly regulated and haveto follow strict rules of conduct –including having in place insuranceto protect you

� RICS members have a specific setof rules and best practice guidance,the Blue Book: Residential PropertyStandards designed to help ensureRICS estate agents provideexceptional service

� RICS members have to updatetheir skills and knowledge throughouttheir careers, so you can rely ontheir expertise

� You are protected by acomplaints procedure.

Look our for firms that are ‘Regulatedby RICS’ who follow the standards setout in the Blue Book. Estate agents andsurveying firms that are regulated by RICSwill be easier to spot as they will be using‘Regulated by RICS’ on their stationeryand advertising material.

Decided to sell

If you have decided to put your propertyon the market remember it can takeanything from four weeks to severalmonths to sell, particularly if a chainis involved.


The process

1. Choosing an estate agent

Once you have decided to sell you needto engage an estate agent to put yourproperty on the market for sale.

2. Marketing your property

An estate agent will discuss the best wayto sell your property and will discuss withyou the price to expect from the sale. Youwill need to sign a contract with the estateagent marketing your property.

3. Agreeing the sale

You will have to negotiate around makingand accepting an offer on your property.It is up to you, the seller, on how muchyou are willing to accept.

4. Instruct your solicitor

Your solicitor or conveyancer will assistthrough to the exchange of contracts andcompletion of sale.

5. Exchange of contracts

Both parties will sign contracts and agreea date for moving. At this stage the salebecomes legal and binding.

6. Completion

Date of moving. The funds will beexchanged and the keys will be left withthe estate agent.

04

1. Choosing an estate agent

The estate agent sells your housefor you and they try to make sureyou get the best possible deal inthe specified time.

You pay them a fee for acting on yourbehalf, so you need to make sure youemploy a reputable firm. Ask the estateagent if they are an RICS regulated firmand follow the standards set out in theBlue Book. Look out for the RICS logoand ‘Regulated by RICS’ designation.

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Using local agents

It’s a good idea to choose a local RICSestate agent with experience of sellinghomes like yours. Here are some pointsto follow before you make a decision:

� When getting valuations from differentagents – bear in mind the highest figuremay not be the most realistic

� Check their terms and conditions –charges may vary

� Find out exactly what you’re payingfor – how the agent will advertise yourproperty, and where

� You may be able to negotiate fees,although most agents charge astandard fee based on a percentageof the selling price

� Agree a maximum selling time. If you’rehappy with the service, you can alwaysextend it – and if you’re not, you canchange agents when the time’s up

� Last but not least, try and choose anagent you like – selling a house canbe a long process, so it’s importantyou get on.

Types of agency

There are different types of agencycontracts which you can enter into.These are:

Sole agency

This is where one estate agent takes fullresponsibility for selling your home, andyou pay them the agreed commission oncompletion. If you agree a sale privatelyyou might also be required to paycommission, so check the contract.

Joint agency

This is an arrangement where two ormore agents sell your property and sharethe commission when the sale goesthrough – regardless of which agencymakes the sale.

Multiple agency

This is an arrangement where you sellthrough more than one agent, but instructthem independently – so whoever sellsthe house gets the commission.

Energy Performance Certificate

All homes being sold will requirean Energy Performance Certificate(EPC). The Energy PerformanceCertificate (EPC) is broadly similarto the labels now provided withdomestic appliances such asrefrigerators and washing machines.

Its purpose is to record how energyefficient a property is as a building. Thecertificate provides a rating of the energyefficiency and carbon emissions of abuilding from A to G, where A is veryefficient and G is very inefficient.

EPCs are produced using standardmethods with standard assumptionsabout energy usage so that the energyefficiency of one building can easily becompared with another building of thesame type. This allows prospectivetenants to see information on the energyefficiency and carbon emissions so theycan consider energy efficiency and fuelcosts as part of their investment

An EPC is always accompanied by arecommendation report that lists costeffective and other measures to improvethe energy rating of the home. Thecertificate is also accompanied byinformation about the rating that couldbe achieved if all the recommendationswere implemented.

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“ Your agent is working for YOU so keepa close track of what is going on. Neverever think that no news is good news;poor communication is a deal breaker.”

§Phil Spencer


When you’ve decided which agent (oragents) to go with, ask them to comeround to discuss the sale with you. AnRICS estate agent will offer good adviceon the best way to sell your particularproperty, whether by negotiated contract,auction or sealed bid.

They’ll also tell you how much you canrealistically expect to get after you’vepaid all the fees and taxes, and whethersmartening up your home will increasethe selling price.

Let the agent know how quickly youwant to sell, as this could affect theiradvice. An RICS estate agent can alsohelp you look for a new home if youhaven’t already found somewhere andcan arrange for it to be surveyed for you.

Once you enter into a contract with anagent, they have to give you details inwriting of their charges and the lengthof contract. Make sure you understandthe contract fully before you sign. Youdon’t want to sign into a lengthy tie-in.

Your RICS estate agent can adviseon ways to get the best price for yourproperty. Here are some tips for showinground potential buyers:

� First impressions count, so make sureyour house is always clean and tidy

� Buyers like light airy rooms, so openwindows and put lights on if theweather’s dull

� If it’s winter, put the heating on soit feels warm and inviting

� If possible don’t have your pets inthe house when potential buyerscome round and try to get rid of anypet smells

� When you show people round, don’ttalk too much. Let them ask questions

� Make viewings easy, so they feelcomfortable about coming back.


Most property is bought andsold through estate agents. Oncea marketing figure has been put onthe property, you will find that mostbuyers will put in offers.

You will find negotiation around makingand accepting an offer can be a lengthyprocess. You should ensure that youanswer any queries that may be raisedduring negotiations.

All offers on the property must beforwarded onto the seller by the estateagent. It is up to the seller how muchthey are willing to accept. Your estateagent is pivotal in the negotiation processin ensuring that you reach an agreed pricewith the buyer.

For more information on selling your homeat auction, please see the RICS propertyauction guide by visiting

www.rics.org/propertyauctions

3. Agreeing the sale

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4. Instruct your solicitor

After all the enquiry forms andcontracts have been signed andreturned, this is the point at whichit is time to exchange.

The buyer and the seller will agree a datefor completion, i.e. the date that the sellerwill need to move out of the property. Thisis the stage at which the sale becomeslegal and binding.

6. Completion

5. Exchange of contracts

You will need to employ a solicitoror conveyancer to handle the legalaspects of selling your home.

Once a buyer has been found for theproperty your solicitor or conveyancerwill liaise with the estate agent and thebuyer’s solicitor.

Your solicitor will also be involved innegotiating the contract, exchange ofcontracts and ensure completion throughtransferring the legal title and funds.

The date of moving will have beenagreed by both parties.

On completion day the funds will beexchanged between solicitors and thekeys should be left with the estate agentfor collection by the buyer.


Seller’s checklist

Here’s a brief summary of thevarious costs you have to considerwhen you sell your home:

Estate agent’s fees

Charges vary from one agent to another,so it’s worth checking on fees in your area.

Legal fees

These vary from place to place. Checkthe range of services they’ll provide forthe fee, and ask if they offer a no sale,no charge deal. It’s often worth choosinga solicitor or conveyancer on therecommendation of a friend or colleague –otherwise contact the Law Society to findfirms in your area.

Useful links

Here are some useful website addresses foradvice when you’re selling a home:

Royal Institutionof Chartered Surveyors

www.rics.org/buyingahome

Which?

www.which.net

Inland Revenue

www.hmrc.gov.uk

Land Registry

www.landreg.gov.uk

Land Registers of Northern Ireland

www.lrni.gov.uk

General Consumer CouncilNorthern Ireland

www.gccni.org.uk

Council of Mortgage Lenders

www.cml.org.uk

Law Society

www.lawsociety.org.uk


Free RICS guides

RICS have a range of free guidesavailable for the property issueslisted below.� Buying a home� Selling your home� Property surveys� Extending your home� Subsidence� Boundary disputes� Party walls� Right to light� Compulsory purchase

� Letting a property� Renting a property� Flooding� Property auctions� Buying and selling artand antiques at auction

To order your free copies, visitwww.rics.org/usefulguidesalternatively [email protected] call the RICS Contact Centre

0870 333 1600rics.org/usefulguides14


For more information

We hope this guide is useful toyou. If you’d like to know moreabout selling your home, or howRICS can help, please contact us.

Visit our websitewww.rics.org/sellingyourhome

alternatively [email protected]

or call the RICS Contact Centre

0870 333 1600

Consumer helplines

RICS offers telephone helplinesgiving you 30 minutes freeadvice on:� Boundary disputes� Party walls� Compulsory purchase

Just call 0870 333 1600and you will be put in touch withan RICS member local to you,willing to provide a free 30 minuteinitial consultation. Lines are open0830 – 1730 (GMT), Monday to Friday.

If you want to find independent,impartial advice from a qualifiedprofessional with good localknowledge, contact us.

Look out for firms that are ‘Regulated byRICS’. Estate agents and surveying firmsthat are regulated by RICS will be easierto spot as they will be using ‘Regulatedby RICS’ on their stationery andadvertising material.

To find a chartered surveyorin your area visitwww.ricsfirms.comalternatively [email protected] call the RICS Contact Centre

0870 333 1600

Find an RICS member

Advancing standards in land, property and construction.

RICS is the world’s leading qualification when it comesto professional standards in land, property and construction.

In a world where more and more people, governments, banksand commercial organisations demand greater certainty ofprofessional standards and ethics, attaining RICS statusis the recognised mark of property professionalism.

Over 100 000 property professionals working in the majorestablished and emerging economies of the world havealready recognised the importance of securing RICS statusby becoming members.

RICS is an independent professional body originallyestablished in the UK by Royal Charter. Since 1868, RICShas been committed to setting and upholding the higheststandards of excellence and integrity – providing impartial,authoritative advice on key issues affecting businessesand society.

RICS is a regulator of both its individual members and firmsenabling it to maintain the highest standards and providingthe basis for unparalleled client confidence in the sector.

RICS has a worldwide network. For further informationsimply contact the relevant RICS office or our Contact Centre.

Europe(excludingUnited Kingdom)[email protected]

United [email protected]

[email protected]

[email protected]

[email protected]

Middle [email protected]

[email protected]

[email protected]


RICS HQ

Parliament SquareLondon SW1P 3ADUnited Kingdom

Worldwide mediaenquiries:e [email protected]

Contact Centre:

e [email protected] +44 (0)870 333 1600f +44 (0)20 7334 3811

Your local RICS member

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aclear,impartialguideto… sellingyourhome · 2014-01-17 · rics.org/usefulguides 09...

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