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Regal Estate's guide to selling your property

Our Selling Process

At Regal Estates we want to make the process of selling your property as hassle free as possible. Below are the stages of our sales process:

Value Your Property

If you’re interested in selling your Willesden property, you can arrange a free no obligation property valuation with one of our experienced members of staff to discuss the details of your property. Alternatively, you can submit your details into our property valuation form.

Initiation

If you’re happy for us to manage the selling of your property, we’ll send out the necessary paperwork in order for us to commence marketing and the process of selling. We’ll prepare the documents and have them sent to you for your perusal. If you are still unsure about anything at this stage, then feel free to contact us.

Contact

Once we have received your instruction. We’ll then arrange a convenient time for our team to visit your property. This normally takes around an hour depending on the size of your property.

Marketing

When our team returns with the marketing requirements, we create your property profile and begin the process of marketing your property, including professional photographs and floorplans in order to give your property the maximum exposure across our network, via the portfolio of buyers we have on our books and advertising on property portals.

Monitoring and feedback

During the sales process you’ll have complete access to relevant information in the progression of the sale such as the amount of viewings we have conducted. We will send you regular email updates of any developments and our staff are here for you should there be anything you wish to discuss.

We make sure to only match potential buyers to your requirements and those that are genuinely interested in your property. We do this to avoid conducting any unnecessary viewings. You will be informed when there is a viewing request via email or telephone.

Offers

When an offer is made by a potential buyer, our expert negotiators work tirelessly with you in order to progress forward in finding and securing the right deal in all respects. When an offer is then accepted, sales letters and memorandums are drafted by us which are then sent to you, the buyer and the respective solicitors.

Ensure that you instruct a Solicitor as soon as possible after the sale is agreed.

At this point many vendors are surprised at how quiet it seems to go for a fortnight or so! In fact, this is where the conveyancing process begins, below is an indication of some of the action being taken.

Your solicitor will then send you a Property Information Form and Fixtures & Fittings form. These straightforward questionnaires provide your solicitor with the basic information that will enable them to draft the contract they will send out to your buyers and should be completed and returned along with any of the paperwork listed in the previous section.

The solicitor will then issue a draft contract to the buyer's solicitor.

Once the legal work begins, it’s at this point where your buyer should be organising their finances in order to make the purchase. In most cases this involves applying for a mortgage. Lenders, banks and building societies, deal with the application process in different ways; some lenders will instruct a surveyor to carry out a valuation of the property as soon as the application is made whilst others will not instruct a property valuation until all the references have been taken and the mortgage is approved subject to valuation. So whilst the valuation is always a good sign of intent on the part of the purchaser it does not, in itself, mean that the buyer has a mortgage approved. As a rule of thumb the mortgage valuation should be carried out in the first 2-3 weeks.

As soon as your buyers’ solicitor have received the contract papers they will then begin to apply for their searches including a water and drainage search, Local Authority search and environmental search to name a few. Some solicitors will wait for the results of the searches before raising enquiries to your solicitor; others may do so before the search results come in, raising further enquiries once the results are received. Many of the questions raised can be answered by your solicitor without reference to you, often by using the information you will have supplied. Some may require further input from you; the potential buyers solicitor may raise further enquiries at a later stage, either as a result of the answers that have already been given, or because of further information that has come to light.

Once the buyer's solicitor has had all their enquiries answered they will approve the contract and send a copy to your solicitor for you to sign; a further copy will be signed by the buyer once all legal checks have been completed and their mortgage offer is in place. At this point the buyer will be asked to provide a deposit.

The contract always allows for 10% of the purchase price however solicitors will regularly ask to reduce the deposit to 5%.

Some solicitors, particularly if you are buying a property, may well ask you to come in and go through the contract papers in person. It can be useful to have a meeting with the solicitor to ensure that you fully understand the legal title of the property you are buying.

On exchange the contract is binding between seller and buyer it’s at this point where a completion date is set. The process of exchange starts at the bottom of the chain. The solicitor acting for the buyer at the bottom offers a “release”; this means they release the contract for exchange to the solicitor above them. This process goes up the chain to the top. If the release is accepted all the way up, then the exchange will have taken place. If the release isn't accepted all the way up to the top of the chain by close of business, then the exchange has not taken place and the whole process has to start again on the following working day. This can be frustrating but then again you wouldn't be too happy with your solicitor had they exchanged on your sale but not on your purchase!

Completion

On the day of completion, the funds are transferred between the parties and ultimately, the keys are handed over.

Generally, the contract requires that you vacate the property by 1pm. The time of day that completion takes place can often be dictated by the length of chain you find yourself in and the speed with which each respective solicitor transfers the monies from their account. On occasions the completion will go beyond the 1pm deadline but your solicitor will keep you informed of developments. It is very, very rare for a completion not to take place on the date set.

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