CITYSTAY
PROPERTY AGENTS

SELLERS GUIDE

Selling Property in Cambridge

Cambridge has its own ‘micro-climate’ when it comes to the property market and it is therefore helpful to have local insight into the things you need to know if you are thinking of selling a property in our beautiful city.

We trust the following guide is helpful.

Selling your property

Citystay Property Agents have a wealth of local knowledge and experience of the nuances within the “microclimate” that is the Cambridge property market; making us an ideal choice to help you sell your property.

The selling process requires a lot of communication and Citystay Property Agents deliberately cap the number of sales we have live to a maximum of 12 at any time, ensuring we are able to provide an attentive service that is second to none.

Because of this, Citystay Property Agents prefer to work as sole agents, but because we are confident that you will like how we work we do not tie you into any lengthy contract.

We like to keep the process as simple as possible, always ensuring your peace of mind

Let us be transparent about the process with Citystay Property Agents, so you know exactly what to expect.

We’ll offer our honest expert advice and provide a free property appraisal, on how best to maximise the value of your property in the current market. To establish an accurate market price or “asking price” for your property Citystay Property Agents will take into account: –

  • Current demand within the Cambridge property market
  • Size & aspect of your property
  • How your property is constructed and its state of repair
  • The age and type of property
  • Any particular features of the property that make it stand out
  • Its position within the location, close to amenities for example
  • The tenure, any tenancies, service charges or other liabilities

It is worth noting that as the Cambridge property market can be very fast moving, the asking price may differ from the sale price, which may be higher, or in some cases slightly lower, depending upon the variables mentioned above and your own personal circumstances

Once instructed, we will visit the property along with our professional photographer, ensuring all the details of your property are evidenced for an impactful marketing campaign, including online brochures, and professional floorplans. You will also need to instruct a solicitor.

It is important that you select a solicitor you feel comfortable with. Begin your search early in the process to avoid having to accept the next available firm. Citystay Property Agents work closely with local, trusted solicitors whom we are confident will give our clients the best service. Please ask your Citystay Property Agent for details. If you are buying and selling a property it makes sense to use the same solicitor for both, as this will help the process move quicker.

Following your formal instruction, your solicitor will: –

  • Verify your identity and obtain property information and fixtures & fittings forms
  • Draft a contract and gather the relevant contract bundle documents, including the draft contract, official copies of Land Registry Title documents, lease (if applicable), management information pack (if applicable), the seller’s property information and fixtures forms, building regulation documents, energy performance certificate (EPC) and any other documents provided by the seller that may be relevant
  • Liaise with your current mortgage lender to prepare for mortgage redemption, making arrangements for any redemption penalty payable
  • Liaise with you to obtain responses to enquiries from the buyer’s solicitor
  • Negotiate exchange and completion dates
  • Manage the transfer of monies
  • Manage the mortgage redemption process and any other legal charges there may be against the Title (such as secured loans)
  • Manage the payment of estate agent fees
  • Any other legal work required as part of the transaction

Documentation required when selling will include: –

  • Proof of identity
  • Title deeds
  • Fittings & contents form
  • Property information form and associated documents
  • Property information questionnaire
  • Leasehold /freehold share documents
  • Management information pack
  • Energy Performance certificate

Online launch

We show our creative flair through our ability to market your property within hours of instruction. Via multi-portal advertising, we ensure your property gets the exposure it deserves. We will market your property via our own website, major online portals such as Rightmove & OnTheMarket, our social media accounts, and emails to buyers matched on our database of people searching for properties.

Viewing management

First impressions are critical, and a thorough deep clean can make a big difference. Citystay Property Agents can arrange professional cleaning of the house and carpets at preferential rate – please ask your agent for details.

Viewers will be looking to see if the property is clean, well maintained, rooms are clearly defined, (dual use e.g. study and gym, can look crowded) and there is enough space. Consider de-cluttering, including getting rid of rarely used furniture and emptying storage areas, to maximise space. Ensure the property is well-lit, using bright, warm bulbs and maximising any natural light available.

Citystay property Agents can assist in advising on staging and viewing techniques. For example, the route a viewer takes through a property can build or diminish impressions. Staging furniture, accessories and accentuating light is also very important to get your property seen at its very best.

Our discerning approach ensures only eligible and serious buyers can view your property. We can accompany viewings, having understood all the key elements of the property from the beginning. Our commitment to communicating frequently and honestly will keep you appraised of all the feedback and performance of your listing.

Offers and negotiation

A judicious, diligent and transparent approach here will ensure we deliver the maximum value possible for your property. We will require evidence of available funds to ensure that any prospective buyer is able to proceed. Accepting an offer is your decision and Citystay Property Agents can guide you in this or if there is an opportunity to negotiate.

Negotiation is a critical time in the selling process, often requiring several communications between you and your estate agent, and likewise between your estate agent and the prospective buyer. It is therefore imperative that you have an estate agent such as Citystay Property Agents, as we have chosen to cap our live properties to 12 in order to dedicate time and expertise to doing the very best for our valued clients.

Receiving more than one offer allows you to consider and compare the positions of each potential buyer.  These are some questions Citystay Property Agents would ask to alert you to how serious a buyer and how ready to proceed they are: –

  • Are they cash buyers, or are they reliant on the sale of a property?
  • If they need to sell first, what is the position of this property?
  • Are they first time buyers?
  • Do they have a mortgage offer in principle?
  • Have they appointed a solicitor?

Sealed bids might be used when market demand is high and a property is attracting a lot of  interest. Citystay Property Agents might, with your permission, contact any interested parties and ask them to submit their best and final offer by a given deadline. Once all bids have been submitted, you can choose the most appealing offer with the trusted guidance of Citystay Property Agents.

When an offer has been accepted, it only becomes legally binding at the point of the contracts being exchanged.

Exchange and completion

Our self-imposed ceiling of just 12 active sale properties means that we can provide unrivalled attention to ensuring the conveyancing process completes as efficiently as possible. Following an accepted offer, a memorandum of sale is issued and all relevant parties are contacted on your behalf, providing you with the most up-to-date progress reports.

At the sale agreed stage, the buyer will arrange for a surveyor to inspect the property. If the survey shows that significant work is required or there is a reduction in the valuation, renegotiation may be required. Obtaining your own quotes for the required work to balance the cost effectiveness of paying for the work yourself against accepting a reduced offer would be advisable here.

During the sale agreed stage, the buyer’s solicitor will carry out any necessary searches, and both solicitors will draft contracts to include the following: –

  • Agreed price
  • Property boundaries
  • Any planning and / or legal restrictions
  • Which fixtures and fittings are included/ excluded
  • Any right of way over the property
  • Services connected to the property
  • A mutually agreed completion date

Once both parties are satisfied with the contracts, they are signed and exchanged. You are, at this stage, bound by law to sell the property to the buyer and the buyer is legally obliged to purchase the property. The buyer’s solicitor will contact the Land Registry Office to arrange for the deeds to be transferred into the buyer’s name, and the deposit will be transferred to you solicitor.

On the date of completion (often the moving day) the money will be transferred from buyer to seller (up the chain if there is one) via the solicitors.

Once the estate agent has been advised by the solicitor that all necessary funds have been transferred, they are then instructed that the keys may be released to the new owner, and not before!

Helping a sale go smoothly

The following are tips to help your sale sail through: –

  • Have a realistic asking price to attract buyers
  • Keep your property clean and in good order throughout the sale process
  • Finish all DIY
  • Accentuate and inform potential buyers about any property features such as a new kitchen, new boiler, solar panels, underfloor heating etc. Citystay Property Agents can advise you on how to maximise the value of your property and how to prepare for viewings
  • It is the seller’s duty to divulge any known information about the property that may affect the prospective buyer’s decision. So be honest – it should all come out in a survey anyway. It is better by far to be truthful about any issues from the outset, as most issues are surmountable
  • Where at all possible, be viewer led when it comes to timings of viewings, as you may be one property among a few on a short list, and you do not want to create any obstacles
  • Communicate, be available to your estate agent and solicitor, and respond promptly, completing any documentation as thoroughly as possible

Costs involved when selling a property

There are a few costs involved when selling a property. Our list below gives an overview of the costs you definitely will, and potentially may have to cover.

EPCs are compulsory with the sale of a UK home and can only be awarded by accredited professionals. Citystay Property Agents can arrange this for you for a charge of £89 inc. VAT.

These can vary depending on which agent you instruct and whether you instruct them on an exclusive or multiple agent basis. Some agents may be prepared to negotiate, depending on circumstances. Citystay Property Agents typically charge 1% plus VAT (1 .2 %) as a sole agency fee.

Solicitors fees can vary. If you are buying a new home at the same time, using the same solicitor for both transactions can have financial and administrative benefits. Citystay Property Agents work closely with trusted local solicitors whom we know will serve our clients well. Please ask your agents for details.

If you have an existing mortgage and require a new one, the early termination of your old mortgage may incur administrative fees or early repayment fees. Consult your current lender for details.

If you are selling the property that you presently live in, there may be removal or storage costs when it comes to vacating. Citystay Property Agents work closely with local removal firms and can avail you of our preferential rates. Please ask your agent for details.

You may wish to have your property professionally cleaned before potential buyers begin to view it. City stay Property Agents can arrange this for you at preferential rates.

Completing any repairs in advance will incur an immediate expense but can save money in the long term as well as help in the marketing of your property. A turn-key property (a property that you can simply move into without the need to adjust or repair anything) is very attractive to many buyers.

If you live in the property you are selling, a buyer may want to move in before you have been able to buy your next home. If the prospective buyer is unwilling to wait, you may decide to rent a property while you continue the search for your next home. Citystay Property Agents have the largest portfolio of these types of properties in Cambridge. Ask you agent for details.

If you need to move quickly on the purchase of the new property before the sale of your previous property has gone through, a bridging loan may provide a way to cover the deposit, whilst you are waiting for the proceeds from that sale. Bridging loans can be arranged relatively quickly, and while the interest rate and arrangement fees may be higher than that you would pay on your current mortgage, there are generally no tie-in periods and they can provide a helpful short-term solution. Citystay Property Agents work closely with financial advisors who would be able to advise on the suitability and availability of such a loan.

This is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’), in this case a property, that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. The percentage you will pay is dependent on your personal financial situation and thus it is advisable to speak with a financial advisor. Citystay Property Agents can introduce you to a financial advisor we work closely with if you wish.

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