The golden rules of buying and selling property
Date : 10 October 2010
Guide for sellers
Call a reliable estate agent
This is the first step. Knight Frank will be able to guide you through the process to make the move as smooth and stress free as possible. Your estate agent will be able to advise on all aspects of the sale from the best way to present your home to the market, to putting you in touch with reputable removals firms. A fresh pair of eyes will certainly help to maximise the selling price of your home.
Call your solicitor
This is often overlooked or left to the last minute but it is vital. Ask them to prepare all the documentation required for the property for sale, and fill out the forms they give you. Once a sale is agreed it is essential to keep the momentum going. If a buyers solicitor is provided with a full pack of information then it is far more likely that a sale will progress quickly to exchange of contracts.
Local Authority Searches
At the time of writing the Local Authority Searches from the Royal Borough of Kensington and Chelsea are taking up to seven weeks to be returned. Usually it is a buyer's obligation to have these carried out, however if you have a deadline by which you want or need to sell by, then it may be wise to have your solicitor submit the request as early as possible to avoid any further delays. There are other methods of dealing with a delay in the searches if time is less of an issue.
De-clutter
Follow your estate agents advice. If your home has become overcrowded with furniture, art, paperwork and so on, it may be difficult for a buyer to see past this and to appreciate the space that your property really offers.
Touch up where necessary
Buyers often focus on small details, an old stain on the ceiling from an old but repaired leak, small cracks on the plasterwork and so on. Small maintenance issues like this are easy to deal with and can make a great deal of difference. Again take your estate agents advice, does the garden need cutting back? Could the front door use a coat of paint?
Dress your home ready for the photographs
This is something that Knight Frank will be able to guide you on. As the web becomes a more powerful tool and is often the buyers first port of call when they start their search, the photographs of your property must show it in it's best light. So de-clutter, order some flowers and instruct an estate agent, such as Knight Frank, who will accompany the photographer to make sure they get the right shot first time.
Guide for Buyers
Call a trustworthy estate agent
Estate Agents like speaking to buyers. Knight Frank will be able to fully understand what you are looking for so they can search the property market for the right property and avoid wasting your time telling you about the wrong sort of property. Some properties are not advertised on the open market. The only way to see these properties is to speak to the agent handling the sale and to build up a relationship with them.
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Make sure you are top of the agents list of buyers
Estate Agents have to prioritise their time and so you need to make sure that you are the first on their list to call when a suitable property comes on the market. Although they work for the vendor try not to think of them as the enemy. Be as specific, realistic and honest about your criteria as possible. They want to find you a property to buy and if they know what you want it is more likely that they will find it for you.
Call a mortgage advisor
Mortgages are taking longer to secure at the moment however Knight Frank Finance have access to exclusive private finance deals you often won’t get on the high street or with your private bank and they may be able to save you a considerable amount of money. You don't want to miss out on your dream home because you have not got your finance in place to buy.
Call your solicitor
They will need to be ready to act for you as soon as you have found a property. If you are a first time buyer or you were less than impressed with your last solicitor speak to several solicitors before instructing one. It is vital to use a solicitor that has extensive experience in carrying out transactions in the area you are buying in as they will be more familiar with the local properties and their particular peculiarities.
For further information, please contact:
John Waters, negotiator, Knight Frank 020 7349 4300
john.waters@knightfrank.com
Gemma Cowley, marketing assistant, Knight Frank 020 7349 4316
gemma.cowley@knightfrank.com
Ends
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Knight Frank, operate from 207 offices, in 43 countries, across six continents. More than 6,340 professionals handle in excess of US$886 billion (£594 billion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.