How to Sell Your House Privately - the Complete Guide
- Maggie Boycheva
- Jun 21, 2024
- 6 min read
Updated: Mar 12
Selling your house privately can save you thousands of pounds. What is more, it can be a much quicker and straightforward way of selling your home compared to the traditional methods of selling through an estate agent. Curious to find out more? Read our blog and find out how you can save your house privately. Quick Links: 1. Methods of Selling
2. The Process of Selling Privately
Methods of Selling
First things first, let’s outline the three most popular methods of selling your property: through an estate agent, through an auction and privately.
Letting agents
Seller gets in touch with a letting agent, who advertises the property on the open market on their behalf. Fees for selling through a letting agent start at £3,000 and increase based on the price of the property.
Auction
During a traditional auction, once the hammer falls, the buyer with the highest bid is committed to the purchase. The contract is ‘exchanged’ on the fall of the hammer, so from this point you cannot pull out. The deposit, normally 10% is payable at the same time – always check in advance what methods of payment are acceptable to the auctioneer. The buyer will also have to pay an auction premium or fee, which is normally a fixed amount stated in advance.
Selling your house privately: step - by - step guide
Understand your financial situation
When you’re planning to sell your property, it is important to consider your financial situation - do you have a mortgage on the house and what is the outstanding balance on it. If you have any other outstanding debts, consider these too and see if selling your property will be able to cover them.
Speak with your mortgage lender to find out exactly how much you owe and if there are any additional payable fees for early mortgage repayment.
2. Get an idea of what your house is worth
Look at similar houses for sale in your area to get an idea of what your property is worth. Be sure to consider the location and the condition of your house as they will have a big effect on the end price.
At Express House Buyers, we provide a free valuation of your home. Just fill in this form and a member of our team will be in touch to ask you a few questions and get a valuation appointment arranged. Our valuations are completely free of charge, with no obligation!
3. Get an Energy Performance Certificate
When selling your home privately, it’s crucial to understand and comply with the legal obligations involved in the process. One of the first requirements is obtaining an Energy Performance Certificate (EPC) for your property. This document provides information about the energy efficiency of your home and is a legal requirement when selling or renting a property in the UK.
The EPC certificate has been a legal requirement for sellers since 2008, and tells buyers how well your home uses energy and if it’s energy efficient or not.
The cost for getting an Energy Performance Certificate (EPC) usually ranges between £35 and £120 (including VAT). The price depends on a number of factors, including the type of property you own and how many bedrooms it has.
At Express House Buyers Scotland, we cover the costs of getting this certificate for the seller no matter the size or condition of the property. Find out more about the additional documents required in order to sell your property.
4. Get in touch with a solicitor
A solicitor plays a vital role in ensuring that the legal aspects of the sale are handled correctly and that your interests are protected throughout the process.
In 2024, the average cost of hiring a solicitor for a property sale in the UK ranges between £850 and £1,500, depending on the value of the property and the complexity of the transaction. While this may seem like a significant expense, it's a worthwhile investment to ensure that the sale is legally binding and that any potential issues or disputes are addressed appropriately.
Your solicitor will be responsible for conducting necessary searches, drafting and reviewing contracts, handling the transfer of funds, and liaising with the buyer's legal team. They will also advise you on any legal obligations or potential risks associated with the sale, helping you navigate the process with confidence.
And if you’re unsure about where to find a solicitor, just reach out to us. We partner with an expert team of solicitors who have assisted sellers in hundreds of transactions.
5. Advertising Your Property
One of the biggest advantages of selling your home privately is the ability to save money on a variety of costs, including marketing costs. There are numerous free marketing methods available that can effectively showcase your property to potential buyers.
You can leverage platforms like Gumtree and Facebook Marketplace to share details about your house and promote it for free.
6. Prepare for viewings
After completing all the steps above, it’s time to prepare for viewings. Tidy up your home, and make it presentable for potential buyers.
Want Private selling without the hassle? Then, choose Express House Buyers Scotland
At Express House Buyers Scotland, we are a team of property experts who specialise in cash property buying. We offer a fast, confidential and streamlined way of selling your home with minimum hassle for you.
What’s our process?
First, submit the form on our website with some basic details about your property.
Next, a member of our team will give you a quick call in the next 24 hours to find out more about the property and arrange a visit for valuation.
We conduct a thorough area analysis and arrange for a member of our team to visit the property at a suitable time for you, in order to assess it. We do in person viewings because this way we are able to accurately assess the value of your property and give you the best possible price.
After viewing your property, we will give you a cash offer within 2 working days of our visit. Once the offer is accepted, we will work with the solicitors to complete the sale.
This process can take as little as 7 days and you won’t have to host endless viewings and have to constantly clean and tidy your home so it’s presentable for potential buyers. Frankly, we don’t care if it’s tidy or not, or if the walls are freshly painted.
We will also pay for the EPC certificate and help you get in touch with a trusted solicitor.
7. Accepting an offer
Whether you decide to sell to us or another buyer, the next step of the process is to formally accept the offer.
Discuss what is included in the offer (fixtures, fittings, furniture etc) and agree on a completion date. After this, your solicitor will get in touch with the buyer’s solicitor and they will start the legal process or exchanging contracts.
8. Completion
Completion is when the residual funds are transferred from the buyer's solicitor to your solicitor's account.
Your solicitor will call you when the money has cleared in your account and will inform you to release the keys.
9. Pay off Your Mortgage
If your property was purchased with a mortgage, be sure to pay the outstanding balance as soon as the sale is completed.
This is usually done by the solicitor upon receipt of funds. … And congratulations! You have now sold your property and completed the process.
Pros and cons of selling privately
Selling your home privately offers numerous advantages, but it's important to weigh both the pros and cons before deciding if this route is right for you. On the plus side, one of the biggest benefits is the potential to save thousands of pounds by avoiding estate agent fees, which can typically range from 1% to 3% of the sale price. Additionally, you'll have greater control over the sale process, including setting your own schedule for viewings and negotiations.
In addition, if you choose to sell to Express House Buyers Scotland, you avoid sale chains and the risk of the sale falling through. You also don’t have to deal with endless viewings, numerous agent calls and any additional hassle. Instead, you get a confidential and fast sale.
However, if you decide to do this fully on your own, it might require a significant time investment, as you'll be responsible for marketing your property, conducting viewings, and handling negotiations with potential buyers.
Furthermore, without our expert guidance, you may find it more challenging to accurately price your property and effectively market it to the right audience. This could potentially lead to a longer sale time or a less favourable sale price.
By carefully weighing the pros and cons, you can determine the approach that best suits your needs and maximizes the chances of a successful sale.
The private home sale process is often the easiest, fastest and most confidential one, especially with an expert team by your side. If you are ready to sell your home, fill in this form and a member of our team will be in touch. We’ll be there to help and support you every step of the way.