Here we have compiled some potential questions you may have, especially if you are thinking of selling a property. Click on the question or scroll down to go to each section.

Shall I sell privately? Do I really need an Estate Agent? If so, which one?

What's involved in the Valuation process?

What about Agency agreements?

Should I have a For Sale Board?

How can I improve the chances of selling my property?

What's involved in the Sales Process?

What terms and jargon will I come across when selling my home?

Shall I sell privately? Do I really need an Estate Agent? If so, which one?

The majority of all houses sold in the UK are done so through Estate Agents. There are many good reasons why this is the case as you will see below and we are not going to make a detailed comparison between selling privately or via an Agent here. Instead, taken that an Agent ‘is' necessary, at Owen Knox Estates, we believe a good Agent will offer you a value for money service, quality marketing and exposure that will result in selling your property and achieve a good market price.

Selling property is governed, in the main, by the laws of supply and demand, the price and market conditions. A good estate agent will be able to increase your chances of sale by generating more demand, in whatever type of market, and in turn achieve a higher price in a quicker timescale.

The greater number of potential buyers who receive or see information about your property will create more interest and a RESULT: i.e. more interest will be generated, more viewers will view your home and in turn the more likely you are to sell and at potentially a higher price.

At Owen Knox we market property in the following ways:

• Newspaper Advertising . We regularly run prominent full-page colour advertisements in various local newspapers. Smaller adverts hidden away in the back pages are hardly likely to compete in generating interest.
• National Magazines . We regularly appear in glossy publications that have National distribution and readership. These include the National Property Magazine that is distributed throughout the country and into over 700 estate agents offices. You never know where your buyer will come from and it is important to market as far and wide as possible.
• Prominent and Accessible Showrooms. Good estate agents will normally have prestigious offices in prominent positions within their local area. Many are often open 7 days a week until late. We have these attributes as well as fully trained staff and specialist advice and knowledge available to all. Buyers often like to register their property requirements by calling into an estate agents office in person, in order to obtain a good selection of properties for sale.
• London Showroom and Marketing. Owen Knox has an associated office in London, situated in on the busy Marble Arch, London..
• Telephone/Internet/Trade Directories. Many buyers currently use the above sources for locating and contacting estate agents within the area of the country to which they wish to move. Owen Knox is registered with most such directories and is a well-known and respected name within the industry.
• The Internet . We have our own web sites and appear on many of the leading national property web portals. We are able to place a description of your property on the Internet, complete with a colour photographs, available to the world 24 hours a day, 365 days a year.
• For Sale Boards . Not only will the board at your address generate interest, but also, we have hundreds of boards up within a local area providing a much bigger net. Our boards carry not just our phone number but our Website address as well.
• Valuation Process . We offer free guidance on the selling of your property, including advice on current market trends, which allows you to more accurately gauge the maximum achievable price.
• Security. A good estate agent will check out potential viewers in order to ensure that they are genuine and more often than not they have a good idea of who the time wasters are.
• Negotiators . How often have you been put on the spot when asked an awkward question? It is far better to hide behind a good estate agent when it comes to negotiations and price agreements. The combination of an experienced estate agents selling skills and professional service can often lead to the best possible price being achieved within a stress reduced transaction..
• Qualifying Offers. We have our own in house Financial Services and are able to verify the financial status of potential buyers. Through our contacts within other estate agents they are able to check and verify chains.
• Progression through to completion. Finding a buyer is only a small part of the process. At Owen Knox we will closely with all parties to monitor your sale and aid a smooth experience as possible.
• Summary. In the main therefore, there is no real debate as to whether to sell privately or through an Estate Agent. Given this fact it's down to who you chose to sell your property. We suggest you appoint Owen Knox Estates. [return to top of page]

What's involved in the Valuation process?

The Basics. There is no magical figure for a house valuation; a good estate agent should draw on personal experience combined with good comparable evidence within the current market.

Some factors that affect a valuation

• Time-scale required by vendor.
• The general economic prevailing conditions and property market direction.
• The general availability of certain property types in particular price ranges. Trends change and again, it is important to have local knowledge.
• Buyers currently active and registered, and numbers being generated via marketing.
• At what prices are similar properties sold for recently
• The individual condition of your property taking into account essential repairs and structural condition
• The general area surrounding your property, including neighbours, can have a strong bearing upon a valuers opinion
• Summary. We are able to best advise, within our knowledge and drawing on comparable evidence, how much we believe your property will sell for and what to market it at. The market is subject to change ofcourse and there is an element of luck and timing as with anything. [return to top of page]

What about Agency agreements?

This is just a brief summary of the various types of agency contracts that you may come across in England. There are 4 main types of agency agreement with further variations on these adapted throughout the country.

• Sole agency. Only one agent is instructed to market your property. Some agents insist on a minimum period for sole agency, some do not. Most require an agreed period of notice before withdrawing the property. The vast majority of agents will require you to sign a contract and this also protects you – i.e. within agreements the terms are clearly stated and this is important to you. You should be aware that this is a legally binding contract, which prevents you from instructing another agent during the sole agency period. Breaking such an agreement could result in you paying two lots of fees.
• Joint Sole Agency. Fees for this type of agreement are nearly always higher. The agents normally split the fee irrelevant of which agent sold the property. Sellers sometimes do this to increase interest; For example, at Owen Knox Estates we have been asked to sell property on this basis in locations across the UK because of our prominence within the industry and access to a much larger market place. Conditions are the same as for a sole agency agreement and you again must only use the named agent/s as stipulated in the contract.
• Multiple Agency. This type of agency allows you to have more than one agent. The agents compete on a winner takes all basis. The fees for this are normally high because there is a risk involved for the agent that all their hard work may result in no income.
• Sole Selling Rights. Similar to sole agency but with catches. It was probably agreements such as these, which first gave Estate Agents a bad name. In effect, sole selling rights means that, during an agreed period, the agent will be paid a fee if the property sells – no matter. I.e. your brother could decide to buy your house and you will still owe the agent a fee. Owen Knox do not do Sole selling rights agreements. [return to top of page]
  

Why, at Owen Knox Estates, we believe that in most instances Sole Agency is best.

• Lower fees . Because the agent has a greater chance of getting a fee, he will normally work for less on this basis than with a multiple agency.
• Better standards of service: Estate agents who are instructed on a multiple agency basis are often reluctant to spend money advertising a property as frequently or offering a vendor a full service as there is the danger it may be sold by a competitor.
• Avoiding overexposure . A multiple agency can lead to a house being offered for sale by two or more agents, leaving buyers wondering what is wrong with it perhaps or could result in conflicting information.
• Possible conflict of interest . Take for example, a situation where an agent receives a low offer on your property. If they are acting as your sole agent they can, if appropriate, safely advise you to refuse it. If though, the agent is acting on a multiple agency basis they might be tempted through fear of competitors to try and persuade you to accept a lower offer than normal. Therefore, whilst there are always a few exceptions, Owen Knox Estates believe that the vast majority of people are best starting out with the agent of their choice on a sole agency basis. [return to top of page]

Should I have a For Sale Board?

Over the years we have been surprised at how frequently a vendor declines to have a For Sale a board. To genuinely know that you will get the highest possible price for your property, you should do everything possible to help sell it. That includes having a For Sale sign. One of the most common reasons for the reluctance of a board is security and not wanting to tell the neighbours you are moving. In reality, it takes no time for the neighbours to spot the advertisement in the paper or the Internet. In fact the neighbours, if you tell them, are perhaps likely to steer potential buyers in your direction. [return to top of page]

How can I improve the chances of selling my property?

• First impressions count . There is nothing more lasting than a bad first impression. The front of your property is your shop window. Many people will drive up to the front of your property to make a judgement before arranging to view internally. A neat well-maintained garden with a mown lawn neatly edged can help to make the right impact. How does yours look?
• Cosmetic improvements. Unless the interior decoration is particularly run down it is, in our experience, rarely necessary to completely re-decorate throughout. Most people will want to do the work themselves to their own taste and to eliminate the feel and smells associated with the previous owners. There are occasions where a new kitchen or bathroom can make a real difference of course and we will be able to advise when we visit your property on the initial valuation.
• The smallest things count. You would be amazed at some of the seemingly minor factors that can deter a potential buyer from purchasing a property. Therefore, consider whether any of the following examples may be applicable to your property; stuck drawers, incorrectly hung doors, loose door handles, leaking taps, blocked drains and guttering plus any other of those little jobs you have been meaning to do. Try and think what sort of things would impress or niggle you.
• Time for a spring clean? It is worth making sure that when people do come to view your property that windows are clean, working surfaces and sink units are gleaming and that areas like ovens and carpets are spotless. It is also important to make sure that bathrooms and WCs are clean and smell fresh. These areas can really make an impression on a potential buyer. Some people even go as far as baking some bread in the oven or making coffee at the time of viewing (sneaky eh!).
• Clear Out. This is an ideal time to have a clear out of anything that you have hoarded in those cupboards, drawers, garage and other areas of the house, which you do not really need; you could always go to a car boot sale! After all by having a clear out now, it will save you time when you finally do move home. It is also important to make sure that stairways, halls and doorways are free of any obstruction as this will make sure that your home seems more roomy, with plenty of storage space to the potential buyer.
• Pets. It is surprising how many people are nervous of various animals, including small pets, harmless though they may be. It is therefore advisable to keep all pets as far away as possible to ensure that any prospective buyer is not distracted from the benefits that your home has to offer.
• Lighting . Lighting can play an important role in setting the right atmosphere for selling your home. If it is dark, or if the weather is dull and overcast then it is better to turn the lights on, remember though that side lamps are more homely and preferable to bright overhead lighting, except perhaps in the kitchen or bathroom. If you have outside lighting do not forget to switch it on. On the other hand if it is a nice bright day, make sure that curtains and blinds are fully open to allow as much natural light as possible.
• Documentation . If you have any relevant documentation such as utility bills or guarantees/receipts for home improvements that you have carried out, it is a good idea to have them to hand, in case a potential buyer raises any questions. This also helps to show a prospective purchaser that you are an organised and caring owner. [return to top of page]

What's involved in the Sales Process?

A good estate agent will process and co-ordinate the marketing of your property and hopefully you will soon find a buyer. Following your delight at having found a buyer for your property there now follows what can be an anxious period of time whilst all the legal nuts and bolts are put together. Remember that until contracts are exchanged, nothing is legally binding, and either party could pull out of the deal.

When instructed, your solicitor will need to know where your title deeds can be obtained. Usually they will be with the building society or bank that holds your mortgage (name, address and account number will be required).

You solicitor will also ask you to complete a form requiring information on your property including:

• Details of which fittings and furnishings (e.g. carpets, curtains, light fittings) you are including in the sale
• The ownership of boundary fences and walls
• Details of any extensions or additional buildings that have been added to your property during your ownership

Your solicitor will check through the enquiry forms that you have completed in order to anticipate any problems arising from the information that you have provided. Your solicitor will also check your title deeds to confirm that you own the property and have the right to sell it. Having done all this your solicitor will draw up what is known as a DRAFT CONTRACT, and he will then send this to the buyers solicitors.

The most important stages on the road to exchange of contracts are:

• The Buyer s Mortgage Application and Survey . Buyers in most instances will have to apply for a mortgage in order to buy your property and this will result in them having a survey carried out on your property by a qualified surveyor. The results of this survey can be crucial to the success of your sale. If your property receives a clean bill of health from the surveyor then the sale should go through with no problems. However, if any structural problems are found then the sale can easily be lost and it is at this stage that a good estate agent can really earn their commission. At Owen Knox Estates we have an excellent record of negotiating such sales through to completion.
• Preliminary Enquiries . The preliminary enquiries are a list of questions on a standard form sent to your solicitor by the buyer s solicitor. Your solicitor will then reply to these enquiries using the information that you provided earlier. The buyer s solicitor may make further enquiries depending on the answers that your solicitor is able to make on your behalf.
• Searches . The local searches are again a standard set of questions that the buyer s solicitor requests from the local authority. These searches will reveal the planning history of your property to the buyer s solicitor and check that the value of your property is not likely to be affected because a motorway is planned to pass through the back garden etc. [return to top of page]

Exchange of Contracts.

Contracts will not normally be exchanged until:

• The draft contract has been checked, amended and agreed by both solicitors.
• The legal title of your property has been checked
• The preliminary enquiries have been answered and checked by the solicitors
• The buyer s solicitor has completed and checked all the necessary local searches
• The buyer s mortgage and deposit are both in place
• Both parties agree the date for completion. (This may be dependent on the agreement of other sellers and purchasers if there is a chain)

Once the purchasers and their solicitor are ready to proceed further, all parties will need to sign the contract. The two solicitors then agree a date and time to exchange contracts. At this point the deal becomes legally binding. On exchange of contracts the purchasers are expected to pay a deposit, traditionally this is 10% of the purchase price but a lower amount is often negotiated between solicitors.

Completion

Completion, in house selling terms, is the day when your purchaser s solicitor hands over the cheque for the balance of money owing to you (purchase price less the deposit). Your solicitor will then pay you the purchase price less the following:

• Redemption amount owed to your mortgage lender
• The fee charged by your solicitor plus disbursements
• Stamp duty if applicable
• Any estate agency fees

Planning the Move

You can begin planning your move as soon as you accept an offer, but you cannot take any irrevocable steps until contracts have been exchanged. You usually then have two to three weeks to take all the actions necessary before legal completion. [return to top of page]

What terms and jargon will I come across when selling my home?

The following section is a list of some of the terms, phrases and jargon that you may come across when selling your property.

Advance	The loan
Assignment	The document which transfers a lease from seller to buyer.
Bridging loan	Short term bank loan used to bridge the gap if there is a delay in getting finance in place to complete a purchase by a particular date.
Collateral	Property or other asset used as security for a loan.
Completion	When transfer of ownership takes place and the purchaser gets the keys
Contract	The legal agreement to bind seller and purchaser to the sale of the property
Conversion	When a property has been divided into flats
Conveyance/ Transfer	The document which transfers the ownership of freehold registered property, from seller to buyer.
Conveyancing	The legal process of buying and selling property
Covenants	These agreements which are contained in the title deeds which might restrict or prohibit certain activities on the property, e.g. the running of a business, or may require certain action to be taken. e.g. an obligation to build a fence along a particular boundary and are called restrictive covenants or positive covenants . Such agreements are often passed on to one owner from the other and must be checked during the conveyancing transaction to ensure that a buyer is aware of any matters which might effect his decision to purchase the property.
Disbursements	The fees that your solicitor has to pay - such as Stamp Duty, Land Registry and Search Fees which will be added to your bill.
Equity	The difference between the value of a property and the amount of the mortgage and other loans outstanding against it.
Exchange of Contracts	The point at which both the buyer and seller are become legally bound to buy and sell and when a deposit is paid.
Final Search	A search made between exchange of contracts and completion against both the seller and the buyer to check that the position has not changed since exchange of contract, that second mortgages have not been taken out or that either party has become bankrupt.
Flying Freehold	A situation when part of a property, e.g. a first floor, may overhang the property of another person where the other person occupies the underlying space.
Freehold	You own the property and the land that it is built on.
Gazumping	Where a seller accepts an offer and then agrees to sell the house for a higher price to someone else.
Ground Rent	An annual charge payable by leaseholders to the owner of the freehold.
Initial Additional Payment	The interest calculated during the year in which the mortgage/loan is given as from the date of completion to 31 st December. Therefore, payments that are calculated on a calendar monthly basis will not include all of the first year s interest. To ensure that no interest is outstanding by the end of the first year you will be asked to make a higher first monthly payment. This is usually known as Accrued Interest or Initial Interest.
Insurance Guarantee	A policy arranged by the lender with an insurance company to provide additional security where a loan exceeds a certain percentage of the valuation or purchase price (whichever the lower). The single premium payable can be added to the loan in most cases. Also known as a Mortgage Indemnity Guarantee or High Loan to Value Fee.
Land Registry Fee	A fee you pay to register your ownership of property with the Land Registry.
Leasehold	Where you own a property but not the land it is built on (when the lease runs out the property reverts to the ownership of the freeholder).
Lessee	The owner of the lease.
Lessor	The person who grants the lease.
Local Search	A list of queries sent to the Local Authority to check e.g. if the Council are responsible for road maintenance and drainage, tree preservation orders, planning consents.
MIRAS	Stands for Mortgage Interest Relief at Source and is tax relief towards your monthly interest payment to your lender however, MIRAS has been withdrawn by the government from April 2000.
Mortgage	A loan with a property as security.
Mortgagee	The lender (e.g. building society or bank).
Purpose built	Usually refers to flats that were built as flats and are not conversions.
Redemption	When you finally pay off your mortgage.
Requisition on Title	A final enquiry of the seller s solicitors on matters of title e.g. outstanding mortgages.
Stamp Duty	A government tax charged when the purchase price exceeds a certain level. There are bands of tax applied relative to the price.
Subject to Contract	The wording attached to an agreement or offer (prior to exchange of contracts) that allows the buyer or seller to withdraw from the deal without incurring a penalty.
Tenure	The type of ownership of a property e.g. freehold, leasehold.
Term	The number of years over which a mortgage loan is arranged. At the end of the loan will be repaid.
Title Deeds	Registered land with registered land the title deeds consist of a land certificate or charge certificate that contains a short description of the property and full details of the owners name and address and any mortgages affecting the property. Office copy entries of the certificates can be obtained to prove ownership of the property. Unregistered land the title deeds consist of conveyances, mortgages, grants of probate and search certificates. The dates of these documents must go back in time for at least fifteen years in order to prove a good title to a property. An abstract of title consists of copies of such deeds or documents necessary to prove ownership of a property.
Vendor	The seller. [return to top of page]