Seller's FAQs | Peter Heron
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Seller's FAQs

I’d like to sell my property. What do I need to do first?
Getting a valuation is the first step before putting your house up for sale. Ask our Managing Director here at Peter Heron, Mr Ashley O’Carroll or his right-hand man and Senior Valuation Manager, Mr Paul Hubbard for a free valuation; who between them, have nearly 50 year’s experience of valuing homes in and around Sunderland. Either Ashley or Paul can value your home to advise you on how much it’s worth with a realistic and accurate valuation. Listing your property at the right price is crucial for achieving a quick sale at the best price.

How much does it cost to sell a property?
The principal cost of selling a house is the estate agent’s fees. This fee is usually charged as a percentage of the selling price. Other costs associated with selling a home include conveyancing fees to employ a solicitor and the purchase of an Energy Performance Certificate (EPC). Additional costs could involve removals, property staging, and re-mortgaging. 

How will you market my property?
The first step of marketing a house to sell is to stage it for photographing. This process gets your home ready to make it attractive to a wide range of buyers. We also prepare an appealing description of the property, publish floorplans and produce a brochure on our website. 

Who carries out the viewings, and what does the process involve?
We take care of the viewings process and liaise with potential buyers. Our professional property experts can showcase your property, drawing attention to its best features. Additionally, we answer any questions a buyer may have regarding financing and costs. Finally, we aim to negotiate the best sale price for your property, in the majority of cases; in excess of your asking price.  

Do I require an Energy Performance Certificate (EPC)?
By law, you must provide a valid EPC before selling your house. An accredited domestic energy assessor can rate your home’s energy efficiency and provide a certificate. However, an EPC is valid for ten years. So, you may not need a new one if you purchased your home within that time. 

How long will it take to complete the sale?
It typically takes around 12 weeks to complete the sale of properties in the local area. We aim to sell homes within eight to ten weeks. However, several factors can affect how long completing the property sale takes. For example, if a chain exists, selling a property can take longer. 

What does ‘exchange of contracts’ mean?
Exchange of contracts is when the house sale becomes legally binding. You and the buyer have identical contracts to sign. After signing, the contracts are exchanged between the solicitors. Exchange of contracts only takes place after both parties are happy about the terms and conditions of the sale.  

What happens when the sale is complete?
After both sets of contracts are signed, a completion date is chosen. Until completion day, your solicitor ensures that all paperwork regarding the mortgage, deeds and fees are paid, including your estate agent’s fees. When the funds are transferred, the house sale is complete, and you hand over the keys. 

Will I have to pay any Capital Gains Tax?
You do not have to pay Capital Gains Tax if the property you sell is your main home. However, if you sell a rental property or a second home, you must pay Capital Gains Tax within 30 days of the completion date. 

Will I have to pay Stamp Duty?
You do not have to pay stamp duty when you sell your home. Stamp duty is a form of tax that buyers must pay when they purchase a home over a value of £125,000.