Ten things you need to know about... selling your home ¦ Property Guides on Times Online

1. Decide how you are going to sell your home

Selling through an estate agent:

90 per cent of sellers use traditional high street estate agents although there is no legal requirement to do so. You may also consider using online estate agents (such as halfapercent.com, housenetwork.co.uk or www.housenetwork.co.uk). Online estate agents are cheaper, stripped-back estate agencies subject to the same rules governing traditional estate agents. While traditional agents cost between 1.5 per cent and 2.5 per cent plus VAT, you will pay about £500 plus VAT or about 0.5-0.75 per cent for an online agent. But you will not receive the same level of service. You should be prepared to conduct all the viewings. For help choosing an online agent see: www.theadvisory.co.uk

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Selling privately:

There are scores of private sales websites out there such as homesbyweb.co.uk, The Little House Company, My Property for Sale and House Web. They will help market your home but will not necessarily get you a listing on main property portals such as Rightmove. This is a major disadvantage as this is where most buyers start their search. Prices vary from about £47 to £200 depending on the level of service you require.

Selling at auction:

This route works best for unconventional properties, homes in a bad state of repair and repossessions.

It is a good way to sell a house as quickly as possible and if you are successful you will hand over the keys 28 days after the auction. The auctioneer’s commission is about 2.5 per cent of the sales price. Make sure you choose the right auction house. This involves picking an auctioneer which offers property similar to the one you are selling.

2. Compile the Home Information Pack (Hip)

Or preferably have somebody else do it. Solicitors and estate agents will get the necessary documents together. Some agents will even offer the service for free as an incentive - but you should check the small print as 'free' Hips often have conditions attached. The pack should contain a sale statement summarising the terms of the sale, evidence of title, standard searches such as local authority enquiries and an Energy Performance Certificate (EPC). This can take 10 working days to put together - two weeks, so start early. See the government website, www.homeinformationpacks.gov.uk, and timesonline.co.uk/hips for news and comment.

3. Sort out the conveyancing

The days of going straight to the family solicitor are over. More and more sellers are using specialist online conveyancing companies such as Click2convey or www.movingahead.co.uk which can be faster and cheaper than the traditional route. Many offer a fixed fee service on a “no-completion, no-fee” basis which can save you money if your sale falls through. Some online conveyancers offer their services for as little as £99.99 plus VAT. However, a fee of £200 is more typical although some may charge more if the property is leasehold as the transactions are more complicated. Legal costs for selling homes over £300,000 could rise to £600 or more.

If you are going for a conventional solicitor, pick with one that understands the type of property you are buying. Your maiden aunt’s country solicitor may not have much experience in dealing with leasehold flats in London.

Costs:

Hips: £300-£350

Estate Agent: 1.5 per cent to 2.5 per cent of your property sale price plus VAT

Conveyancing: from £200

Tax: Capital Gains Tax if the property you are selling is not your main residence.

NB: Don’t forget to factor in the cost of any home improvements you may make.

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