How to sell before Brexit
Should you move home before Brexit on 31st October or wait? We look at the reasons for and against and 5 tips to get you moved within the next 100 days.
July 18, 2019
Over the past few years – since the referendum on 23 June 2016 in fact – one of the most common questions asked by homeowners is whether they should wait until after Brexit before selling their home.
But with each passing year and milestone we continue to scratch our heads about what Brexit will actually look like and the impact it will eventually have, including on the housing market.
In the meantime, uncertainty reigns, which isn’t good for any market.
So perhaps now the end is in sight. With Boris Johnson as the new Prime Minister, Brexit could happen in the next 100 days, by the 31st October deadline – with or without a deal.
Brexit = Certainty?
That’s very unlikely. Whether the new Prime Minister manages to get a Brexit deal or a no-deal on 31st October, the only certainty is continued uncertainty, as implementation plans and trade deals are thrashed out.
And fresh faces in power mean more new policy ideas. Who knows what the new Prime Minister’s first Budget will bring. Johnson is believed to be considering changes to stamp duty with talk of cutting the tax charged but also potentially switching to vendors paying the tax instead of buyers.
5 tips to sell before Brexit
So if you’re thinking of moving, it may be worth simply getting on with it. To help you along the way here are some tips for selling before Brexit…
- Simply the best. In this pre-Brexit world only the best houses will sell. Make sure your home is in top notch condition and in it’s best light before you market. And we don’t mean by freshly baking bread and having coffee percolating on the stove. Make sure the buyers survey isn’t going to reveal something that means they can renegotiate on your asking price.
- Get the asking price right. It’s no good harking on about how your neighbour down the road got this or that 5 years ago. You need to know what houses like yours, near you, have been selling for in the last few months. Don’t go by the amount they were marketed for but by the amount they actually sold for. You can check on the Land Registry site. And if you want to secure a sale quick, consider under-cutting similar houses currently on the market.
- Use the best local estate agent. Get at least three local estate agents around to help you get the asking price right. Choose an agent with the greatest number of similar properties for sale, using a comparison site such as ea4me.ulst.co.uk. Check which agent achieve asking price most often. And tell agents your choice will depend not on the highest valuation, but on whether their figure is justified with evidence.
- Get ready to move fast. Get quotes from conveyancing firms as soon as possible and be ready to move quickly once you have a buyer. Keep in contact with your mortgage broker and conveyancing solicitor to keep the pressure on and ensure your case doesn’t fall by the wayside, and respond quickly to requests for information.
- Choose a chain free buyer if you can. If you’re in a hurry then a first time buyer or someone in rented should be top of the list when it comes to who you should accept an offer from. They need to have their mortgage agreement in principle and be keen to book a survey quickly. See our guide on how to break the housing chain for more advice.