Like my old school Rugby coach used to tell us before a match, there are some things you can do to influence the outcome of a game and there are things which are unfortunately out of your hands.
\nThe weather will do what it likes on match day; the pitch will remain the same size and slope slightly into the bottom right hand corner…There’s nothing the 15 of us out on that turf can do to change these facts.
\nOn the other hand, we can make sure we are the fittest we can be before those 80 minutes begin, our game plan is well rehearsed and most of all, we play with all our heart, nerve and sinew during the match.
\nIn these ways, our team, like any other, can certainly make the odds of winning far more favourable. Indeed, we had an unbeaten season that year (14 years ago)!
\nThe same applies to selling your property. There are some things you cant change about your home/investment and there are certainly many things you can: Things which will make selling your asset much easier and will make it more valuable in many cases too.
\nYour flat or house will be a certain size/shape, in a certain location and without massive expense and/or planning permission will stay that size/shape and will always be in that location.
\nIf you live in a flat it will be on a certain floor level…you cant make a basement flat a first floor flat or vice versa.
\nYou can’t guarantee your neighbour will provide you with emergency sugar or milk supplies, let alone keep him from using his drums at 11:45pm each evening.
\nThere is also little you can do often to personally influence the refurbishment of your building if you live in a flat within it, without the permissions/compliance of 3rd parties.
\nThese things, like the wind and the rain; death and taxes, will remain and may or may not assist you selling your home but cannot be influenced.
\nHowever, apart from choosing an outstanding estate agent like tlc, there are many free or relatively inexpensive things you can do to make sure the process of selling your property is as smooth and productive as possible. Unfortunately, time and time again, these small steps are not taken by Vendors we deal with and therefore their properties either do not sell or they do not reach their potentials in terms of sales price.
\nFor this reason, I have written a basic guide to selling your property. Although not all the advice below will be completely relevant to your individual homes, much of it is general guidance for any sale and indeed will help you to let your rental investment too. I hope you find this helpful.
","Images":[],"Show_Book_Cta_On_Bottom":false,"Show_Form_On_top":false},{"_id":"67e5132b9f042e1404a9a24f","Title":"Things You Can Do","Content":"Be Prepared Legally
\nThe English Conveyancing System is not one of our country’s proudest things to boast to the world about. In most other places round the globe it does not take as long as 2-3 months to buy a property. In most other countries a buyer will immediately financially commit to buying a property after a viewing ie: Escrow in the USA.
\nThis is unfortunate as Time is the number one reason sales fall through. The longer it takes from the moment a buyer says ‘Yes Please’ to the moment he/she has to financially commit to exchanging with you, the more likely he/she will change their minds. Each day that goes by often raises doubt. Trivial concerns and enquiries from solicitors and surveyors are often blown out of proportion and the longer it takes to settle these makes the whole purchase idea seem less and less appealing.
\nHowever, there are some easy things you as a vendor can do to proactively reduce the time it takes for your sale to reach the right destination: your bank account!
\nFor apartments within blocks the number one priority is to contact your Managing Agent as soon as you decide to sell and pay them their £200-500 to answer all management enquiries as a priority. Managing Agents are used to answering a standard set of queries from all solicitors and there is no reason they can’t get this pack ready to send even before the buyers’ solicitor officially asks for them.
\nThese initial questions are often followed by secondary queries. When these arrive: get on your agent’s back to answer them instantly. You’ve already paid for this service (and have been paying high service charges often prior to this too!). Often weeks/months can be wasted in a sale due to slow managing agents simply not bothering to reply to simple questions.
\nMake sure they can especially provide:
\nIf there are works due and have been either costed already or else an approximate estimate is known: bite the bullet and provide allowances / retentions to cover these costs close at hand. Small burdens like these make big differences to buyers.
\nIt’s amazing to me, that a sale of a property worth between £500,000 to £2,000,000 can be put in serious jeopardy over amounts of between £500-2000. It is often revealed that, after a property has been under offer for a few weeks, there will be some costly building works to repair a roof, refurbish communal parts ect due in the near future...which the incoming owner will inherit!
\nThe same old argument often ensues: A buyer will demand the vendor pays for these upcoming costs; a seller will protest that he/she will no longer be responsible for these costs in the future and has paid towards them during his tenure of his apartment so why should he/her. Therefore, a sale suddenly risks falling through as a seller will not agree to pay £500 towards these future costs and risk not guaranteeing £500,000 in his bank.
\nMy advice, on these matters is NOT to get too emotional about them and try not to simply argue points such as these because of principle. Principle I would say is second on the podium to my old friend Time in the list of reasons for fall throughs.
\nA simple way to avoid these disputes is to just say ‘I’ll pay half, if the works are done within a certain time frame’ (usually a year is a long enough distance). Thus, if the works are going to cost this flat £1000, you leave £500 in your solicitor’s account for a year, from which the buyer can take from, when the cost of the works become due. If the works have not been costed at the point of sale, this retention can only be based on an estimate and therefore, you might have to leave rather more than you would like to in order to provide a buffer a buyer (and his solicitor!) feels comfortable. However, if the actual cost is less than the amount you have left, you still only have to pay 50% and therefore will received some money back.
\nA most farcical example of this on a slightly different note was whilst I was selling a small one bedroom basement flat in Chelsea a couple of years ago. Right at the point of exchange, the vendor told the buyer she would not be leaving the fitted carpets in the flat as they were new but if the buyer wanted them the cost would be £800. The buyer then replied abruptly ‘well, I won’t buy the flat then!’. This flat was selling for £850,000. My commission was substantial. Therefore, I decided to buy the carpet for the buyer and told her the vendor gave in! However, this is a sublime example of how Principle can really get in the way.
\nRefurbishment to communal parts or exterior building works is a more common example of where this type of argument unravels. Avoid them at all costs! In the long run it will save you a great deal of money and stress and your sale will go through most importantly!
\nOther common stumbling blocks from a legal point of view are:
\nThe fact is, a flat with an 80 year lease, a 90 year lease, a 100 year lease ect is worth no more or less than one which has a share of freehold.
\nIt is only if the lease slips below 80 years there is a ‘marriage value’ associated to what it would be worth with a longer lease.
\nThe problem is that 80% of the buyers I deal with are foreign and the leasehold system is most foreign to them. It is in fact ridiculous even now to me. You pay all that money to BUY a property but only for a certain amount of time. Therefore, though on a financial valuation it makes no difference; on a psychological valuation it does rather…to some, especially if they’re originally from foreign lands and even to English born and breed.
\n\n
Therefore, many buyers are very put off, even before viewing a property, by a ‘low’ lease (anything under 100 years is ‘low’ to lots of buyers). If you can at least equate an estimate of the cost of an extension though a buyer needs only to add this cost on top of their purchase price in order to make a reliable offer.
\nIf your lease has under 75 years remaining it is likely that a buyer and his solicitor will insist of you serving what is known as a section 42 notice to your freeholder in order that a) they will know exactly how much the lease extension will cost and b) be legally able to extend their lease immediately. If you, as the outgoing owner, do not do this a purchaser will have to wait 2 years before he can extend their lease at a proportionately higher cost to them.
\nThe easiest way round this frequent conundrum is to offer to a) serve the section 42 notice and b) pay/share the cost of the extension from the sales proceeds simultaneously with the completion of the sale.
\n\"You Never get a second chance to make a first impression\"
\nBefore the ‘law part’ begins however you have to make sure you get a YES first. All properties which come on the market have a short initial window of opportunity to seduce and impress a buyer. After the first 2 weeks of marketing, a property will have been exposed to 90% of the current batch of buyers scouring the portals to find their dream homes/investments.
\nTherefore it’s crucial to get it right… right away.
\nMaking the most of the space you have with furniture choice, placement and general cosmetic colour choice and dressing makes an indisputable difference to that critical first impression a buyer takes of a property. Wow them at ‘Hello’ and you’re over half way there to sealing a deal.
\nSee below two pictures of two different refurbished flats. Both are very similar in size and in very similar locations. Guess which one sold within 2 days of marketing; guess which hasn’t sold after 6 months of marketing?
\nYes, that’s right, Flat A of course! Properties, like Flat A, which look like you can move straight into them absolutely make the best impression; whilst the other developer forgot (and refused to be persuaded on this) to put the icing on the cake and has suffered the consequences. By just spending a little more on surface level detail you will ensure you sell your property for a lot more. Dare I say it, this is actually far more important than what lies underneath that dazzling red rug in the middle of the living room. How many times have I found this out in the morning after being dazzled by red lipstick, shiny silky hair and perfectly fitted polka dot dress…but by that time I had already said YES.
\nFlat B just doesn’t look homey and most importantly insists a buyer must have imagination to buy this flat. Everyone who has seen this flat has really struggled to visualise the reality of actually living there. They asked questions like: ‘where would I put my dining table or sofa?’ and my favourite: ‘Can I really fit a double bed in here?’
\nIf your second bedroom ‘can’ fit a double bed in it but doesn’t have one in it then PUT ONE IN IT! It’s very hard for buyers to imagine spaces. Make it easy for them and fill the space with appropriate furniture.
\nAs a Landlord it is the old Catch 22. You have a mortgage you need to pay. The rental income pays this. If the tenant moves out: you have to pay it. Therefore, they easiest way to deal with this tricky situation is clearly to sell whilst the tenant is still living there and money is coming into your bank.
\nWrong. Unfortunately, bar the exceptional few tenants I have had the fortune of meeting in this circumstance, most tenants will:
\n\n
Damp, cracks, stains. Any noticeably smelling damp or large cracks in plaster (which are often nothing to worry about structurally) will put off a buyer immensely on a first viewing. The significance of these will be completely blown out of proportion and often lead to surveyors being appointed, more defects in the property being identified and price re-negotiations demanded. Don’t delude yourself into thinking these things will not play a significant part in the decision process of a buyer. Deal with them before marketing and you’ll seal your deal sooner.
\nLighting. Unsurprisingly ‘light’ is always one of the primary ‘musts’ on a purchaser’s wish list. Especially if you are trying to sell a naturally dark property like a basement or a north facing space, really think about how to light your living rooms (reception and bedroom especially). Focus on darker corners of rooms and buy some up lighters (free standing) or Lamps to illuminate them artificially. Spotlights are not the most attractive of lighting choices but they are the most affective. You can have these in the ceiling or the floor shining upwards. I have seen this done very effectively in basement flats with the spolights positioned underneath the window sill which gives the impression there is a lot more natural light coming into the room than there really is.
\nMirrors. Inside and Out. Position mirrors inside your home adjacent or opposite the window whichever best reflects the light. This really gives the illusion of expanding the width of your rooms. Also, buy Cupboards with mirrored doors. Cupboards often take up much of at least one wall in a bedroom which inevitably reduces the internal space. Mirrored doors again creates the illusion of width and reflects light too.
\nIf you have a patio/garden outside (as in lots of Basement and Ground Floor apartments) mirrored trellising is a great way to reflect light back into the internal space and make your outside space seem deeper.
\nPainting. Give main rooms a fresh lick of a base colour before marketing if it hasn’t been done for over 3 years. Nothing too garish. Neutral colours. A bright glossy white in basements makes a world of difference. Also paint over marks/scratches/old stains. It’s incredible how many flats I visit and immediately you walk into the living room your eyes are drawn to a large yellow stain. The owner then reassures me ‘Oh, don’t worry it’s from an old leak which happened 2 years ago’…So why are you still illustrating it to a prospective buyer?? Paint over it and another concern/doubt has been eradicated.
\nRight time of day to show the property. Mostly this is when the property is at it’s brightest. This will depend on the orientation of the main windows of the living room/bedrooms and also if the buyer can meet your agent at that time but there’s no better first impression than seeing a living room with rays of sun streaming through from outside. You also have to rely on having a little bit of luck here but if it’s convenient to your personal plans selling in the Spring or Summer will help you.
\nRight day: There may be some days when you know viewings will be hindered by an external factor. Rubbish Days for instance are not great. If your buyer arrives outside your building and there are 20 brimming black bin liners outside you’re not doing yourself any favours.
","Images":[],"Show_Book_Cta_On_Bottom":false,"Show_Form_On_top":false},{"_id":"67e5132b9f042e1404a9a250","Title":"The Fine Print Details","Content":"I’ve now written about a few general tips but below I have listed some more specific cosmetic accessories I would recommend you dress your properties with for photographs and viewings. Despite my earlier tip of painting rooms neutrally, most of the items below you can afford to go bolder with in terms of colours (I like red):
\nCommunal Parts in apartment blocks or period conversions are the responsibility of many people. In a standard period conversion any number of tenants between 2 and 20 can share the communal parts and in mansion blocks or purpose built buildings many more. Most of these communal parts in my experience are severely underwhelming. That first impression coming through the building’s main door is often not going to win any awards and neither is the outside façade and you (and your prospective buyer) might well be still liable to pay a substantial service charge nonetheless.
\nUnfortunately, there is little you can do individually to improve these communally owned/demised spaces without a) mutual agreement with other leaseholders and/or the Freeholder and b) great individual and group cost.
\nHowever, there are some smaller cosmetic improvements you can make at your own expense which will make that opening scene so much more inviting.
\nIt's in the senses.
\nWe’ve dealt with how your property looks now. However, it is just as important to stimulate all of a buyers’ senses or even in some cases, nullify them somewhat!
\nNOSE: If you make something smell irresistible, it will be…It’s no wonder why Mr Dior or Ms Channel make so much money each year; women want to smell good to sell themselves better. The same absolutely applies to your home.
\nThis doesn’t mean you have to have fresh bread in the oven for every viewing but at least a ‘Glade Plug In’ or two makes a massive difference to a viewing experience. Indeed, it’s been scientifically proven that scents such as fresh lavender or a warm vanilla will make a buyer more likely to say YUM and YES.
\nIf you want to splash out a bit more and buy something longer lasting have a look at purchasing a Scent Air machine and fill your home with aromas such as Waffle Cone, Evergreen Forest or Cedarwood: http://www.scentair.com/why-scentair-scents/
\nEars: There are many homes I sell in Central London which are in such close proximity to busy roads or Underground links the flat/house itself becomes so much harder to sell as a buyer’s first impression visually (no matter how impressed they are) will be completely overwhelmed by the irritation to their ears.
\nWithout sounding too Machiavellian here, there are a couple of simple measures you can take to severely reduce the negative impact a busy road or tube line has on the value of your home.
\nI have been into a ground floor flat with it’s master bedroom backing onto The Warwick Road (one of the busiest arteries out of London) and literally the four wheel roar disappears.
\nLearn how our experienced team supports property sales across Kensington and Chelsea with accurate valuations and tailored guidance here.
","Images":[],"Show_Book_Cta_On_Bottom":false,"Show_Form_On_top":false},{"_id":"682355a69f042e1404a9ae56","Title":"Interested In Sales? Read More!","Content":"Interested In Sales? Read More!
\nHow to Sell Your Home | Toby's Insider Tips
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","Description":"","Cta_Label":"Book a Valuation","Cta_Link":{"_id":"62678e3191c50ecedd14f0eb","URL":"contact/property-valuation"}},"Lets_Work_Together":{"_id":"621cd0b0a6ddd17de15eba5a","Title":"With an average of 97% asking price achieved, we maximise your property’s value in Kensington and Chelsea.","Sm_Title":"LET US HELP YOU ","Cta_1_Label":"BOOK A VALUATION","Cta_2_Label":"CONTACT US","Cta_1_Link":null,"Cta_2_Link":{"URL":"contact","_id":"621c529cd3815bf7dc402463"}},"Blog_Author_Module":{"Bio_Link":"/about/meet-the-team/samantha-hossack/","Description":"Samantha Hossack, Chief Operating Officer with over 20 years of experience driving operational excellence, leading high-performing teams, and delivering strategic growth across the prime London property market. 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