Market overview
From Belfast to the Giant’s Causeway, Northern Ireland is a popular tourist destination in the United Kingdom. Like many countries, the economy was hit badly in the financial crisis, but the property market has seen growth since, with house prices climbing steadily, fuelled by low supply and climbing demand from local buyers.
The Selling Process
Marketing your property
The normal means of marketing a property is via an estate agent who can also value your property. Properties are usually sold on an exclusive agency basis, which means your chosen agent will earn commission on any sale, even if they are not involved, for as long as the property is registered with them. However, you can also use the growing number of online estate agencies and FSBO services to advertise your property wthout any agent fees.
EPC
An energy performance certificate is required by law as soon as a property goes on the market. This can be obtained by arranged for a Domestic Energy Assessor to inspect your property. If you fail to do this, you could face a fine of £200.
Legal Representation
You will need a solicitor to help carry out the conveyancing process. The Law Society of Northern Ireland required solicitors to give you a detailed quote for any work, including terms of business and any relevant pricing arrangements. As your business will largely by conducted remotely, over the phone or via written mail, there is no obligation to choose a local firm, if you have a preferred solicitor in another area.
Preparing for viewings
Tidy and clean your home so that it is ready to receive any buyers wanting to view it. This will improve your chances of impressing a potential purchaser and securing a successful sale.
Offers
After viewing, a buyer may make a provisional offer on your home. You can accept offers from multiple buyers, although you will have to inform all buyers that other buyers’ offers have been accepted.
Legal checks
Your solicitor will now carry out any required legal checks on the property, as well as organise any exchange of paperwork. This step will always take longer than you initially expect. If you decide to cancel a sale, you will not be obliged to compensate your buyer for valuation or survey fees, unless you have signed a legal agreement promising to do so.
Deposit and contract exchange
Once you have signed and exchanged the finalised contracts, you are legally committed to complete the transaction. The title must now be registered with the Land Registry.
Completion date
All you have to do now is agree on a completion date – then make sure you’ve got everything packed in time to move!
Average selling prices
1 Bed Apartments
£68,674
2 Bed Apartments
£94,869
3 Bed Apartments
£123,970
2 Bed Homes
£93,015
3 Bed Homes
£130,928
4 Bed Homes
£207,460
Selling Costs Checklist
Once you have met these costs, you have paid to sell your home
Estate agent fee – usually 2% of the final sales price Legal fees – these are often charged at 1 per cent of a property’s price + an hourly fee for time Certficates – Certificates from the Department of the Environment (detailing the state of local planning, road and water issues) and the Local Council (detailing any public health issues) will each have their own small fee. VAT is added on to your fees and extra charges by agents and solicitors. Do not forget to budget accordingly.
Photos: Martie1Swart, AJC1. Sean MacEntee
