A guide to selling due to financial reasons

A guide to buying a new build home

We’ve created this guide to give you the confidence to sell your home with us and provide all the information you need when choosing your agent.

If you’re experiencing financial challenges and are considering selling your property, we understand how difficult this can be. It’s a very big decision and we know you won’t be taking it lightly.

By working with us, we hope to help you in what may be a stressful and worrying time. We’ve got the experience and know-how to sell your current home as quickly as possible, for a premium price, to help you ease the burden.

If you choose to work with our agency, all conversations will be held in the strictest of confidence, without any judgement. Lots of people experience financial challenges and we’re here to help with compassion and understanding.

As established agents in the heart of Leicester, we know what sells and to whom. We have a proven track record of selling properties like yours and we never forget how overwhelming a sale like this can feel.

Our aim is to help and guide you to make the best decision for you and your family.

In This Guide

Exploring your options

Financial challenges are stressful, and you’ll probably have a lot to think about. Selling your home may be the final option, but have you exhausted all the other avenues?

Here are a few things to try before deciding to sell your home.

Speak to your lenders

Your bank or mortgage company could offer payment options that make your home more affordable. Work out what you can afford to pay before speaking to them. Banks and lenders have specialist support teams that can help in situations where your income has suddenly dropped. Don’t wait until you can’t make a payment. It’s always best to seek support before the situation gets worse. Alternatively, if you sell your property with us, we can also speak to the lenders on your behalf, so they know what’s going on and when they’re likely to be paid.

Understand your debt

If you’re thinking about selling your home to clear your debts, the first thing you need to look at is your mortgage. Will the sale of your home clear your mortgage and leave you with some money left over? Or will you be left with negative equity (where the amount owed is more than the money received from the sale)? If your property has increased in value over time, a mortgage with a low interest rate is often considered a ‘good’ debt, unlike higher interest loans such as credit cards or payday loans. Again, your lender may be able to offer a solution. It’s often wise to pay off the highest interest loans, such as credit card debt, first.

Contact the experts

There are many useful resources you can turn to when facing financial difficulties. We recommend seeking independent financial advice to understand the implications of selling your home and whether the sale of your property will cover the outstanding mortgage and other debts. If you’re struggling to manage multiple loans or payments, you could speak to a debt charity for advice. These services are free and offer personal plans to tackle your debts. Examples of UK debt charities are StepChange, National Debtline, and the Citizens Advice Bureau.

Auction your home

If you want to sell your home within a fixed timescale, you may choose to put it up for auction. Property auctions are fast and give you more certainty as you’ll have the date of the auction, so you'll know when your property will sell. Also, there are often pre-set exchange and completion dates that buyers must stick to. However, a gamble you take at auction is on the price, as you may not get more than the minimum reserve price - and worse, you might not get any bids at all. There are also various fees associated with auctions such as commission, entry fees, and legal packs, so it can be expensive. Estate agents are likely to get you a higher sale price even though it might take longer. However, we also have the option of fast tracking your sale to a cash buyer for a lower price.

Housing options

Are you planning to downsize and buy a smaller property? If so, this is something we can help with. Most people will need to sell their current property to be able to complete on another. Please be aware that it can be hard to get back onto the property ladder once you sell a property, as house prices generally go up. So, you need to give your decision a lot of thought. This is especially important if you were hoping the sale of your property could help you financially when you retire. Alternatively, if you want to move into a rental, our lettings team can support you with this. The advantages of moving into a rental include flexibility, less money up front, and no repair or maintenance costs. However, the disadvantages are that your landlord could increase the rent, you might not be able to decorate the property to your taste, and there is no option to build equity in the property.

Frequently asked questions

Over the years, we have worked with many different types of sellers, including those selling their homes to reduce debt or relieve financial problems.

They often ask similar questions, so we have put together some of the most common ones for you to think about.

How we can help you

We are focused on you. That means getting you the results you are looking for. And we don’t just talk the talk, we walk the walk. We will be with you every step of the way to advise, support, and celebrate with. We’ve built our reputation on the quality of our relationships rather than the number of transactions. This has led to most of our business coming from word of mouth.
Always looking ahead
We have invested heavily in virtual viewings, video tours, and other new technologies.This means you know your property will be expertly marketed, which leads to premium prices being achieved.
We’ve been helping the people of Leicester buy and sell their property for over 24 years and collectively, our team have more than 100 years of experience.
We currently have 659 Google and Facebook reviews and would be happy to put you in touch with some of our past clients so you can hear about their experiences with us.

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