Whether buying or selling it is imperative that once you have agreed a price that things progress as fast as possible for you.
Fill in all of your paperwork and give these to your solicitors in the first week. Don’t delay as your buyer’s solicitor can’t progress anything until you have done this.
Top Tip: Chase your solicitor at least once a week every week until you get your keys!
Your solicitor is the gate keeper to your sale/purchase taking either 6 weeks or 16 weeks!
The average sale in the UK takes 12 – 14 weeks although this time can be shortened by you chasing your mortgage adviser, surveyor and solicitor regularly. Also, don’t forget to call your agent and update us once a week until completion.
We want to make your journey of buying or selling as stress free as possible. Here’s the usual flow of things, but check the rest of the resources page for further advice on how we can help:
1. Establish funds – find out how much you can borrow.
Find out how much you can borrow – Most importantly speak to a Financial Adviser to establish how much you will be able borrow and do some research on the types of mortgages on offer. We have a great mortgage adviser in house who offers whole of market financial advice.
2. Get the map out – start your search.
Register with your local estate agents and search their websites regularly. Also search on property portals such as www.rightmove.co.uk. If you need some local knowledge – we can help.
3. Snoop around – arrange some viewings.
Arrange viewings – Estate agents will arrange viewings for any properties that you are interested in.
4. Make an offer – negotiate the best deal.
Once you have found your new home the estate agent will negotiate your offer with the vendor.
5. Pick a conveyancer – look for a local solicitor.
Decide on a conveyancer – Conveyancing is the term used to describe the legal process you must go through when buying or selling a home, which is generally done by a solicitor.
6. Offer accepted – don’t forget fixtures and fittings.
When your offer is accepted the vendor will agree any fixtures and fittings to be included in the sale. This normally covers curtains and carpets and may also include anything else the seller wishes to leave.
7. Instruct your conveyancer – be clear what’s included.
Ensure you are clear what the fees are and when these are payable. You will normally be asked to pay a fee upfront for the searches.
8. Sale agreed – get it documented.
You will receive a Memorandum of Sale to confirm this. At this stage you are not legally bound and both the buyer and seller can still withdraw from the sale or purchase.
9. Book your mortgage and survey – see your financial adviser.
Complete your mortgage application with your Financial Adviser who will also instruct your mortgage survey to be carried out for you.
10. Additional survey if required
If you would like a detailed structural survey you will need to instruct this when your offer has been accepted.
11. Draft contracts prepared – title deeds sought.
The seller’s conveyancer will obtain the title deeds from the seller and will then draft a contract and send it to the buyer’s conveyancer.
12. Property details confirmed – don’t forget boundary queries and disputes.
Confirm details about the property – Enquiries are raised and answered between the conveyancers, including questions regarding boundaries, any disputes, alterations to the property etc. These enquiries will also confirm what exactly is included in the sale.
13. Conveyancer performs searches – e.g. Land Registry.
Your conveyancer will perform a Land Registry search and Local Authority searches to check for planning history, potential developments, roads, mining and drainage at or in the vicinity of the property.
14. Mortgage offer confirmed – get it in writing.
You should receive your mortgage offer together with the terms and conditions of your mortgage. You will need this before you can exchange contracts.
15. Contracts signed – the stage before exchange.
Both the buyer and seller must sign the contract before exchanging contracts. Your conveyancer will advise you when to do this.
16. Move date agreed – must be mutually convenient.
Agree dates for moving – Both parties will agree a date for exchange of contracts and completion (moving day). At this stage, it is ideal to obtain quotes from removal companies and provisionally book a date.
17. Contracts exchanged – deposit paid.
When the contracts are signed the buyer’s deposit (normally 5 – 10% of the property price) is sent to the seller’s conveyancer along with the signed contract. You are now legally bound and cannot withdraw from the purchase without suffering a financial loss.
18. Tell the world – don’t forget utility companies and Royal Mail.
Contact all utilities companies to advise them of your move and to arrange for the meters to be read. You may also want to contact Royal Mail to arrange a mail re-direction.
19. Organise removals
You should now confirm your removal firm booking.
20. Completion – balance of payment paid.
The buyer’s conveyancer pays the balance of the purchase price electronically to the seller’s conveyancer. This is known as completion. When the money is received by the seller’s conveyancer, they will inform the estate agent that the keys to the property can be released. The buyer can now collect the keys and move in.
For anything else do give us a shout.