It is a well-known fact that buying and selling a home can be one of the most stressful things that you undertake. We at Edwards want to make this as stress free as possible for you and your family. The following is how things should flow in the buying and selling market.
- 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.
- Start searching for a property – Register with your local estate agents and search their websites regularly. Also search on property portals such as www.rightmove.co.uk
- Arrange viewings – Estate agents will arrange viewings for any properties that you are interested in.
- Make an offer – Once you have found your new home the estate agent will negotiate your offer with the vendor.
- 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.
- Offer accepted – 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.
- Instruct your conveyancer – 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.
- Sale agreed – 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.
- Book your mortgage and survey – Complete your mortgage application with your Financial Adviser who will also instruct your mortgage survey to be carried out for you.
- Additional survey if required – If you would like a detailed structural survey you will need to instruct this when your offer has been accepted.
- Draft contracts are prepared – 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.
- 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.
- Conveyancer performs searches – 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.
- Confirm your mortgage offer – You should receive your mortgage offer together with the terms and conditions of your mortgage. You will need this before you can exchange contracts.
- Signing of contracts – Both the buyer and seller must sign the contract before exchanging contracts. Your conveyancer will advise you when to do this.
- 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.
- Exchange of contracts – 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.
- Tell people you are moving – 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.
- Organise removals – You should now confirm your removal firm booking.
- Completion – 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.