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THE PURCHASE PROCESS Once you have decided on the area and specification of your future home you can start narrowing down the options to make a choice. There will of course be some things that you will have to compromise on no matter what your budget, but once you have found the right property you will need to start the sales process. Below is the general process and what to expect. Offer Either verbally or in writing you put forward an offer to the estate agent. They have to by law put this through to the seller and come back to you with a response as to yes or no or what to do next. Negotiate & Confirm exact spec Once a price and any included contents has been agreed the sales process can proceed to the legal and financial stages. Sales Memorandum Here the legal contacts and buyer/sellers personal contact information are put together in a formal document which is then forwarded to the conveyancing solicitors for both sides. This enables the sales contract, lease information and managing agents history to be forwarded across to the buyers solicitor to check. Valuation Whilst the solicitors are talking and going through their paperwork your bank or broker should instruct a valuation or survey (depending on your purchase) of the property. This is then used by the banks as a guide for their lending. From experience many banks use out of town valuers who don't know the areas so check with your broker first otherwise their incorrect estimates could loose you the deal and cost you more money. Searches & Queries Your solicitor will start local searches on future and current land use and liabilities whilst questioning the paperwork on the lease, insurance and managing agents accounts etc. Mortgage Offer If the valuation is satisfactory your bank should be able to give you the mortgage offer confirming that they will lend you the money for the purchase. Sales Contract Your solicitor will now forward over the sales contract which details all the keep aspects of ownership and lease criteria. If you are happy with the contents you sign it. Exchange Your solicitor will agree an exchange amount with the sellers solicitor usually 10% of the agreed purchase price. This is then exchanged to confirm the legal sale of the property to the buyer. Completion Although possible at the time of exchange the rest of the outstanding money is often transferred over several weeks after exchange (due to bank's slow processing, and to allow any amendments or further queries to be answered) Once completed you get the keys and are the new owner! Some sales will vary from this standard approach, especially if you are a cash buyer, developer or have had a recent purchase fall through but it gives the average process most sales follow.
Buying a property is often described as the most stressful thing you can do in life. Often the process can drag out over months and may even lead to arguments, logistical nightmares, or worst of all no property in the end. All of this can be limited if you plan the process carefully and try not to get to emotional. The key factor to remember from the start is that you will encounter problems, whether it is with the survey, your lender, your solicitor or one of many other external factors. Accept this and then it will be less of a shock when something crops up. Although everyone in the process has a vested interest for the sale to succeed, be it commission, sales proceeds or fees the person the sale matters most to, is you. Therefore we recommend keeping the pressure on solicitors and finance brokers. We as agents will help as much as possible but have limitations in controlling the whole process as so much of the information is confidential between the buyer and their solicitor and finance broker. It is also beneficial to keep the agents up to date with any progress, that way they can act as intermediaries and keep both sides in the picture. Often a sale between a good honest buyer and seller can hit problems because of lack of communication leading to guessed problems that in reality don't exist. International Buying abroad can also lead to additional problems when compared to the UK system. Different legal structures and rights, additional costs and tax liabilities all mean that it is best to seek professional specialist advice from solicitors, financial brokers and accountants that have dealt successfully with the purchase of properties in the country you are interested in. We have a range of contacts we are more than happy to pass on to give you advice. |
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Copyright Park Lane Estate
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