1. Contact us as soon as a buyer has been found, or you are optimistic that an offer will shortly be made and:-
All of the above will enable us to issue the contract to the buyers promptly
2. A draft contract will be issued to the buyers lawyers, together with all the necessary supporting documents. When the contract has been approved, we will ask you to sign this in readiness for exchange of contracts.
3. When the buyers have received their search results and mortgage offer and their lawyer is satisfied as to the title, we will liaise with them regarding a completion date and the deposit. Contracts can then be exchanged.
4. On the day of completion, you must clear and vacate the property by 1pm, leaving the keys with the Estate Agents. We will redeem your existing mortgage and settle the Estate Agents account.
1. When you let us know you have found a property to buy we will send you a pack and ask you for money on account, so that we can get things started.
2. When we receive the contract from the sellers lawyer, we will:-
3. You should consider carefully what kind of survey/valuation you want to have carried out on the property. Below is a summary of the limitations of the various types available
It will also recommend any other surveys that may be considered necessary, such as a Timber and Damp report Unlike the Basic Valuation Report, the valuer acts for you. Thus it will provide you with some form of redress in the event that the surveyor is negligent in his reporting. The Home Buyers Report will also provide you with an estimate of the current market value, as well as raising issues that may require further investigation by your lawyer, such as property boundaries, or rights of way to, or over the property.
4. If you require a mortgage, the formal written offer has to be received by us from the Lender before exchange of contracts can take place.
5. When we have received the search results and offer of mortgage and have satisfied ourselves as to the title, we will report to you and ask you to sign the contract and mortgage deed.
We will also ask you for the deposit to be used on exchange of contracts. If you have a related sale, we will usually be able to arrange that the deposit received from your buyers is used for your purchase and passed up the chain.
1. At this stage, we are ready to arrange an exchange of contracts once a completion date has been agreed. It is at this stage, that stress levels rise! However, we are here to take the strain. The majority of people buying and selling are involved in A CHAIN!
This means that there is a linked series of transactions and EVERYBODY wants to sell and buy on the same day so that they do not have to pay for bridging finance or rented accommodation. We therefore have to wait until all parties in the chain have:-
We will liaise with the Estate Agents, and other lawyers until the exchange has been achieved.
2. When exchange has taken place, the completion date is legally binding and you can now swing into action and organise your move. The following are just a few reminders of the things you should deal with:-
1. We will let you have a statement showing all the costs and disbursements due and will draw this up as soon as possible so that you can arrange to let us have the balance four days before completion.
2. On completion day, if you have a sale, we must wait for the buyers lawyer to send us the sale money by telegraphic transfer before we can send out the money by the same method on your purchase. This means that it is unlikely that you will get the keys to your new house before lunch time on the day of completion. We would suggest that you do not leave your old house, before you have checked with us that it is in order for you to do so. If you just have a purchase, we can usually send the money quite early on the morning of completion, but you are unlikely to get the keys before mid day as you must allow the seller time to vacate the property
The national average timescale for completion of a residential sale/purchase can be found at https://www.gov.uk/buy-sell-your-home