GUIDE TO BUYING AND SELLING

GUIDE TO BUYING AND SELLING


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SELLER BUYER

Seller decides to put property on market
Instructs estate agent, agrees asking price, commissions and pays for EPC

Estate agent markets property and arranges viewings from prospective buyers

Buyer found and sale price agreed

Instructs solicitor

Solicitor sends draft contract to buyer’s solicitor property title

Solicitor replies to preliminary enquiries and provides information on any restrictive covenants affecting property

Contract is signed, deposit is accepted and completion date agreed

Contracts exchanged

Seller signs final transfer document

Completion statement is sent to buyer’s solicitor

Completion – deeds are handed over

Seller pays solicitor and estate agent’s accounts

BUYER

Buyer decides to look for a property
Consults estate agent
Views suitable properties
Decides on property and agrees price
Instructs solicitor and applies for mortgage (if applicable) and pays valuation/survey fee

Solicitor receives draft contract and copy title with copy of Mortgagee arranges for property to be surveyed

Solicitor submits search to Local Authority, make enquiries, covenants checked, property ownership and title verified Mortgagee makes an offer of advance

Mortgage acceptance form is checked by solicitor, returned and ensures monies are available on completion

Contract signed and deposit of purchase price paid Completion date agreed

Property is insured when contracts exchanged Mortgage instructions are sent to solicitors Mortgage deeds are checked and signed

Solicitor reports on title to mortgagee
Mortgagee advances mortgage

Completion statement from seller’s solicitor is agreed
Searches are made at the Land Registry

Solicitor pays balance to seller Deeds handed over to mortgagee as security

Buyer takes possession of property

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