Buying Guide

22 steps guide when you buying properties

Valuation

Our valuation team will advise you on the best prices for your property, as well as taking colour photos, noting down all the major selling features of your home, and taking measurements.

Survey

Your buyer’s surveyor will contact you to arrange a suitable time to carry out the survey. The results of the survey will be sent to your buyer. If your property needs any work doing the buyers may try to re-negotiate the purchase price to cover the unforeseen costs. This will usually be done via the estate agent.

Moving Costs

Work out how much it is going to cost for you to move. If you are also buying you may need to take financial advice with regards to increasing your mortgage.

Draft Contracts Prepared

The seller’s Solicitor will obtain the title deeds from the seller and will then draft a contract and send it to the buyer’s Solicitor.

Marketing

Choose an estate agent. You will need to agree on the price you want to get for your property and the agent’s selling fees. You will then need to sign an Estate Agency Agreement and arrange an Energy Performance Certificate (EPC).

Property Information Forms

Your Solicitor will ask you to fill in two forms. You should complete a Property Information Form, giving details about your property’s boundaries, any alternations you have made to the property etc. You will also need to fill in a Fixtures, Fitting and Content’s from which will confirm exactly what is included in the sale. These forms should be returned to your Solicitor.

Sales Particulars

You will receive draft sales particular of your home. Due to the Property Misdescriptions Act, you must make any amendments to these, then sign and date and return them to your estate agent.

Mortage Offer

You should receive your mortgage offer about now, together with the terms and conditions of your mortgage. You need this before you can exchange contracts.

Viewings

Prospective buyers will come to view your property, by appointment only. Ensure your home is clean and tidy and dressed to the best standard so it shows well. Clutter should be removed to emphasize floor space and rooms should show as bedrooms where possible as this adds value.

Building & Contents Insurance

You should now get quotes for buildings and contents insurance. Your mortgage lender my offer you their own insurance. You will need the insurance to be effective from exchange of contracts.

Conveyancing

You will need to decide who will do your conveyancing. Conveyancing is the term used to describe the legal process you must go through when buying or selling a home. Conveyancing can be done by a solicitor or a licenced Solicitor. Find out what their fees are and what other legal costs are involved and when these are payable.

Signing Of Contracts

Both the buyer and seller must sign the contract before exchange. Your Solicitor will advise you when to do this.

Accepting And Offer

When a buyer makes an offer on your property, the estate agent will normally contact you to advise you on this. It is also a requirement by law, that they put all offers to you in writing. Consider all offers and accept the one you are happy with.

Moving Home

Solicitors for both parties will agree a date for exchange of contracts and Completion. At this stage, it is an idea to obtain quotes from removal companies and provisionally book a date.

Agreed Offer

Agree on any fixtures and fittings to be included in the sale. This normally covers curtains, blinds, lighting and carpets. Any white goods and furniture should also be stipulated on an offer so there is no confusion on completion. Garden furniture should also be confirmed, and garages, lofts and rooms should be cleared of all belongings upon completion and professionally cleaned.

Exchange Of Contracts

Once the contracts are signed, the buyer’s deposit (normally 10% of the property price) is sent to the seller’s Solicitors, along with the signed contract. This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale/purchase and cannot withdraw without suffering a loss.

Sale Progression

if both parties are ready to proceed with the sale and purchase, you should now appoint your Solicitor. 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.

Organise Removals

You should now confirm your removal firm booking.

Sale Agreed

Once the estate agent has confirmation of both parties Solicitor’s details, they can confirm that the Sale is Agreed, Subject to Contract. You will receive a Memorandum of Sale to confirm this. At this stage you are not legally bound – both the buyer and seller can withdraw from the sale/purchase without any penalty.

Completion

The buyer’s Solicitor pays the balance of the purchase price, electronically, to the seller’s Solicitor. This is known as COMPLETION. Once the money is received by the seller’s Solicitor, they will inform the estate agent that the keys to the property can be released. The buyer can now move in.

Mortgage Application

Complete your mortgage application form, with the help of a Financial Adviser. At this stage you should also apply for any protection plans you will need to cover your mortgage e.g. life assurance, building insurance, income protection etc.

About Us

With a combined experience of over 40 years in the property industry you can be rest assured you are in safe hands with Pomp Properties. Based in the heart of Earls Court our local knowledge and vast experience in sales, lettings and management put us as your premier agent when looking after all your property needs.

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