BUYING AND SELLING PROPERTY: UNDERSTANDING THE PROCESS
Buying a property can be daunting, no matter whether you are a first-time buyer, purchasing with a mortgage or moving from your current property. However, understanding the process and being prepared is key to making the process less stressful. Here, Ashley Barnes gives a step by step guide from start to finish.
UNDERSTANDING YOUR POSITION
Whether buying or selling property, it’s important that you have considered the position that you are in (first-time buyer, property to sell, no property to sell, cash buyer etc.) and have understood your affordability. When it comes to affordability, it’s important that you remember that it is not just about the property you can realistically afford, but the consideration of fees such as:
Mortgage and other Household Bills
Estate Agent Fees (only applicable if you are selling property)
Solicitor Fees
Broker/Mortgage Advisor Fees
Building Survey
Moving Costs
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BUYING PROPERTY |
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Appoint an advisor and make a mortgage application |
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Start your property search |
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Make an offer |
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Offer agreed |
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Appoint a solicitor |
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Arrange for a building survey |
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Review a draft contract |
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Sign property contract |
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Contracts exchanged, pay your deposit and completion date agreed |
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House deeds and keys are released to buyer |
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Stamp duty (if applicable) is paid by your solicitor and the land registry is notified of your details as the new owner |
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SELLING PROPERTY |
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Arrange a free market appraisal |
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Instruct an agent |
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Prepare your property for market |
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Take viewings |
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Accept an offer |
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Instruct a solicitor |
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House deeds obtained |
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Draft contract submitted to buyer’s solicitor with other relevant information |
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Contract signed by sellers and buyers |
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Contracts exchanged, deposit paid, and completion date agreed |
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Completion date and buyer pays balance to your solicitor |
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Estate Agent and Solicitor hand over the house deeds and the keys are released to the buyer |
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Stamp duty paid by the buyer (if applicable) and the land registry is notified of the new owners’ details |
If you are looking to sell and require a free market appraisal, please contact our team who would gladly help you. Please call 0333 920 2220.
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