Buying Property And Understanding The Process - News

Buying Property And Understanding The Process

Buying Property And Understanding The Process

Residential GFW 16th January 2023

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, its 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, its 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 

 

 
 
 
 
 
 

BUYING PROPERTY 

 
 
 
 

Appoint an advisor and make a mortgage application  

 
 
 
 

Start your property search  

 
 
 
 

Make an offer  

 
 
 
 

Offer agreed 
Provide estate agent with your details and information  

 
 
 
 

Appoint a solicitor  

 
 
 
 

Arrange for a building survey 

 
 
 
 

Review a draft contract  

 
 
 
 

Sign property contract 

 
 
 
 

Contracts exchanged, pay your deposit and completion date agreed 
Completion date and balance paid to sellers’ solicitor  

 
 
 
 

House deeds and keys are released to buyer 

 
 
 
 

Stamp duty (if applicable) is paid by your solicitor and the land registry is notified of your details as the new owner 

 

 

 
 
 
 
 
 

SELLING PROPERTY  

 
 
 
 

Arrange a free market appraisal  

 
 
 
 

Instruct an agent 

 
 
 
 

Prepare your property for market 

 
 
 
 

Take viewings 

 
 
 
 

Accept an offer  

 
 
 
 

Instruct a solicitor 

 
 
 
 

House deeds obtained 

 
 
 
 

Draft contract submitted to buyer’s solicitor with other relevant information 

 
 
 
 

Contract signed by sellers and buyers 

 
 
 
 

Contracts exchanged, deposit paid, and completion date agreed 

 
 
 
 

Completion date and buyer pays balance to your solicitor  

 
 
 
 

Estate Agent and Solicitor hand over the house deeds and the keys are released to the buyer 

 
 
 
 

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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ABOUT US 

GFW is a multi-discipline team of highly experienced Chartered Surveyors, Farm Business Consultants, Land and Estate Agents, Planning Consultants, Architects, Building and Commercial Surveyors.


2024 Copyright George F. White LLP trading as GFW. All rights reserved.
Company Registration Number: OC304694 Registered office address: 4-6 Market Street, Alnwick, Northumberland NE66 1TL

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