As a rough guide, the transaction can be expected to take around 12 weeks to complete, but there are any number of factors that can affect this.
One major factor is whether a chain exists. A chain is created when a person buying a property must first sell another in order to fund their move. It is possible for a chain with multiple parties to build up.
The dedicated estate agent assigned to you will deal with all offers and negotiations. All offers we receive for your property will be confirmed to you by phone and in writing. A record of all offers received will also be available for you to review at anytime when requested. We will negotiate on your behalf in order to achieve a price you are happy with. We will always act in your best interests.
If you have already been given an agreement in principle by a lender, you should get in contact with them to start the process of formally submitting an application for the required amount. You should also instruct your solicitor to start the conveyancing process.
No. Either party can pull out of the sale without penalty up until the exchange of contracts (see below).
Yes. They will act on your behalf throughout the purchase, liaising with the seller’s solicitor during what can be a complex process.
Solicitor’s fees – These can vary quite widely so always ask for a quote before instructing one. An explanation of exactly what is included in the price should be provided.
Mortgage costs – When applying for a mortgage, the costs will typically include an arrangement fee based on the amount you borrow, as well as a valuation fee.
Stamp duty – This is a tax paid on all property sales over £125,000.
A survey is not legally required; however it is always advisable to have one completed. There are three different types:
A mortgage valuation – The lender will insist on carrying out a formal valuation to reassure them that the property is sufficient security against the loan.
A homebuyer report – This is a detailed, visual inspection of the property. It should be conducted by a qualified surveyor and will highlight any issues that may require further investigation.
A structural survey – This is required for older properties, or those that have undergone major structural changes or have been constructed from unusual materials.
Both the seller and the buyer sign identical contracts, and then these are exchanged between the solicitors for each party. Here you will pay the deposit, typically 10% of the purchase price, which your solicitor will hold. At this point the sale becomes legally binding.
The exchange of contracts will only happen when all enquiries have been answered and you, the seller and your respective solicitors agree that everything is in order.
The monies for the sale – your deposit and the lender’s sum – will be transferred to the seller’s solicitor; only then is the sale complete. Congratulations – you now own the property.
At Open House Estate Agents we will stay with you until your property has been sold or discuss different strategies if necessary.
It lasts for 10 years from the date it was issued.
No. One of our team members will come and erect that for you.
All our properties are advertised on the all the most popular property sites in the UK including Rightmove, Zoopla, Find property, Gloria, Prime Location and hundreds of smaller websites. Our distinctive sale boards erected outside each of our properties also generate many local enquires. We stay in regular contact with our database of registered buyers and we will proactively market your property to potential buyers that we feel may be interested. We don’t just sit and wait for buyers to come to us – we will call and email people we think may be interested in your property.