Milestones in the Sale Process
· Buyer identified, funding checked and documented.
· All Relevant Documentation Completed and Returned to Solicitor (Property Information Questionnaire, Fixtures & Fittings List, Deeds, ID, etc.)
· Draft Contract Issued by Sellers Solicitors to Buyers Solicitor
· Buyers Mortgage Applied For
· Surveyor Called for Access
· Mortgage Valuation Carried Out
· Survey Report Received by Buyer
· Searches Applied For
· Mortgage Offer Issued/Received
· Searches Received
· Enquires Raised by Buyers Solicitor to Sellers Solicitor
· Enquires Replied to By Sellers Solicitor
· Contract Signed by Seller
· Contract Signed by Buyer and Deposit Lodged with Their Solicitor
· Contracts Exchanged and Dates Set for Completion (When Contracts are Exchanged the Sale is Legally Binding)
· Sale Complete. This is the Moving Day! Please Aim to Have Your Keys (and meter readings) with us Before Lunchtime so we can Hand Them Over to Your Buyer Upon Instructions from Your Solicitor.
When will my For-Sale board say SOLD?
We tend to wait until the Buyer has called for access to carry out the mortgage valuation.
What if I change my mind and decide not to sell? Will it cost me?
Discuss this with us as soon as possible. Depending on the reason we can usually work around the issue and save the sale. However, if you still wish to withdraw your property your cost will be limited to £300 including VAT.
If a survey gives an indication that repairs/works are necessary who is expected to pay for this?
This can depend and change. It depends on what the survey says and if there are mortgage conditions to be met for mortgage monies to be released. If the survey values the property at the agreed sale price the seller would not usually be obliged to contribute towards any works required. If the buyer asks us to renegotiate or ask the seller to have works carried out we ask to see a copy of the survey report. In this instance specialist reports may be needed. If the property is down valued or a retention we may have to re-negotiate the sale price or discuss how we can resolve the issue.
When should I book a removal company?
Your solicitor is the best person to advice you on this. It may be an idea to pencil in a booking with a removal company and confirm or change the booking as a completion date is more secure.
Please be aware that at this stage we have very little power over the speed of progress of solicitors, mortgage lenders, surveyors, local authority departments, search providers and the other third parties involved in the process. There is very little that we can influence as the agent. The best person to impress upon with regards to any outstanding matters is your solicitor. As the ‘middle man’ we are generally the sounding board for any frustrations on the seller or buyer's behalf, and yet have little power to resolve any technical or legal issues.
It is also worth noting not to take the process personally! Many enquires will be made on the buyer's behalf which, at times seems irrelevant and sometimes downright insulting! It is generally the case that the buyer will not even be aware of the enquires being made on their behalf and the vast majority of enquires raised are to satisfy a mortgage lender. Over all, solicitors have a duty of care to their clients to ensure their purchase is a sound one and their clients can make fully informed decisions.
Finally! We advise that you do not exchange personal details with your buyer! Whilst you may have an amicable relationship initially, as things progress this may change. If your relationship breaks down it is very difficult for us to get things back on track as we are not privy to any discussion you have had directly. It is best to keep things professional and deal with us and your solicitors to avoid any personal conflict.
If you need to discuss any concerns do not hesitate in ringing us on 01274 498855