Making an Offer.

When you have found a suitable property and wish to make an offer, we will submit this to the vendor verbally and in writing.

You should ask to see the home information pack for the property in order to obtain useful information.

Throughout the transaction, you should appreciate that Michael Poole acts for the vendor. We will have advised them on the value of their property, based upon our knowledge of the area and current market conditions at the time of our inspection.

Any offer you make on a property will be subject to contract and is not legally binding on you or the vendor.

All offers are to be made to the Agents office. In accordance with current anti money laundering legislation you will be required to provide information for the source of funding for any transaction through this agency and you will also be required to provide formal identification during the offer process.

Costs to consider.

There are a number of costs to be taken into account when buying a property and it is advisable to assess the total likely budget relevant to your purchase. Typically these will include:

• Solicitor’s fees
• Mortgage arrangement fees (if applicable)
• Stamp Duty
• Survey fees (if required)
• Local authority search fees
• Removal costs

Our staff will be happy to assist should you require any help or advice on any of these matters

Sale agreed.

Once an offer has been accepted by the vendor, we will arrange for the agreed terms to be confirmed in writing to all parties. As part of this process it is advisable to agree target and completion dates in advance.

At this stage you will also need to formally instruct your solicitors, arrange a survey, if required, and ask your financial consultant to proceed with your mortgage application.

You should be aware that although this stage is commonly referred to as sale agreed, the terms are not legally binding ( England and Wales) until contracts have been signed and exchanged.

Appointing a Solicitor.

Before a sale can proceed, you will need to appoint a solicitor or licensed conveyancer to process the legal work. Whoever you instruct will normally be appointed by the mortgage lender (where relevant) to fulfil their legal requirements as well.

You can appoint a solicitor through Michael Poole Conveyancing, which works with an exclusive panel of recommended firms providing many benefits to facilitate the smooth processing of every sales transaction.

Further details of Michael Poole Conveyancing can be found in the Conveyancing section (ancillary services – conveyancing) section of our website.

Legal Process.

Once the vendor’s solicitor has obtained the property title deed and other relevant documentation, they will prepare a draft contract of sale. Your solicitor will examine all papers and raise enquires and related matters about the property and also carry out a land registry search.

Once your solicitor is in receipt of all replies to enquires, the home information pack, your mortgage offer, a signed contract and deposit, they will then be in a position to proceed to exchange of contracts.

Appointing a Surveyor.

If you are obtaining a mortgage, the lender will normally require a surveyor to carry out a mortgage valuation. This will check for any major structural problems and provide a valuation to the mortgage lender. This does not involve a detailed survey of the property and provides no obligations to you.

However, you may choose to instruct a surveyor to carry out a homebuyer survey and valuation report or building survey, which provide for a more detailed inspection of the property and highlight and potential problem areas.

Mortgage Offer.

Once issued, your mortgage offer will be sent to your solicitor with a copy to you. This will confirm the terms of the mortgage and deposit that you will be required to pay.

Contracts exchanged.

Subject to all formalities being completed, the contract is signed by the purchaser and vendor. The deposit, which is normally 10% of the purchase price, is forwarded to the vendor’s solicitor, and then contracts will be formally exchanged. At this stage, the transaction becomes binding upon both the vendor and purchaser.

The completion date will be agreed between both parties prior to exchange of contracts and will normally be approximately four weeks from the date of exchange.

After Exchange.

After contracts have been formally exchanged, you will need to put matters in hand to ensure your moving arrangements proceed smoothly on the day of completion. If you are selling and buying a property, this will involve a considerable amount of arrangement and it is advisable not to leave them to the last moment. The matters you will need to attend to are:

• Arrange removals
• Confirm change of address
• Arrange contents insurance
• Arrange for services to be transferred
• Arrange for buildings insurance
• Arrange for redirection of mail

Our staff will be happy to provide further help and assistance in respect of your move should you wish.

Completion.

Shortly before, or on the day of completion the balance of purchase monies will be transferred from your solicitors to the vendor’s solicitor’s account. Once the property has been vacated, the solicitors will confirm that completion has taken place.

You can now collect the keys to your new home – Congratulations.