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30th May 2017
The first part of your buying or selling journey can be the most all-consuming. For sellers, the process of preparing for and accommodating viewings takes over, while buyers focus all their energies on finding a property that fits their needs.It may be hard to imagine, then, that the real work begins once a sale is agreed on.
We understand that it’s sometimes hard to see ahead to the complex steps that come after an offer has been made. That’s why we’ve prepared a comprehensive guide to what comes next, taking buyers and sellers through the timeline and the jargon, and explaining how our property experts can assist you at every stage.
The best possible news for a seller is that an offer has been made on their home - by the right buyer at the right price. The best news for a buyer, of course, is that their offer has been accepted.
Once a seller has accepted an offer on their home, the property is ‘under offer’ or ‘Sold subject to contract’. This is certainly call for celebration, but it’s also the beginning of a daunting legal process.
It’s wise for both parties to employ a solicitor or licensed conveyancer at this point. We work with a range of Brighton & Hove’s leading solicitors and conveyancing companies to offer a seamless transition.
With efficient online meetings and records, our conveyancing partners allow you to keep track of the whole sales process at your convenience.
To kick off the selling process, the estate agent will issue a memorandum of sale to all parties. This is essentially a document outlining the contact details of the buyer and seller, as well as both of their solicitors.
This will be made available to both parties, and used throughout the process.
The seller’s solicitor will also request the deeds to the property from the seller or their mortgage lender, office copies from the Land Registry, and a redemption figure from the mortgage lender. These will be used to draw up a contract.
The contract will be sent to the buyer’s solicitor, who will check through and raise any necessary enquiries until both solicitors are satisfied with a final draft.
While the solicitors are dealing with the contract paperwork, some buyers choose to send a private surveyor to the property to ensure there are no underlying issues they are unaware of.
If a buyer is taking out a mortgage, their lender will also send a valuer to confirm the property is worth what the buyer has offered and make sure there are no obvious issues. The result of this valuation report will determine the lender’s decision to issue the mortgage.
Our estate agents will act on behalf of sellers, ensuring that surveyors visit at a convenient time. These visits could take between 30 minutes and 3 hours, depending on the type of survey and whether any issues are discovered.
At this point, a buyer may choose to renegotiate the contract if any problems are highlighted, and we will work with buyers and sellers alike to come to a mutually agreeable solution.
The conveyancing process will continue with a number of searches on behalf of the buyer. These involve enquiries to the local council, regarding any potential enforcement or development issues that could affect the property, as well as confirmation that the property has access to mains water and drainage.
Once the necessary information has been received, both sets of solicitors will work to complete the contracts. These will then be sent to the buyer and the seller respectively, ready to sign.
At this point, it’s time to set a mutually agreeable date for completion. It’s important to consider whether either or both parties are in a chain, as this may set the completion date back. The other parties in the chain will need to be contacted by the conveyancer, ensuring everyone completes on the same day, and nobody is left without somewhere to move.
The exchange of contracts also legally binds both buyer and seller to go through with the sale. This is a good time for the seller to start removing anything from the property that’s not included in the sale - moving-in day is just around the corner!
The day of completion has arrived, and finally the ownership of the property will be legally transferred from the seller to the buyer.
The buyer’s funds are sent to the seller’s solicitor, who will confirm receipt. We will then be authorised to release the keys to the new owner - this is our favourite part of the process, as we get to see both parties start their new lives in what we hope to be a very happy home.
Are you ready to begin the process? With our friendly estate agents on your side, you can count on expert assistance on your journey to buying or selling. Get in touch to find out how we can help you.
At Maslen Estate Agents Ltd, we put people before profit. That means using our expertise to find the right home, or the right buyer, for you – our customer. For sellers, we use our unrivalled knowledge of the local area to ensure your property goes for the right price, to the right person. Our completion rate is one of the highest in Brighton & Hove thanks to our agents being some of the longest serving in the area. We know how complicated selling a home can be, so we offer plenty of advice on the selling process and making the most of your property. And we can provide a free, no obligation market appraisal. For buyers, you can browse houses for sale in Brighton and Hove and flats for sale in Brighton and Hove to find properties that suit any budget. Our handy buyer's guide will tell you nearly everything you need to know about buying property, and we'll be there for everything else. We're dedicated to finding the perfect home for you, taking you through the entire process – from viewing to completion.
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