Emery & Piper

Things To Know

It may seem a very simple process on the face of it but there are alot of things that you might not know about finding a new home.

  1. When there are a lack of properties available on the open market, it usually means that the prices are driven up by supply and demand. In previous times buyers had been able to spend some time looking at multiple properties before making their decision. With the way the market now, buyers have to make snap decisions to make sure the don't miss out. 

  2. When you have see a property you like make sure you have done your homework with regards to location and what you can realistically afford to offer should you like the property once you have viewed. 

  3. Agents will ask to see proof of funds, This can be Cash in the bank, Agreement/Decision In Principle via a Broker or a Lender or if you are selling and buying with the proceeds of that sale they will ask for the informaion of the agent you are using and the conveyancing solicitor that you are using to confirm that a sale is agreed. 

  4. If you require a mortgage to be able to buy then you should get the ball rolling before you start to look at properties. This is to make sure that you are in the best position possible should you like the properties you are viewing. 

  5. Alot of buyers and sellers assume that the buying and selling process is a swift transaction especially if they have advice from friends or family members who purchased in the past. this is not always the case. With the amount of cases that conveyancers have to deal with, the complexities and liabilities that they have to deal with, conveyancers have to act in the best interests of their clients. Due to this the average time to get a property from sale ageed to exchange and completion is now in the region of 14 weeks as apposed to 6 - 8 weeks. 

  6. During the process buyers will usually have a mortgage valuation or upgraded survey. One thing that buyers and sellers are not made aware of with regards to the upgraded surveys is that most surveyors are obviously very knowledgeable and qualified in surveying buildings but they are not electically or gas safe qualified, this means that on homebuyers reports these sections will be marked as either RED of 3. The reason for this is that no matter how new or old the electrics and gas works are they are not qualified to make an assesment. 

  7. Once the property has exchanged with a set date for completion (moving day) things are at a legally binding point meaning that if either party withdraws from the process then they are liable for certain costs and buyers can lose the deposit that they have lodged with their solicitor.

  8. On the day of completion a chain will complete from the bottom upto the top. Once the bottom has completed it can take some for the rest of the chain to complete due to bank transfers between solitiors, this means that they agent dealing with the transactions may be able to realease the keys for the sale of your property without the keys to your purchase being ready. This will happen but its may take a couple of hours for this to transfer to your onward purchase.

This might seem a daunting process and seem very stressful but it will generally be the same for all people within the process. A good agent will keep you updated throughout the process which may help to relieve a bit of stress or worries.

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