Buying & Selling Guide

We recognise that right from the start it's helpful for you to know about how we operate. We've provided an explanation of each stage in the buying and selling process.
We have outlined the key stages in our comprehensive guide to purchasing a property please either click a link to find out specific information or scroll through each stage for our comprehensive guide:
 

Buying Guide

Register with The Property Shop

To find your ideal property, we need to know as much as possible about your requirements. You can register with us either online, by phone or by visiting our offices, where a member of staff can assist you with your search.
 
Once we have a clear understanding of your requirements we will access all properties that match your criteria. When you have registered we will contact you to let you know of properties that may be of interest via your preferred method of contact ie: Post, telephone or e-mail.
 

Negotiation

Any offer received will be put forward to the property owner verbally at the first available opportunity, and in writing within twenty-four hours. You will be informed verbally of the owners' response as soon as they have made one. If your initial offer is rejected and you decide to increase, the process is simply repeated.
 
It is at this stage that you will be made aware of any chain implications and the likely timescale of any agreed transaction. Due to the nature of the buying process, any information provided by us concerning the transaction chain is not guaranteed and can change at any time.
 
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Initiating the Purchase Process

You will be assigned a sales negotiator who will be your point of contact during the purchase process. They will confirm the agreed sale in writing to all the relevant parties.
 
Several things need to be in place before your solicitor is able to exchange the contract of sale which ultimately secures your purchase. The time needed to get to this stage is at the mercy of many variables, but the speed with which you start the ball rolling will hugely influence the overall timescale involved. There are two basic areas: Conveyancing & Finance.

  

Finance

If you are using a mortgage provider for any part of the purchase, you will need to submit a full mortgage application to begin the process. This will require information about yourself and about the property you are purchasing. Before your lender can guarantee to provide the funding you require, they will insist on inspecting the property. You will need to pay for this inspection and protocol requires that you include payment with the initial application. Usually your lender will offer you two types of inspection: A basic Valuation will check only briefly the condition of the property and may comment only on its value. Alternatively, a Homebuyers Report will provide much more detail on the overall condition of the property, and may make recommendations to check certain areas more thoroughly.
 
In either instance, we normally expect this appointment to be made within two weeks of the property sale being agreed. Any delay can often unsettle the seller and can lead to them instructing us to remarket their property, so early submission of your application is essential.
 
Upon receipt of your valuation report or survey, we may require that you provide us with a copy. Should this report recommend/require further investigation of any specific issues, access to the property can be arranged with advance notification. When considering the expected costs of any recommended works you will also need to consider the price at which the property has been secured, relative to the seller's original asking price.
 
Once your mortgage provider is completely satisfied with the value and condition of the property and your own personal situation, they will produce the Mortgage Offer. This document guarantees the finance and must be in place before your solicitor can exchange the contract of sale. The sales negotiator will need to contact your lender or broker throughout the sale process to monitor progress and to assist with any issues so it is important that you instruct them to communicate with the sales negotiator directly.
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 

Selling Guide

We have outlined the key stages in our comprehensive guide to selling your property:

Establishing Your Current Property's Value

This essential part of the process will enable you to accurately forecast the financial side of your proposed move. Whilst a general picture of your local marketplace can be gleaned through local newspaper advertisements and website property-portals, to establish an accurate value of your property specifically you will need the services of an estate agent.
We will visit your home and meet with you at a time to suit your needs.
This appointment usually takes between thirty and sixty minutes and will involve a detailed inspection of your property. We will discuss your specific needs relevant to your own situation, market forces and current demand, previous transactions in your street and activity levels with other property similar to your own. From this we will be able to advise you on the value range applicable to your property and anything we think you can do to enhance this value. We will then suggest an appropriate asking price. Our comprehensive marketing strategy will be explained together with the service level you can expect from The Property Shop.
 
Any questions or concerns you have will also be addressed.
  

How to Conduct a Viewing

We will undertake to accompany viewings if this is what you would prefer. Estate Agents commit huge amounts of time and expenditure towards marketing their properties to prospective purchasers, yet the ultimate result of all those website-portal listings and newspaper/magazine advertisements, emails and phone-calls can only be......viewings.
 
We will discuss with you the best times of the day and week to show your property and do our best to steer appointments around these times. Many considerations need to be made, including your normal weekly patterns, parking availability and traffic levels, children and pets, light levels and garden aspects.
 
A correct “route” should be established which the initial inspection should adhere to, whether you or The Property Shop are showing. This will give us the opportunity to save the best features of your property until last, to achieve a favourable lasting impression, whilst enabling others in your home to give your viewers the space to take in your property. For this guided tour, it should have been established what needs to be pointed out, and what doesn't.
 
Space and time should then be provided for your viewer to look again at their own leisure (whilst reiterating the need to protect your own security at all times). Don't loiter continually around the corner but if possible remain within earshot.
 
Finally, try to say your farewells in your area with most impact, ask only once if they have any questions and answer these truthfully. And don't be tempted to “oversell” the property; it will have spoken for itself and you don't want to sour that favourable last impression with an awkward moment.
 
A planned and prepared viewing will provide the least disruption to you whilst enhancing the impact your property has on your prospective purchaser.
 

Initiating the Sale Process

You will be assigned a sales negotiator who will be your point of contact during the sale process. They will confirm the agreed sale in writing to all the relevant parties.
 
Several things need to be in place before your solicitor is able to exchange contracts, which ultimately secures your sale. The time needed to get to this stage is at the mercy of many variables, but the speed with which you start the ball rolling will hugely influence the overall timescale involved.

Instructing a Solicitor/Conveyancer

Both buyer and seller will require a solicitor/conveyancer that can act for themselves and their lender, but both parties cannot use the same person. The choice of who will act for you is entirely at your discretion. It is important, however, that you instruct a solicitor/conveyancer who will deal with the purchase of your property promptly. It is essential the solicitor is experienced in handling residential property sales, can be readily contacted and can deal with your case speedily.
 
You may need to furnish your solicitor with payment to start the process. Upon confirmation of your instructions and receipt of their initial payment, they will normally correspond with you, seeking full information on the property. This typically includes your current mortgage provider (if applicable) and location of the title deeds, current buildings insurance certification and schedule, a list of any contents to be included in sale together with an accurate list of fittings that are to remain. You will be asked to provide any evidence of works that have been done to maintain or improve the property and the necessary documentation regarding any changes that have taken place (extensions, drainage changes or insurance claims for example). Once your solicitor is armed with all this information, they will prepare a draft contract of sale which will be sent, together with an array of supporting documents, to the purchasers' solicitor.
 
The sales negotiator assigned to your purchase will stay in contact with your solicitor throughout the sale process to monitor progress and to assist with any issues. They will liaise with all parties involved across the entire chain so it is important that you instruct a solicitor that is prepared to communicate with the sales progressor directly.
 

The Chain

This term is used to refer to the people and property moving as part of one extended transaction. For example, a first time buyer agreeing the purchase of a flat may find that their seller is purchasing a small house, the sellers of which are moving up to a larger house whose owners may be downsizing, and so on. The individual people and properties on the chain are all dependent upon each other. If one section breaks, the whole chain collapses.
 
Chains take time to develop but cannot progress until they are complete, with a beginning and end. Whilst the individual elements of the chain may mature at different times, exchanging contracts and completion have to occur simultaneously. It can sometimes be challenging to get agreement for a common completion date from all parties involved and compromise is often required.
 
During the transaction your solicitor will reply to any additional enquiries that are raised by the purchasers' solicitor. Once the contract has been approved by the purchasers' side, you will meet with your solicitor to sign the contract and discuss completion (the day you actually move). Contracts can then be exchanged and the completion date can be set. This is usually a maximum of twenty-eight days after exchanging contracts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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Viewings

Viewings can be conducted at a time to suit your needs. If we are accompanying the viewing then the viewing will usually be within office hours but we do try to accommodate as much as possible.
 
After the viewing we will answer any immediate questions and usually contact you the next day for your thoughts.
 

Making an Offer

When you have found a property that suits your needs and requirements and subsequently wish to make an offer, simply telephone The Property Shop sales office that arranged your viewing and speak to one of the team. The offer must be put forward to ourselves, never directly to the owner. Be prepared to provide us with as much information as possible.
 
In addition to the actual amount you wish to offer; we will need to know your purchasing position (for example if you are a first-time buyer, if you are trying to sell an existing property or if you have accepted an offer on your current home). We will also need to know the full details of your financial situation in regard to the purchase, including who will provide and arrange your mortgage (if applicable) and what percentage will be lent, how much deposit will be provided and whether these funds are encumbered in any way. It is also essential that any timescale requirements are conveyed at the first point of offer. If there is another party making an offer on the same property you will be informed. We cannot, however, divulge the specifics of other interest.
 

Agreeing the Sale

If your offer is acceptable to the property owner, The Property Shop will need to check your purchasing status. In order for us to do this, we will require, if applicable, the contact details of your broker or mortgage lender, and any estate agent dealing with your current property sale. You will also need to be prepared to instruct a solicitor/conveyancer to act for you in the purchase. It is only when this information has been provided and we have contacted the necessary parties for verification of your situation that we can discuss with the owner whether they are prepared to stop showing their property to other prospective purchasers.

Costs to Prepare For

You will need to allow for costs that are incurred throughout the process, such as:
 
- Mortgage Arrangement Fee
- Valuation/Survey Fee
-Solicitors Fee (Including Disbursements)
- Search Fees
- Deposit (Usually 10%)
- Buildings Insurance Premium
- Stamp Duty
- Removal Costs
- Utilities Connection Charges
 

Conveyancing

Both buyer and seller will require a solicitor/conveyancer that can act for themselves and their lender, but both parties cannot use the same person. The choice of who will act for you is entirely at your discretion. It is important, however, that you instruct a solicitor/conveyancer who will deal with the purchase of your property promptly. It is essential the solicitor is experienced in handling residential property sales, can be readily contacted and can deal with your case speedily.  If you do not have a preferred solicitor we can help you find one, just contact your local office.
 
You may need to furnish your solicitor with payment to start the process and they will also require funds for executing local authority, drainage and sometimes other searches on the property you are proposing to purchase. Any delay with instruction of this process and payment to the company chosen can directly affect the overall timescale of the transaction.
 
The sales negotiator assigned to your purchase will stay in contact with your solicitor throughout the sale process to monitor your progress and to assist with any issues. They will liaise with all parties involved across the entire chain so it is important that you instruct a solicitor that is prepared to communicate with the sales negotiator directly.
 
During the transaction your solicitor will, amongst other things, inspect the draft contract of sale (sent out by the seller's solicitor) and check the property title deeds and land registry records, raise searches and enquiries (where they feel additional information is required) and liaise with your mortgage provider. Once they have approved the contract and all the relevant documentation is in place, you will meet with your solicitor to sign the contract & pay your deposit. The deposit required is usually ten percent of the agreed purchase price. Contracts can then be exchanged and the completion date (the day you actually take possession of the property) can be set. This is usually no more than twenty-eight days after exchanging contracts and is often sooner. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor and you can move into your new home. Keys will be handed over to you by the Vendor or by us.
 
 
 
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Selecting an Estate Agent

Having established the value of your property and decided to go onto the market, you will need to choose an Agent to act for you. When considering which company to use, watch out for those suggesting inflated values (which can leave you languishing on the market whilst those around you sell) or knock-down commission (you get what you pay for).

A successful agency will have a comprehensive marketing strategy, a proven sales record, professional & courteous people and a realistic expectation of what the market can achieve. You only pay commission when we successfully sell your property and you'll always have access to a specialist team dedicated to sales.

Preparing Your Property

The majority of buyers now use internet property portals to search for a new home. Three quarters of all our registered clients at The Property Shop are introduced to us through the many different sites with which we advertise our property portfolio.
 
Therefore the visual imagery used with these listings are the first taste of your home a potential purchaser will have and will be hugely influential on whether they contact us to arrange a viewing. 
Preparing your home for photography is one of the most important actions you can take to maximise your chances of attracting interest but, unfortunately, this can involve much moving of furniture and general de-cluttering. The marketing consultant will discuss with you the best times & days for viewing, the correct route to follow and what preparation you can make prior to a viewing. Some owners prefer to supply their agent with keys whilst others choose to be at home during viewings. Whichever way you opt to enable access, The Property Shop will work with your requirements.
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Negotiating an Offer

Any offer received will be put forward to you verbally at the first available opportunity, and in writing within twenty-four hours. You will need to make a response to any offer. If the initial offer is rejected and the purchaser decides to increase, the process is simply repeated.

It is at this stage that we will try to make you aware of any chain implications and the likely timescale of any agreed transaction. Due to the nature of the buying process, any information provided by us concerning the transaction chain is not guaranteed and can change at any time.
  

Agreeing the Sale

If an offer is acceptable to you, The Property Shop will need to check your purchasers' status. In order for us to do this, we will require, if applicable, the contact details of their broker or mortgage lender, and any estate agent dealing with their current property sale.

You will need to be prepared to instruct a solicitor/conveyancer to act for you in the sale. It is only when this information has been provided and we have contacted the necessary parties for verification of your purchasers' situation that we will consider whether it would be pertinent to stop showing your property to other prospective purchasers.

Finance Explained

If your purchasers are using a mortgage provider for any part of the purchase, they will need to submit a full mortgage application to begin the process. Before their lender can guarantee to provide the funding required, they will insist on inspecting your property. Usually the lender will offer them two types of inspection: A 'Basic Valuation' will check only briefly the condition of the property and may comment only on its value. Alternatively, a 'Homebuyers Report' will provide much more detail on the overall condition of the property, and may make recommendations to check certain areas more thoroughly.
 
In either instance, we normally expect this appointment to be made within two weeks of the property sale being agreed. Should this report recommend/require further investigation of any specific issues, further access to your property will need to be arranged. Once a purchaser has investigated any recommendations or requirements brought up in their valuation or survey, they might attempt to renegotiate the agreed price. There are no hard and fast rules with this scenario as each property is different. Subsequently, we will continue to advise you but will, ultimately, take your instructions. All we can suggest in such a situation is that neither party lose sight of the overall desire to move and get caught up on principal!
 
Once your purchasers' mortgage provider is completely satisfied with the value and condition of the property and their own personal situation, they will produce a Mortgage Offer. This document guarantees the finance and must be in place before their solicitor can exchange the contract of sale.
 
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After the Sale

We recommend you leave any manuals for the operation of appliances and instructions for the Central Heating etc in the kitchen for the new home owners.