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
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.
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.
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.
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.
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.