Many buyers and sellers are often confused by the legal jargon and requirements that are part and parcel of buying and selling. But if you break things down into bite size pieces and get yourself an excellent conveyancer – which you can do online, you will be able to clearly understand each aspect.
Firstly, as a seller, before you put your home on the market, you must obtain what is known as an Energy Performance Certificate (or EPC for short). This is basically a report about your home’s typical energy costs, usage, and efficiency rating. As a buyer, this will allow you to work out how much your potential energy bills will be.
The next step involves contacting one or more reputable estate agents to give you a valuation of your home and take photos of the exterior and interior. As a buyer, if you are interested in purchasing a property you can either visit a local established estate agent, or look online for the same.
The third step comes about when as a seller, you have received an offer, and as a buyer, you have made one. If the offer is acceptable to both parties, then each side will need to approach a first-class conveyancer who will deal with legally transferring the property ownership from one party to another. The seller’s conveyancer will obtain the title deed of the property and conduct various other tasks and then draw up a draft contract prior to exchange of contracts. The buyer’s conveyancer will conduct a property search and check their mortgage offer. Contacting a suitable conveyancer before putting your home on the market, and prior to looking to buy a property it is best thing to do – that way everyone will be ready to get the show on the road.
The fourth step is the exchange of contracts by both party’s conveyancers. This is done after various terms have been agreed. At this time, the purchaser normally gives their conveyancer 10% of the property’s purchase price. After this, both the seller and buyer are legally obliged to abide by these terms and neither side can withdraw without a serious financial penalty. According to the Law Society, the standard period between exchange and completion is 20 working days, although a good conveyancer can often offer you a quicker turn around time. As soon as the exchange is completed, both sides will know their precise move out and move in date, and can makes plans accordingly.
Completion day. This is the end of the road! At this time the purchaser pays the outstanding 90% of the purchase price to their conveyancer. The sellers’ mortgage provider will have informed their conveyancer of the mortgage redemption figure, and the buyer’s conveyancer will send the funds to the seller’s conveyancer who will pay this off.