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The process - Very
simply, buyers 'offer' to buy a property. That means
they offer a price (usually something below the asking
price) which the seller then accepts, or negotiates
an increase. But once an offer has been accepted, the
property goes 'under offer'. That means the property
should be removed from the market.
You should then give the estate agent/ seller of the
property the details of your solicitor who you should
have appointed or ask your solicitor to contact the
estate agent / seller of the property.
You should also have begun the mortgage process, if
necessary, which will include the building society instructing
a surveyor to inspect the property.
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need from your solicitor:
- Details of his fees
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Details of
other sums, known as disbursements, such as
stamp duty, land registry fees and local search
fees which will find out if there are any
roads, for example, to be constructed within
the vicinity of your property
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Both parties' solicitors
will then make contact. During this period your solicitor
will check the person purporting to sell the property
does indeed own the property (the title) and
carry out the other checks.
Just because the seller has agreed your offer it is
not legally binding and there is still the chanced of
being gazumped. Gazumping is when the seller,
despite agreeing to an offer made by a buyer, then accepts
a higher offer from some one else.
It is only when an "exchange of contracts"
takes place that the seller and buyer are legally bound
to the sale. If one party withdraws after this they
will in all probability be liable to pay damages to
the other party.
Then a date is set for completion. This is the date
when the seller "moves out" and you can "move
in".
Further information
on these and other matters can be found at
either
www.landlordlaw.co.uk
conveyancing-solicitors.biz
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