The decision when buying and selling property can be a stressful process.
Work out your finances
A good starting point when buying and selling property is to get your head around your finances. You need to know what your budget is to spend on a new house if buying and on a sale any payments to go out.
If you have a mortgage on your current home, you can contact your lender to find out the amount outstanding and if you would be charged any early repayment penalties for selling the property. If you will require a mortgage to assist with the purchase of the new property, you should make contact with a mortgage broker who can help you in finding the right mortgage product for you.
Prepare for the sale
Ensure that your property is in the best possible condition for viewings. Gather all necessary deeds, documents and guarantees that were given to you when you bought the property, and any paperwork for building/repair work, gas or electrical installations that were undertaken whilst you lived there. These will all be required during the sale process.
By providing these at the outset your conveyancer/solicitor can issue these to the buyer with the contract papers, which should reduce the number of enquiries raised.
Instruct an estate agent
When you have prepared your property, you will want to get your current property on the market. Set aside time to research local estate agents and obtain several valuations and costs from them to ensure that the package offered is the best one for you.
Instruct a solicitor/conveyancer
When buying and selling property you will need to look at solicitors/conveyancer’s quotes, try to locate a firm with the conveyancing quality logo which means they are accredited by the Law Society’s Conveyancing Quality Scheme. AVRIllo is one such accredited conveyancing solicitors in London. They are also the best conveyancing lawyers in Coventry.
Once you have instructed a solicitor/conveyancer, make them aware of any deadlines or requirements you have so that these can be passed on to all parties involved.
When buying and selling property keep in regular contact with your solicitor/conveyancer and estate agent. Frequent, clear communication is vital to ensure a smooth process in the transaction.
Once a price for the house sale and/or purchase has been agreed, a typical transaction will take around six to eight weeks to complete when buying and selling property. However, this is only an estimate and timescales will depend on the speed of any chain and the complexity of the title of the property.
Exchange of contracts
In buying and selling property it is not until the seller and buyer exchange their duplicate signed contracts through their solicitors/conveyancers that the transaction becomes legally binding.
Completion (moving date)
The completion date is the date on which the funds will be transferred, and keys released.
If the seller is vacating the property on the day of completion and is using the sale money to buy another property, please note that there may be a delay in the keys being handed over.