buying and selling your home - an overview -
DESCRIPTION
Buying and Selling Your Home - an Overview - . Martyn Strong, Devonshires. Outline . Finding a Solicitor and Key Considerations Selling a Property – overview Buying a Property – overview Products Available . Finding a Solicitor – Key Considerations. - PowerPoint PPT PresentationTRANSCRIPT
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Buying and Selling Your Home - an Overview -
Martyn Strong, Devonshires
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Outline
• Finding a Solicitor and Key Considerations • Selling a Property – overview • Buying a Property – overview • Products Available
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Finding a Solicitor – Key Considerations
• Word of Mouth / Personal Recommendation• Cost - Cheapest quote? Most expensive quote? First
Quote? • Service - Personal? Process/System driven? • Location - Online or Local?
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Other Resources
• Law Society – Find a Solicitor (www.lawsociety.org.uk/find-a-solicitor)
• Council for Licenced Conveyancers (www.conveyancer.org.uk ) • Independent Guides - www.goodlawyerguide.co.uk • Forum / User Generated Content (
www.solicitorsfromheaven.com) • www.moneysupermarket.com/conveyancing • Google it!
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Selling a Property -Initial Instructions-
• Obtain Quote / Accept Quote • Client Care Letter / Terms of Business • Identification Requirements • Pay Money on Account? • Estate Agent Details
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Selling a Property - Preparing Contract / Documents -
• Fixtures and Fittings Form • Property Information Form • Leasehold Information Form • Original Title Deeds • All other relevant / useful documentation • Draft Contract Issued
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Selling a Property - Pre-Exchange-
• Buyer’s Solicitor to approve Contract • Reply to the Buyer’s Solicitor’s Enquiries • Redemption Statement from Lender • Management Pack/Management Co Replies?
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Selling a Property - Exchange –
• Each Solicitor holds it’s client’s signed contract • Deposit is paid • Sale becomes binding • Completion Date Set
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Selling a Property Pre-Completion / Completion
• Transfer document produced • Check redemption figure • Completion statement confirmed • Funds received from Buyer’s Solicitor • Mortgage Redeemed • Estate Agents Paid • Balance sent to you
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Buying a Property - Receipt of Documentation / Contract-
• Review title information and raise enquiries • Order searches • Enquiries of managing agent • Approve draft contract • Report on Title
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Buying a Property -Preparing for Exchange / Exchange -
• Confirmation that all enquiries are dealt with • Mortgage offer confirmed, checked and lender
instructions complied with • Received 10 % deposit • Signed contract returned
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Buying a Property - Completion / Post-Completion -
• Stressful! • Await transfer of funds • Give “vacant possession” • Confirm legal completion and release the keys• Registration of Property
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Types of “Product” available • Open Market Purchase • Shared Ownership - Part Buy / Part Rent • Older Persons • HOLD – Home Ownership for people with Long Term
Disability • Shared Equity • Homebuy Direct • http://
www.southwark.gov.uk/info/200081/buying_a_home/669/social_homebuy