All properties sold in the UK, apart from Scotland where the whole process is simpler and faster, follow the same basic steps for purchasing a property. The amount of time this takes can vary considerably, but usually it takes about two to three months.
Seller puts their property on the market and a 'For Sale' sign is erected.
Potential buyers arrange and conduct viewings of the property for sale.
Buyer makes an offer and, often after some negotiation, this is accepted by the Seller.
Offer letters are sent to both the Buyer and Seller detailing the agreed price.
The 'For Sale' sign can now be changed to 'Sold stc'. STC means subject to contract.
Buyer arranges a mortgage, this can be partially arranged in advance.
Buyer arranges a survey of the property, this can be done independently and by the mortgage lender.
Seller's solicitor prepares the draft contract and obtains proof of ownership. Seller completes a 'fixtures and fittings' form.
Buyer's solicitor performs searches with local authority and other authorities.
Seller's solicitor sends the draft contract and proof of ownership to buyer's solicitor.
Buyer receives a mortgage offer and signs the mortgage agreement - be sure to read any conditions the mortgage company have listed.
Buyer's solicitor approves the draft contract, searches and any other relevant documents.
On an agreed date, contracts are exchanged and the buyer pays a deposit - usually 5 to 10% of the agreed price.
Completion day. The buyer's solicitor sends the balance of the purchase price to the seller's solicitor. Keys can be exchanged.
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