Finding a buyer
Once you have decided to purchase a property you need to see what houses are available within your price range. On visiting Picker-Elliott Estate Agents your name will be place on our mailing list so that we can keep you updated with all new houses becoming available. Also check the newspapers and continue to call into our office so that we can keep each other informed of any progress. You can also view our properties via this web site.

Viewing a property
Once you have received details on the houses and have decided which properties you wish to view, you need to contact the agent so that they can arrange a mutually convenient time for your to view the house. The agent will normally arrange to meet you at the property and to show you round.

Making an offer
You will need to contact the Estate Agent once you have decided on a property you wish to purchase in order to put the offer forward. The agent in turn will contact the owner to inform him of you bid. Should the offer be acceptable the sale will be agreed. If the bid is unacceptable then you may decide to increase your offer or find an alternative property.

Once the sale is agreed
On acceptance of your offer the sale will be confirmed in writing to all parties. It is at this point that you will need to confirm your finance arrangements and the name and address of your solicitor. Although the agent will inform all parties of the agreed sale you should get in touch with your solicitor to confirm instructions and to pay the Local Search Fee (explained later).

The mortgage process
It is important that you are aware of the criteria involved in gaining a mortgage. Once you have decided on your mortgage arrangements the financial advisor will complete the relevant application forms and submit them to the bank or building society. On receipt the lender will firstly do a credit search or credit score to ascertain your eligibility for mortgage purposes. They will also write to your employers to confirm your salary. The lender will also apply for a reference if you have a landlord or existing mortgage. It is advisable to inform the relevant parties of your actions as this can speed up the process greatly. Once the relevant checks and references are in order the lender will instruct a surveyor to carry out a report on the property. Providing the valuation is acceptable and all other references are in order the lender will issue you with a formal mortgage offer. This in effect is a document that confirms the lender is prepared to advance you the monies requested and lists all their terms and conditions.

Exchanging contracts
The legal formalities of domestic house sale and purchase usually fall into two parts - those leading up to "exchange of contracts" and those following exchange up to "completion" of the transaction. Two identical contracts are drawn up - one to be signed by the seller and other to be signed by the buyer. When both sides are ready to commit themselves to sell and to buy, the two signed contracts are dated and swapped over between solicitors. At this point the contract becomes binding. At the same time as exchange the date for "completion" is agreed. Completion is the date on which the keys and deeds are usually handed over in return for the purchase monies and the buyer can move in.

Before exchanging
Before contracts are exchanged information about the house is provided by the sellers solicitors. At this stage the buyers solicitor will put in hand a local authority search. This is called "local search" and can sometimes cause delay if the authority is slow in replying. The search reveals among other things whether roads are adopted and whether the local authority has any proposals which affect the property. At this stage, a buyers solicitor will also be making sure that the form of the contract is in order and, if all the papers are available, that the seller has a good title to sell the property. In the meantime, the buyer will be making the necessary financial arrangement such as applying for a mortgage. It is important to agree with the seller what fixtures and fittings are included in the sale price.

The deposit
When contracts are exchanged a part of the purchase price is paid by the buyer and held by the sellers solicitors. The standard contract provides that this should be 10% of the total price but, in cases where the buyer is also selling another house or where the mortgage is for more than 90%, it is often not possible for the buyer to raise 10% and a lesser sum may be negotiated.

After exchange of contracts
Following successful exchange of contracts the final transfer or conveyance and any mortgage documents are prepared for signature. Application is made for the monies to be made available in good time for completion day and final searches are made to make sure that none of the parties are bankrupt and that nothing such as an undisclosed mortgage has been registered against the house.

Completion day
On the day fixed for completion the balance of the purchase money is paid over to the seller's solicitor in exchange for the deeds and the keys. In most cases the money is sent by bank telegraphic transfer to the seller's solicitor's bank account. It is not necessary for the sellers and buyers to be present at completion, they are usually too busy moving house!

Following completion
Immediately after completion, the seller's solicitor will account to the seller with the proceeds of the sale less any sums required to pay off any mortgages and estate agents fees etc. After completion the buyer's solicitor will lodge the transfer deed for stamping with the appropriate duty, if any. Then all the documents will be sent to the Land Registry for the names of the new owners to be recorded with details of any mortgages. When the documents return from the Land Registry all the deeds and documents relating to the transaction are bundled together and are sent, if there is a mortgage, to the buyer's building society of bank. If the property is free of a mortgage they will often be placed in the solicitors strongroom.

Surveys - what if it all falls down?
The old adage "Buyers Beware" applies to house purchase. If there is found to be anything wrong with the property after completion the buyer will not normally have any redress and will have to pay for any necessary repairs. Come recent flat conversions and most new houses less than ten years old are covered by a guarantee from the National House Building Council "the NHBC". However, the NHBC does not like to accept liability where the defects should have been seen at the time of purchase and in any event no one would wish to buy trouble. Where the buyer has a mortgage, the valuer for the bank or building society will inspect the property to make sure that it is safe to lend on. Most societies allow borrowers to see the valuation report and it is often possible for an extra fee to arrange for the same valuer to provide an additional fuller report for the buyer. It is not advisable to reply on the valuation report alone because it only provides the briefest of details and does not purport to give a full summary of the condition of the property. Many buyers do not bother to have an independent survey carried out but we recommend this to be seriously considered in all cases. There are various kinds of survey offering different degrees of protection. A "full structural survey" is the most thorough but also the most expensive. Most people today are happy to rely upon what the Royal Institution of Chartered Surveyors call a "Home Buyer's Report and Valuation" and the Incorporated Society of Valuers and Auctioneers refers to as a "Home Buyer's Standard Valuation and Survey Report". The cost of these surveys depend partly on the price being paid for the property.

Fixtures & Fittings - What about the light bulbs?
It is important that seller and buyer know exactly what is included in the sale price and what, if anything, is being purchase separately. It often causes great annoyance and trouble if the seller removes items such as the bathroom cabinet or wall lights which the buyer expected to be left. The seller will be asked to complete at an early stage a questionnaire stating exactly which items are included in the sale, which are not and which are being sold at an additional price. It is advisable for seller and buyer to get together to discuss these matters in detail and, if necessary, make a list.

Keys - how do you get in?
Unless special arrangements are made, the keys are normally handed over on completion day in exchange for the purchase money - the seller having previously handed them to his solicitor or the Agents. It frequently happens that this is not convenient and the seller will hand them direct to the buyer. It is important that you find out and agree the arrangements for the keys. There is nothing worse than waiting outside a new house with the removal van and not being able to get in.

Stamp duty
Stamp duty is payable by the buyer in respect of the Conveyance or Transfer:
Total purchase price of up to £125,000 - no duty payable.
£125,001 to £250,000 - 1% of the purchase price paid.
£250,001 to £500,000 - 3% of the purchase price paid.
£500,001 and above - 4% of the purchase price paid.
We will advise you of any alteration you of any alteration or amendment to this, and also of the additional duty payable in respect of new leases.

Solicitors fees
A solicitors bill is made up of fees plus V.A.T. together with out of pocket expenses paid by the solicitor e.g., Stamp Duty, Land Registry fees and Search fees. The fees are calculated partly taking into account the expense of the time devoted to a particular job and partly on the value of the property.age o

Insurance - what if it burns up?
A property should be insured by the buyer from exchange of contracts. Houses should be insured not necessarily for the price paid but for the estimated cost of rebuilding following a fire to include clearing away the damage and architect's fees - sometimes this is much greater than the market value.

Contract races
Where two or more buyers wish to buy the same property more than one contract may be sent out by the seller's solicitors who are then under a duty to advise all concerned that two contracts are out. Although the seller will in most cases exchange contract with the first buyer to supply a signed contract and deposit, it is not always the case. Many buyers are reluctant to enter into contract races for fear of incurring expenses and then losing the race.

Gazumping - what does it mean?
Until contracts are exchanged either party is free to withdraw. Unfortunately "gentleman's agreements" have no force in law so far as dealings in land are concerned. Occasionally a seller will, after a sale has been agreed subject to contact, withdraw and sell to another buyer who is prepared to pay more money. This is popularly (or to a purchaser unpopularly) known as "Gazumping".