PROPERTY BUYING AND SELLING
BUYING PROPERTY
Canfields Estates recognises the fact the purchase of your home is the most important and expensive transaction you are likely to undergo.
Our database features hundreds of properties and we are sure that with our local knowledge and expertise, we will be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment.
To enable you to unravel the complexities of buying your home, we have set out below an overview of the various procedures involved:
REGISTRATION
The first requirement is for you to register your details and property specifications which can be achieved in a number of ways i.e. by email, fax, phone, in person of by completing our registration form. This will give us an insight into your personal requirements, thereby enabling us to modify the details sent to you.
Once registered, you are then in a position to receive details from us directly in person, via mail or email or download and print these out from our website.
VIEWING
Our friendly team are available to arrange those all important viewings of your selected properties. Our offices are open 6 days a week from 9:00am - 5:00pm Monday to Friday, 10am to 4pm on Saturdays. Please contact us to arrange a mutually convenient time.
MORTGAGE
In order to speed up your house buying process, it is advisable wherever possible; to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
MAKING YOUR OFFER
Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
ACCEPTED OFFER/INSTRUCTING SOLICITORS
As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing).
At this point, you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
SURVEY
The next step is to obtain the Mortgage Valuation, as required by law. This will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property. Since you as the buyer are also provided with a copy, it allows both parties to evaluate the findings prior to entering into a commitment to purchase.
NB: However, we would not recommend that a buyer relies solely on the Mortgage Valuation survey as the inspection is limited and although it may cost a little more to obtain a more detailed report yourself, this could in the long run save you from making a costly mistake.
SEARCHES
These are conducted by the buyer’s solicitor who submits a local authority search to the local borough council. Its purpose is to ascertain if there is any planning consented previously granted on the property or if there are any other local issues which may have an impact on the purchase. In some instances, the search may also include an Environmental and Drainage search.
There are two types of survey available:
1. HOMEBUYER SURVEY/VALUATION
This is the mid-range option as it is more expensive than the Mortgage Valuation but less than the Building Survey (see below).
It is a basic service and therefore more appropriate to properties in apparently good condition and conventionally constructed. The survey’s purpose is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
The objective of the Homebuyer Survey is to provide a more in depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value. Moreover, the professional opinion of the surveyor as contained in his report will also set out particular features of the property which may possibly have an affect on the present value and potential future marketability.
2. BUILDING SURVEY
Unlike the Homebuyer Survey, this is suitable for all types of property whether conventional or unconventional. The term “unconventional” encompasses properties that have an unusual construction, are historic or Listed Buildings, have been extensively altered or where major work is planned.
The Building Survey is comprehensive and lists full technical details of the construction, materials and condition. It highlights the full spectrum of defects from the more serious down to the insignificant and the terms of the survey are therefore tailored to fit the client’s specific needs. However, it should be noted that this does not include a valuation and is only conducted by prior agreement.
DRAFT CONTRACTS
The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
MORTGAGE OFFER
The Lender is now in possession of the Mortgage Valuation survey and, subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned and funds requested by the buyer’s solicitor.
EXCHANGE OF CONTRACTS
Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.
COMPLETION
Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!
SELLING PROPERTY
Selling your home can be stressful so it is important to choose an agent you can trust who will make this process as smooth as possible. We aim to eliminate the stress and make the experience as easy as possible.
WHAT TO DO NEXT
Buying or selling a home? Do you require a valuation? Please contact us for advice or fill in the valuation form.
In the meantime, here are a few guidelines which we hope will assist:
VALUATION
Firstly, if you are selling, you will require a valuation. At Canfields Estates we can offer you a free, no obligation factual and accurate appraisal of the current market value of your home. Our experienced property valuers will provide you with a valuation based not only on their in depth knowledge of Swiss Cottage and the surrounding areas, but also utilising our extensive database of recent properties sold.
INSTRUCTION OF THE AGENT/PROPERTY DETAILS
Having received your valuation, and provided that you are satisfied with it, we will then proceed to prepare full sales details of your property. Bearing in mind the importance of presentation, we will ensure that your sales details highlight the vitally important aspects of your property and ensure that your home is shown to its best possible advantage with the aid of full colour photographs and, if required, we can also set up a computerised 360 degree/virtual tour to feature on our website.
MARKETING
Once you have seen and approved our particulars of your home, you will then be in a position to receive prospective buyers. Appointments to view your property are made by Canfields Estates and accompanied viewing can also be arranged to show prospective buyers around your home should you be unable to do so.
Your property is now ready to market and we offer the following:
FOR SALES BOARD - This is the most simple and effective marketing tool, available 24 hours a day.
OFFICE AND WINDOW DISPLAY – External and internal photographs will be prominently displayed in our premises in order to optimise exposure to the market place.
EMAIL – Wherever possible, all prospective buyers who register with us are asked to provide email addresses in order to ensure that they are notified of any new properties as soon as possible within 24 hours of receiving your instruction.
WEBSITE – This is updated daily and full colour details of your home are placed on our website within 24 hours of being placed on the market.
We also have an optional 360 degree/virtual our which can assist to further enhance your property.
ADVERTISING – We provide regular prominent advertisement of your property in local and national publications to ensure that your home is fully marketed.
UPDATING ON YOUR SALE – At Canfields Estates, we pride ourselves on our conscientious sales management. We aim to keep you regularly appraised of your sales process right through to completion and liaise with your purchaser, the legal representatives, surveyors and mortgage lenders in order to ensure that your sale is progressed as smoothly and as stress-free as possible.
OFFERS – Any offers we receive are promptly verbally notified and then followed up in writing. Our competent sales team will negotiate between you and your prospective applicant in order to achieve the strongest buyer.
We will inform you of the position of the buyers and liaise with you until an accepted offer has been agreed.
Should you require your sale to be completed by a certain date, this is when you should notify us and we will endeavour to satisfy your request wherever possible.
At this stage, you should also provide your list of Fixture and Fittings which will be negotiated separately between the solicitors and forms part of the final contract.
AGREED SALE – At this point (if you have not already done so), you will need to instruct a solicitor and, should you require assistance, Quinta Estates will only be too pleased to recommend local firms.
The solicitors will then write to all parties and the buyers will instruct a surveyor to conduct a survey of your property (the “agreed sale” is subject to the contract and any survey) and the buyers’ mortgage offer (if required) will also be subject to the results of the survey.
The sellers’ solicitors will request the title deeds from the lender (if appropriate) or yourselves as the seller and the fixtures and fittings form must be completed at this stage.
The solicitors draw up the draft contract which sets of the Terms of the Sale and sends it to the buyers’ solicitor together with all relevant documents. Any enquiries will then be raised, the Title Deeds and Lease (if applicable) will be checked and local searches carried out.
Once the draft contracts have been approved, it can be signed by both parties.
EXCHANGE OF CONTRACTS – As long as the mortgage offer has been received and cleared funds placed with your buyer’s solicitor, a mutually convenient date can be agreed upon for the exchange of contracts.
COMPLETION – The completion and your actual house move and take between 7 to 28 days depending on the buyers, sellers and their respective solicitors.