| 1/English/Welsh
The process - Very
simply, buyers 'offer' to buy a property. That means
they offer a price (usually something below the asking
price) which the seller then accepts, or negotiates
an increase. But once an offer has been accepted, the
property goes 'under offer'. That means the property
should be removed from the market.
You should then give the estate agent/ seller of the
property the details of your solicitor who you should
have appointed or ask your solicitor to contact the
estate agent / seller of the property.
You should also have begun the mortgage process, if
necessary, which will include the building society instructing
a surveyor to inspect the property.
| You
need from your solicitor:
- Details of his fees
-
Details of
other sums, known as disbursements, such as
stamp duty, land registry fees and local search
fees which will find out if there are any
roads, for example, to be constructed within
the vicinity of your property
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Both parties' solicitors
will then make contact. During this period your solicitor
will check the person purporting to sell the property
does indeed own the property (the title) and
carry out the other checks.
Just because the seller has agreed your offer it is
not legally binding and there is still the chanced of
being gazumped. Gazumping is when the seller,
despite agreeing to an offer made by a buyer, then accepts
a higher offer from some one else.
It is only when an "exchange of contracts"
takes place that the seller and buyer are legally bound
to the sale. If one party withdraws after this they
will in all probability be liable to pay damages to
the other party.
Then a date is set for completion. This is the date
when the seller "moves out" and you can "move
in".
Further information
on these and other matters can be found at
either
www.landlordlaw.co.uk
conveyancing-solicitors.biz
2/Scottish
The process - Very
simply, buyers 'offer' to buy a property. That means
the buyer's solicitor makes an offer,including the price,
entry date and other terms and conditions, to the seller
or their agent.
| Prior
to instructing the solicitor to make the offer,
the buyer needs from them:
- Details of his fees
-
Details of
other sums, known as disbursements, such as
stamp duty, land registry fees and local search
fees which will find out if there are any
roads, for example, to be constructed within
the vicinity of your property
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You should also have begun
the mortgage process, if necessary, which may include
a building society instructing a surveyor to inspect
the property.
You should note that the
law of conveyancing in Scotland is very different
from that in England. When the offer has been made,
the seller then accepts it, or negotiates by making
a counter offer. The letters making the offer and counter
offers are known as "missives".
Once an offer or a counter
offer has been accepted, the missives are said to be
concluded and a legally binding contract will normally
be formed. If one party withdraws after this, other
than as permitted by the missives, they will in all
probability be liable to pay damages to the other party.
The property should be removed from the market.
Both parties' solicitors
will then make contact. During this period your solicitor
will check the person purporting to sell the property
does indeed own the property (the title) and
carry out the other checks.
Assuming that these checks are satisfactory, the payment
will then be exchanged for the disposition (the document
transferring the land right) and other settlement documents,
which will then be recorded in the appropriate register.
Further information
on these and other matters can be found at either
www.landlordlaw.co.uk
conveyancing-solicitors.biz
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