May 8, 2017

Information for buyers

Buying a property can be a complex and time consuming matter and during your purchase the experienced team of estate agents at Eltze Estates are here to help.

After you have viewed a property and have decided it is the one for you, the next step is to make an offer. If you are attending one of our Open Days the sales negotiator will be able to provide you with an offer form. If not please ask and we will e-mail you a form. The offer form requires your name, address, contact details and confirmation of your position. For example do you need to sell another property to proceed? or are you a cash or first time buyer? etc. We also ask for confirmation of you financial ability. If you are a cash buyer we will require a letter from your solicitor or bank confirming this or we will ask that you show/provide us with a copy of a bank statement showing you have the funds. If your home is under offer or on the market with another estate agent we will ask for their contact details and will call the agent to confirm the position. To complete our due diligence process we will ask our mortgage consultant to speak to you to clarify and ensure the mortgage funding you require is achievable. Our mortgage consultant is independent so has access to a wide selection of different offers, some of which may not be available if you visit a High Street lender. Hence our mortgage consultant may be able to provide you with a better quote. If you have your own mortgage consultant please provide us with their details so that we may contact them.

If your offer is accepted by our client we will then require details of your solicitor so that we can prepare and send out the memorandum of sale. This is a document that will be e-mailed, or sent if preferred, to all parties involved in the purchase. This will be the buyer, seller and both solicitors involved in the transaction. The sales negotiator, when involved in the negotiations process, will aim to agree potential timescales for the purchase to proceed to exchange of contracts and completion at the point of sale. It is normal for a mortgage valuation survey to be completed on the property that you have agreed to purchase within 14 days from the date of the memorandum of sale. Eltze Estates have established links with local solicitors and can provide you with a contact if this is required. We would recommend that you use a local firm of solicitors just in case a document/s need to be signed urgently.

Our local family run estate agency has been established for many years and we have established contacts with local companies who can assist with electrics, plumbing, roofing, building, windows, gardening, damp and timber surveys and other property related matters. Just ask and we will do our best to help.

Your quick guide to buying a property

Once your offer is agreed the process below starts.

  1. Instruct your solicitors and provide us with their contact information
  2. The memorandum of sale is prepared by Eltze Estates and sent to all parties by e-mail
  3. The sellers solicitor will write to your solicitor asking for confirmation that they have instructions
  4. The title deeds applied for by sellers solicitor
  5. The sellers solicitor will send the draft contract to your solicitor
  6. You should at this stage have applied for your mortgage, if a mortgage is required
  7. Your mortgage valuation survey is completed
  8. Your solicitors will apply for searches from the local council on the property
  9. Initial enquiries are raised by your solicitors
  10. The searches come back to your solicitor
  11. Your solicitor raises further enquiries if applicable, after reading the searches
  12. The mortgage offer is received by your solicitor
  13. Your solicitor will raises any final enquires, if necessary and these are answered
  14. Your solicitor completes a report on title to you about the findings of the enquiries and searches
  15. Organise your buildings insurance in preparation for exchange of contracts
  16. Sign your purchase contract
  17. Dates are agreed in principal for completion
  18. You pay your deposit to your solicitor which is normally 10% of the purchase price
  19. Your solicitor will not exchange contracts until you provide cleared funds into their client account
  20. Exchange of contracts takes place
  21. Completion date takes place

You move Congratulations!!