Buyer decides to seek a property

Mortgage or finances are looked into

Consults estate agents for property brochures and looks at relevant adverts etc.

Inspects properties and finds one suitable

Make an offer through Gainsfords

The offer will be put to the vendor and negotiated until an agreeable figure is achieved

Once an offer is agreed:

A solicitor is engaged: Gainsfords can recommend local solicitors if required or a solicitor of choice can be used.

Either mortgage or finances are arranged: Gainsfords can offer the services of an independent financial advisor, please ask for details.

Either a mortgage valuation or home-buyers survey is carried out or if required a private survey arranged: Gainsfords can recommend local surveyors if required or a surveyor of choice can be used.

If survey is favourable: Mortgage offer will follow, which the buyer signs and returns to the lender.

If survey is unfavourable: Gainsfords can assist in recommending local builders, damp and timber specialists etc. and if any re-negotiation is required this can be dealt with through the office and all parties involved.

Buyers solicitor receives draft contract: A local land and registry search is applied for on the property and any enquiries are raised by the solicitor.

Solicitor approves draft contract: Once enquiries are answered, searches are received and if applicable a mortgage offer is received in writing, the solicitor will approve the draft contract.

Connected chains (sales) either below or above: If there are connected sales, these have to be at the same stage legally, in order for everyone to proceed.

If chain ‘breaks’: Example: a first time buyer at the beginning of a chain is turned down for a mortgage, the property will usually return to the open market until such time a new buyer can be found or the existing chain is complete again.

At any stage up to this point the buyer or seller can change their mind or the seller can accept a higher offer from another purchaser and the deal will be off. Draft contract papers would then be returned to the sellers solicitor.

Exchanging contracts: If everything is proceeding well, the buyer will either be sent contracts to sign or the papers can be sent to the buyer for signature and then returned. A deposit is required at this stage (usually 10% of the purchase price). A date for completing the transaction (a moving date) is agreed will all involved parties. (Friday is the most popular day for moving).

After exchange: Buyer insures the property and the solicitor gets everything ready for completion.

On completion: Balance of funds are paid via solicitor. Once the vendors solicitor confirms to either Gainsfords or the vendor, that the money has been received (usually around lunch time), the keys can be released. A pre-arranged collection point for the keys will have been sorted out with the solicitors and the vendor (usually Gainsfords office or at the property itself). At Gainsfords we do ask for identification before releasing any keys and will ask you to sign our key release book.

Best wishes in your new home from all at Gainsfords.