Research your market - Internet

Specialist property sites:

• There are a large number of sites available via internet search engines.

Estate agent sites:

• Many of these contain much useful information.

Land registry sites:

• There are a number of sites that will give access to real sale prices within an area as reported with the land registry.

Specialist resident development sites:

• A number of developments and blocks have their own web sites specifically dealing with issues relating to the development.

Local and general information sites:

• Such as ones produced by the local authority and general sites dealing with individual areas and roads.

Research your market - Estate Agents

Large corporate:

• Can usually offer details on a wide and varied area.

Specialist local firms:

• Offering strong local knowledge over a specialist area.

Research your market - Word of Mouth

Local police:

• Are sometimes willing to advise on the local neighbourhood.

Visit pubs and restaurants:

• Is likely to give you a feel of the people in the area.

Friends and colleagues:

• No one can give a greater insight than someone who lives there.

Neighbours and residents:

• As with above and also whether you see yourself fitting in to the area.

Costs - Mortgages

Own bank:

• This is an obvious source of funding but not always the cheapest.

Specialist brokers:

• May charge a fee but may well save money due to access to exclusive mortgages at beneficial rates.
• Alan Selby and Partners has teamed up with John Charcol, the UK's leading independent mortgage advisers to offer our clients access to expert mortgage advice and market leading mortgage offers. Click here for more information
• YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Costs - Funds

Funds necessary before you start:

• Solicitors approximately 50% + of their fees.
• Local authority search.
• Brokers costs (if applicable).
• Bank survey costs.
• Deposit money to be paid on exchange of contracts;
• The above will vary depending on the type of property you buy, the price and the solicitors you instruct. Each legal firm will be able to advise on costs and payment structure.

Funds necessary on completion:

• Balance of solicitors.
• Additional sundries such as bank charges.
• Legal transfer costs and alike.
• Stamp duty.
• Balance of service charges etc if leasehold.
• Estate agents if selling;
• As with above the solicitors will be able to advise.

The Process

(Please note, this is a guide only as no transaction is identical)

• Subject to contract a sale price is agreed.
• Sales memorandum is sent to buyer, seller and their respective solicitors.
• Buyer arranges mortgage with bank or broker.
• Buyer’s solicitors request draft contract papers and copy deeds and lease (if relevant).
• The bank will arrange for a survey to be carried out.
• Buyer’s solicitors amend the draft papers using the deeds to ‘customise’ the papers for the transaction.
• Buyer’s solicitors apply to the local authority for Searches to investigate the local area.
  
  During the process they are likely to ask questions from the seller, their solicitor and management companies (if relevant)
• Bank will report back on condition and price of the property
• Buyer and their solicitor receive a formal offer of mortgage.
• Once the mortgage offer, the local authority search and legal papers have been checked and approved the Buyer’s solicitor ‘reports on title’ to the buyer. i.e. they believe all the paper work to be ready and that the property is a suitable ‘risk’ for the banks to lend on.
• Report/contract is signed and returned by the buyer to the solicitor.
• The same copy of the contract is to be signed by seller and returned to their solicitor.
• The contracts are ‘exchanged’ by the solicitors and a date is set for the transaction to be completed. Also a deposit typically 10% is paid by the buyer.
  Only now are both parties legally bound in to a contractual agreement.
• The buyer’s solicitors will request the mortgage money for the day of completion and any balance funds required from the buyer.
• On the completion day the buyer’s solicitor will send all the funds to the sellers solicitors. Once the monies have been received by the seller’s solicitor the sale is complete and keys can be handed over.
• Alan Selby and Partners will be available during the process to advise and guide you though the transaction however large or small the query.