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Buying and Selling Your Home - an Overview -

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  1. Buying and Selling Your Home - an Overview - Martyn Strong, Devonshires

  2. Outline • Finding a Solicitor and Key Considerations • Selling a Property – overview • Buying a Property – overview • Products Available

  3. Finding a Solicitor – Key Considerations • Word of Mouth / Personal Recommendation • Cost - Cheapest quote? Most expensive quote? First Quote? • Service - Personal? Process/System driven? • Location - Online or Local?

  4. Other Resources • Law Society – Find a Solicitor (www.lawsociety.org.uk/find-a-solicitor) • Council for Licenced Conveyancers (www.conveyancer.org.uk ) • Independent Guides - www.goodlawyerguide.co.uk • Forum / User Generated Content(www.solicitorsfromheaven.com) • www.moneysupermarket.com/conveyancing • Google it!

  5. Selling a Property -Initial Instructions- • Obtain Quote / Accept Quote • Client Care Letter / Terms of Business • Identification Requirements • Pay Money on Account? • Estate Agent Details

  6. Selling a Property - Preparing Contract / Documents - • Fixtures and Fittings Form • Property Information Form • Leasehold Information Form • Original Title Deeds • All other relevant / useful documentation • Draft Contract Issued

  7. Selling a Property - Pre-Exchange- • Buyer’s Solicitor to approve Contract • Reply to the Buyer’s Solicitor’s Enquiries • Redemption Statement from Lender • Management Pack/Management Co Replies?

  8. Selling a Property - Exchange – • Each Solicitor holds it’s client’s signed contract • Deposit is paid • Sale becomes binding • Completion Date Set

  9. Selling a Property Pre-Completion / Completion • Transfer document produced • Check redemption figure • Completion statement confirmed • Funds received from Buyer’s Solicitor • Mortgage Redeemed • Estate Agents Paid • Balance sent to you

  10. Buying a Property - Receipt of Documentation / Contract- • Review title information and raise enquiries • Order searches • Enquiries of managing agent • Approve draft contract • Report on Title

  11. Buying a Property -Preparing for Exchange / Exchange - • Confirmation that all enquiries are dealt with • Mortgage offer confirmed, checked and lender instructions complied with • Received 10 % deposit • Signed contract returned

  12. Buying a Property - Completion / Post-Completion - • Stressful! • Await transfer of funds • Give “vacant possession” • Confirm legal completion and release the keys • Registration of Property

  13. Types of “Product” available • Open Market Purchase • Shared Ownership - Part Buy / Part Rent • Older Persons • HOLD – Home Ownership for people with Long Term Disability • Shared Equity • HomebuyDirect • http://www.southwark.gov.uk/info/200081/buying_a_home/669/social_homebuy