Buying and selling a residential property

Selling is a stressful time, we know that! The process can be as daunting as when you bought your home. If you’re selling and, at the same time, buying another property it can be even more stressful and complicated. Once you have had your offer on your new home accepted, it’s a moment for celebration. But it’s not the end of your property journey. There are still several stages to complete before you’re the owner of your new home.

APPOINT YOUR SOLICITOR
If you have not already appointed a solicitor to carry out the conveyancing of your property purchase, do so as quickly as possible to keep the transaction moving. You’ll usually pay a deposit for the conveyancing fees, or you might pay a percentage upfront.

SECURE YOUR OFFER IN PRINCIPLE
If you’ve already received an Agreement in Principle from your chosen mortgage provider, you’ll need to transfer this to an Offer in Principle. This is a confirmation of the exact amount the mortgage provider will be lending you. To obtain this, you’ll need to provide your ID, proof of income (for example, three months of bank statements and a P60), deposit details, your solicitor’s details and the property details. Your mortgage provider will run a full credit check (also known as a hard enquiry) on you, and your partner if you are buying as a couple.

AWAIT THE PROPERTY VALUATION
Your mortgage provider will arrange for a property valuation from a surveyor before they’ll approve your mortgage application. This usually takes about two weeks, and costs between £150 and £1,500 (though this can typically be included in the total mortgage fees you pay).

PROVIDE ADDITIONAL DOCUMENTATION
It’s not unusual for a mortgage provider to request additional documents before finalising the loan arrangements. They might want to see your passport, payslips or bank statements.

RECEIVE A FORMAL MORTGAGE OFFER
Once your mortgage provider is satisfied that you can afford the mortgage you’ve applied for, they’ll make you a formal, signed offer through your solicitor. This can take up to around three weeks.

SIGN THE CONTRACTS Your solicitor will invite you to sign the contracts for the property sale and exchange them with the seller’s solicitor.

RECEIVE THE MORTGAGE FUNDS
Your mortgage provider will send the funds you are borrowing to your solicitor, on a date they agree between them.

PAY YOUR FEES
You’ll pay all remaining conveyancing fees to your solicitor. These may include a range of charges for
searches, land registry, et cetera. If stamp duty is due, you’ll also pay that to your solicitor now.

TRANSFER OF FUNDS
You’ll transfer your deposit to your solicitor. They will then transfer the total sales amount (the deposit and the mortgage funds) to the seller’s solicitor to complete the sale.

PREPARE TO MOVE Once all the payments have been transferred, your house purchase is complete. You’ll receive the keys to your
new house and can move in whenever you’re ready. Now it’s time to celebrate again.