We know buying a property can be worrying, especially if it is for the first time, as it is known as one of the biggest financial decisions you will make.
That is why at Tracy Thorne Estates we want to make that journey as comfortable as possible – so below we have tried to explain that journey and answer any questions you may have:
How do we register with you and what happens when we register?
The best thing to do is either to come in and see us or give us a call, of course if you phone we are happy to call you back to save your bill as this is not a two minute process. This is probably one of the most important conversation we will have with you!
We prefer to speak with you in person or on the phone, so that we can listen carefully to your needs and desires and can try to match you to the most perfect property in the timescale you require.
To register we will need to know the following information:
- Your contact details, phone, email, address and those of any other people involved in the purchase
- What method is the best way to contact you and also what the best time to contact you
- What type of property you wish to buy (eg. flat, house, bungalow)
- How many bedrooms, bathrooms, living rooms you require, whether you need outside space, car parking
- Where you need to be located, town, countryside, close to transport links, station, bus routes
- What is your budget and is it flexible
- If you have discussed your finances with someone who can verify that you are able to afford the amount you are looking at? We can verify this for you, obviously we must be accountable to our vendor client and ensure that viewers can pay the amount they say that they can! Far better to find out at this stage, you may be pleasantly surprised and find you can afford more than you thought
- If you are a ‘cash buyer’ (which effectively means no mortgage required), please can you verify where the cash is now, or, how quickly you will have it and the source of the cash (for legal purposes we need to ascertain where the cash is coming from). The more information you can give us at this stage, the quicker the process will be if you like a property and wish to make an offer.
- When you WANT or NEED to move by
- Why you are moving, if you have a property to sell and if so at what stage that sale
- How flexible are any of the above? We do understand from our statistics that only 38% of purchasers actually end up buying a property which fits all of the initial requirements mentioned. So please, if we suggest something a little off course, give it some thought and don’t think that we haven’t listened to you. If you are NOT flexible on any of your requirements, and tell us so, we will wholeheartedly respect that and will only contact you if something perfect comes available
- Finally, if you have already considered instructing a solicitor/conveyance
We do take this very seriously and understand not everyone’s situation is the same so we will spend as long on that phone call to you as you need to make sure we can help you in any way that we can.
We can answer any questions you may have for us on that call?
Once you are fully registered we can then introduce you to all the properties we have available and we can then organise your viewings to find exactly what you are looking for?
If however, we don’t have anything suitable for you, we will put you onto our database so we can let you know straight away once the right property becomes available. We keep you informed of all new properties, price reductions and properties that may be COMING SOON so you may be able to grab a property before anyone else does!
We won’t bombard you with loads of calls, because we know what you are looking for and will make sure that call is the right one to encourage you to view the right property. We don’t want you to miss out on your new dream home!
What happens regarding viewings?
We accompany all of our viewings so on the day we can inform you all about the local area and its amenities, the property itself and also to help answer any other questions you may have.
It also helps to reaffirm anything that was discussed on registration to make sure we got all the information absolutely crystal clear.
It is easy to fall in love with a property and not be practical. However, by keeping your wits about you and asking yourself and us direct questions when viewing a property it’s possible to avoid problems or mistakes.
Please take time to read our viewing tips page for more information.
If I am interested in buying the property what do I do next?
The market is still strong and you may not be the only person interested.
Either come into the office or phone us straight away and we can discuss this with you.
Assuming you will be making an offer we will then ask you to show us any financial qualification you already have whether it be mortgage or cash, will ask you the possible timescale you are looking to move by again and also check as to whether you already have a solicitor/conveyance instructed.
We like to put offers forward to our vendors with as much information as possible regarding their prospective buyers in order for them to make a decision more easily and quickly.
We will of course confirm in writing any offer you put forward to our vendors with a copy to you also.
We would point out that until we do have confirmation of your solicitors and mortgage in principle the property will remain on the market. That does not mean you will lose the property, it simply means we will continue to take names and addresses of any other potential interested parties in case anything does go wrong at this stage.
Communication at this point is essential so please do make yourself readily available in case we need to ask you any more questions or confirm anything with you.
My offer has been accepted – what happens next?
We will confirm with all parties any agreed terms and try to suggest a practical timescale to suit everyone, although please appreciate these timeframes are not set in stone as people’s circumstances can change along the way.
At this stage we would have expected you to have instructed a solicitor so we can send Sales Memorandums out to both sets of solicitors involved, and of course we will write to all parties to confirm the agreed price.
If you do not have a solicitor we are able to recommend a local solicitor to you. If you accept their quote then you will need to provide ID and complete information forms.
Again the property will remain for sale on the internet although no further viewings will take place until we have confirmation of solicitors instruction and survey booked. We hope you understand why we do this but if not please feel free to ask?
Conveyancing process explained
A fee is payable to your solicitor, held on account to cover initial costs. The vendor’s solicitors will send a contract pack to your solicitor which will include draft contracts and the legal title of the property. Your solicitor will investigate the title and verify the legal title of the property. Your solicitor will not apply for any necessary local authority searches: relevant planning applications, building control history, restrictions on permitted developments, nearby road schemes etc.
Your solicitor will then raise enquiries to the vendor’s solicitors, possibly the local council and if you are purchasing leasehold – there will be further enquiries regarding the lease, maintenance etc.
We would point out that a leasehold transaction does tend to take longer than freehold due to the extra enquiries and middle-man so to speak with the freeholder etc.
If there is a mortgage involved, your solicitor also has to advise your mortgage lender in all aspects of the purchase.
When all the searches are complete and all enquiries have been satisfactorily answered, your solicitor will report to the mortgage lender and also yourselves.
At that point you should be in a position to exchange should you and the lender be happy with everything.
At that point moving dates will be discussed and confirmed.
TRACY THORNE ESTATES WOULD LIKE TO POINT OUT THAT WE WILL BE INVOLVED WITH YOU ALL THE WAY WITH THE CONVEYANCING JOURNEY.
WE WILL BE ABLE TO KEEP YOU INFORMED OF WHAT IS HAPPENING AT ALL TIMES TO MAKE SURE YOUR JOURNEY IS AS STRESS FREE AS POSSIBLE.
Please explaint the exchange and completion?
Contracts are nowadays signed will in advance of exchange, however some solicitors do still like their clients to go in and sign.
On exchange a date is agreed to move and also you will be expected to transfer a deposit to your solicitor, normally about 10% of the asking price but this again is not set in stone, also it does depend on where you are in the chain. It is possible to put and Indemnity Insurance in place if you are further up the chain and your money is tied into the equity of your property.
A telephone call is made and the terms of the exchange are agreed. The contract is now legally binding and the completion date is now set in place. No change to the agreement or withdrawal is now possible without incurring a financial penalty.
The solicitors will now send confirmation in writing to you the buyer and seller’s solicitors to confirm exchange. A bank transfer will be sent to the seller’s solicitor and your solicitor will obtain a Transfer Deed along with any other legal documents.
A Final Statement of Account will by drawn up by your solicitor detailing all monies that have been paid on your behalf ie searches, along with their charges etc.
The property becomes yours once funds have cleared in your seller’s solicitors account and the solicitor will confirm this with a phone call.
What do Tracy Thorne Estates do during this process?
As we said earlier we are here throughout your whole journey with us, right from the point of registration to the day we hand over your keys to you!
Communication is essential and we WILL keep everyone informed of what is happening on more than a regular basis – as we all know once things go quiet people start to worry so we make sure that we all keep talking!
Leading up to exchange we are likely to start discussing dates with all parties involved, even if there is a change just to make sure there is nothing that will hold things up once they are ready to go.
On exchange of contracts we will inform all parties and confirm how to deal with keys etc on the day.
We know on the moving day it is not always easy to come to our office to pick up your keys, removals can be delayed, traffic can be an issue so we will do all we can to make that transition as smooth as possible.
We do like to see you on your special day to send our best wishes and hope you happiness in your new home! We even have a little goody bag for you! (Surprise!!)