Sales
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- Sales Progression
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Sales progression starts when an offer is accepted on a home for sale. Both the buyer and the seller have responsibilities during this process.
Until contracts are signed there is a risk of fall through. To minimize this risk our sales progression team will communicate with all parties. The longer a sale is allowed to run the greater the risk of fall through.
Both the buyer and seller should have solicitors for conveyancing to deal with the transfer of ownership of the property. Your solicitors will look after a range of important matters including obtaining title deeds, searches, liaising with mortgage lenders, drawing up a draft contract, dealing with enquiries and sorting an exchange and completion date.
To do all of the above the solicitors need a variety of information from the buyer and seller and will perform ID and money laundering checks as part of the process.
There are a number of parties involved in the sales progression process, including the buyer, seller, legal teams and mortgage lenders, and it is important that tasks are carried out in a timely manner to keep things moving and progress the sale.
Buyer's proof of funds checked
Including, where applicable: agreement/mortgage in principle: bank statement of deposit or cash amount: evidence of selling a property, if using these funds to buy with; a letter about any gifted money, evidence of money being left to you in a will; receipts of shares being sold.
Buyer Instructs solicitors within 24 hours and searches applied for
Searches are checks done on the land that the property sits on eg is it at flood risk, is there a supermarket about to be built next door? Please note If not using Roseberry Newhouse solicitors you will have to pay search fees.
Buyer makes appointment with mortgage advisor within 24hours
Roseberry Newhouse send out MOS within 24 hours
Should be within the first week
Buyer books a survey
This could be a standard mortgage valuation, home buyer's or a structural.
Buyer receives a pack from their solicitors agreeing terms with their solicitor and a request for search fees
Buyer to return asap.
Buyer receives a pack from their solicitors agreeing terms with their solicitor and a request for search fees
Buyer applies for mortgage
Should be within the first week
Buyer's solicitor receives draft contracts
Buyer's solicitor applies for searches
These are checks done on the land that the property sits on e.g is it at flood risk, is there a supermarket about to be built next door?
Survey is carried out on the property
Buyer's solicitor receives searches back from council and water board etc.
Buyer solicitor raises enquiries
Buyer and their solicitor receive the mortgage offer
Buyer solicitor reports to the buyer and asks them to sign contracts
COMPLETION DATE IS DISCUSSED
Throughout chain if applicable
SOLICITORS EXCHANGE CONTRACTS
Deposit is paid and this makes the transaction legally binding.
COMPLETION DATE IS AGREED
Throughout chain if applicable
SOLICITORS EXCHANGE CONTRACTS
Deposit is paid and this makes the transaction legally binding.
COMPLETION
The full balance is transferred and you can get the keys and move house!
Seller pre-instructs solicitor
Seller prepared with any warranties, guarantees, permission, servicing records or supporting information for buyer and completed protocol form
Sale Agreed
Seller instructs solicitors
Seller solicitor issues draft contract within 24 hours
Seller's solicitor orders management pack if leasehold
Roseberry Newhouse send out MOS within 24 hours
Seller's solicitor sends draft contracts to buyer's solicitor
This pack includes fixtures and fittings forms and land registry title.
Seller's solicitor receives enquires
Enquiries are often sent to the seller for the further information if it is leasehold the management company often need to answer enquiries
Seller's solicitor complies and sends replies to enquiries
Seller signs contracts
COMPLETION DATE IS AGREED
Throughout chain if applicable
SOLICITORS EXCHANGE CONTRACTS
Deposit is paid and this makes the transaction legally binding.
COMPLETION DATE IS AGREED
Throughout chain if applicable
SOLICITORS EXCHANGE CONTRACTS
Deposit is paid and this makes the transaction legally binding.
COMPLETION
The full balance is transferred and you can get the keys and move house!
The sales progression process begins once an offer is accepted on a property and the sale agreed. At the point of the seller's estate agent having the details of both parties' solicitors, they will confirm the sale is agreed, subject to contract. You will be given a Memorandum of Sale (MOS) to confirm this.
To make a property officially yours you need conveyancing, and you need a solicitor for this. Roseberry Newhouse can introduce you to a solicitor if needed and work closely with them on your behalf.
When buying you need to complete your mortgage application and consider things such as how to protect your mortgage. Think of various scenarios, such as if you were lose your job or became ill; you need to put in place mortgage protection to prevent you and your family being unable to meet your mortgage payments and the possibility of losing possession of your property.
Roseberry Newhouse has its own in-house Financial Services team that can help you with all your mortgage and protection requirements.
In most instances your mortgage lender will arrange for this valuation, the purpose of which confirms that the property being bought is worth the money you are being lent. This is not to be confused with a survey, which will give details of the condition of the property.
It is your responsibility to book a home buyer's/ building survey when buying a property. If you don't get a survey done you may not be aware of work that needs to be carried out and this can end up being costly. Roseberry Newhouse can provide recommendations.
Once you have instructed a solicitor work will start on the conveyancing process, which covers all the important legal matters seller. This contract will be sent to the buyer's solicitor.
The buyer's solicitor will confirm all the details of the property by contacting the seller's solicitor to check just what is included I the sale. This will include enquiring about things such as boundaries, any disputes and any changes that may have been made to the property.
The buyer's solicitor will carry out searches on the property being purchased, including searches of Land Registry and Local Authority information. Such searches will check any planning history, environmental factors, drainage and mining close to the property.
When buying a property you need your mortgage confirmed before you can exchange contracts. When you receive confirmation of your mortgage check all terms and conditions.
As the sales progression comes towards completion the buyer will need to get quotes for buildings and content insurance. This is something Roseberry Newhouse can help you with.
It is important that all related insurance policies start from the exchange of contract date.
As a buyer, when the time comes to sign the contract for your new home, your solicitor will be in touch with you and arrange for the contract document to be signed.
A date for the exchange of contracts and moving day (completion) will be agreed between the buyer's solicitor. Now is a good time to look at finding a removals company if you need one. Roseberry Newhouse can provide quotes or recommendations.
The sale is now legally binding and you will typically pay a 10% deposit.
It's important when moving house to let everyone you need to know about your forthcoming change of address. You need to inform your utility companies as they need to take meter readings; you don't want to get charged for what you haven't used. You'll also need to let the bank, your employer and anyone else you want to know about your impending address change. If you contract Royal Mail it can organize a mail redirection for you: it's worth settling this up for at least a few months.
Don't forget to confirm your moving date with your chosen removals company.
On completion day the buyer's solicitor will pay the outstanding balance of the purchase price to the seller's solicitor. When his money is received, the seller's solicitor will let the estate agent know and the keys will be released. This is when the property officially transfers ownership.
Keys can be collected from our offices. We will advise you on the arrangements for key handover closer to the day.
Sales progression can be stressful, complicated and frustrating, but it doesn't need to be.
It pays to use the services of an estate agent to lessen that strain. At Roseberry Newhouse pride ourselves on our sales progression; it is core to our success and reputation and helps make moving easier for you. We communicate with you fully throughout the whole process, so you are always aware of what is happening, while taking the strain from you by liaising with all the parties.
At Roseberry Newhouse you have a dedicated team looking after you from beginning to end, and your team is highly qualified in the sales progression process to get your sale to completion. We know this is the most stressful part of a move and it's our mission to remove as much of the stress from moving as possible so we focus really hard on this element of the process to make life as easy as we can for you.
Identification in the form of a passport, driving licence or recent utility - this is needed to comply with current money laundering regulations.
Copies of guarantees, certificates, warranties for any changes or improvements to your property such as extensions, planning consents, remedial work or building regulations.
If selling instruct a gas safety certificate and electrical test. A large numbers of solicitors will request up-to-date details that gas appliances and electrics have been checked, so if this isn't something you do regularly this is worth sorting once you have accepted an offer.
When it comes to moving you will want to present your house well, but also think about preparing for the move ahead in plenty of time. Get ready by sorting through possessions and decluttering. Start to pack things up; it will save you last-minute stress.
If you can agree a moving date with other parties it's a great help, but be prepared to be flexible here. If a mutually agreeable date can't be found look at options such as moving into short term accommodation.