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1. Arrange with a
good, well-established, local agent
to send their Negotiator to provide
an estimate of the value of your
property.
2. Agents must give you written
details of their fees and business
terms before you commit to enter
into an Agency Agreement with them.
Read these terms carefully and when
satisfied with them instruct the
agent by signing their agency
contract.
3. It is a legal requirement that
your selling agent provides you with
a declaration that needs to be
signed by all joint owners of the
property confirming that they are in
agreement with the sale.
4. Your agent will prepare the
details of the property that will be
used in the marketing process.
Hobdens details include an overview
of the property, its location and
the surrounding district,
measurements of the rooms and
possibly the garden, a good
selection of external and internal
photographs and a floor plan. The
National Association of Estate
Agents’ Code of Practice requires
that the agent takes “all reasonable
steps to make sure all statements,
whether oral or written, made about
the property are accurate.” Further
to the Code’s requirements, your
agent will normally send you a copy
of the draft marketing material for
your approval prior to commencing
marketing.
5. As soon as the details and all
the above paperwork are completed
then marketing will begin. At
Hobdens this process involves:
Sending details of the property to
all the appropriate applicants on
our mailing list and making
telephone calls to those applicants
that are in a good position to
proceed with a purchase. Posting
full details, as described
previously, on the following
websites:
www.hobdens.com, which appears
very prominently in search engine
results and has several thousand
visitors each week.
The London Evening Standard’s
Property Supplement website (homesandproperty.co.uk),
which provides good exposure to
applicants living within London and
commuter locations from which the
vast majority of our buyers
originate.
The Rightmove and Find a Property
internet portals
The Daily Mail and Mail on Sunday
websites (Dailymail.co.uk and
Mailonsunday.co.uk).
Implementing a full a local
newspaper advertising programme for
the property.
6. Your agent will continue their
marketing campaign and conduct
viewings on the property until an
appropriate buyer is found. At
Hobdens unless otherwise agreed, all
viewings are made by prior agreement
and are accompanied by a member of
our trained staff who will be
familiar with the property and able
to answer anticipated questions
about the same. Our representative
conducting the viewing provides
feedback to the vendors.
7. When an offer is received by your
agent they are legally required to
tell you as soon as reasonably
possible and they must confirm
offers in writing. The National
Association of Estate Agents’ Code
of Practice, when dealing with
offers, requires an agent to “take
reasonable steps to find out from
the prospective purchaser their
availability of funds for buying the
property and to pass this
information to the client (i.e.
vendor)”. Furthermore it requires
agents to act in the best interests
of the client and to offer suitable
advice to meet the client’s aims and
needs.
8. When an offer has been accepted
subject to contract, The National
Association of Estate Agents’ Code
of Practice requires the selling
agent to “consult and take their
client’s instructions as to whether
the property should be withdrawn
from the market, or continue to be
marketed.” In the latter case, the
agent is required to so advise the
prospective purchaser in writing.
9. Once an offer is accepted your
agent will require the name and
address of your solicitor and that
of the prospective purchaser’s
solicitor. The agent will then send
a Sales Memorandum detailing the
terms of the agreed offer and an
overview of any related transactions
(the Chain) to you and your
solicitor and to the prospective
purchaser and their solicitor. At
Hobdens we carefully and regularly
monitor the progress of the legal
and physical aspects of the
conveyancing process that takes
place between an offer being
accepted and the completion of the
sale. Hobdens look for key
milestones along the process to be
successfully passed in order to
identify that the sale is
progressing normally, we keep all
parties appropriately informed and
liaise to provide assistance where
required.
10. Your solicitor will require from
you the whereabouts of the Title
Deeds and information about any
mortgages that might relate to the
property.
11. On receipt of the Title Deeds
your solicitor will prepare and
submit a draft contract in duplicate
to the buyer’s solicitors together
with copies of the Deeds (and a copy
of the lease if leasehold). Any
enquiries by the purchaser’s
solicitors will be answered, with
help from you as necessary.
12. The purchaser’s solicitors will
approve and return one copy of the
draft Contract. You will be asked to
sign this in readiness for an
exchange.
13. Contracts will be exchanged when
both parties are ready. The
purchaser’s solicitor will forward
your solicitor a signed Contract and
funds for the deposit.
14. As soon as Contracts are
exchanged you are committed to sell.
The whole process will be
synchronised if you are buying as
well unless the solicitors are
notified else how.
15. Once Contracts are exchanged you
will need to complete and return a
Purchase Deed that your solicitor
will provide, arrange removals,
inform gas, electricity, telephone
and possibly water authorities of
the date of removal so that meters
can be read. If a leasehold property
then you will need to supply your
solicitor with a receipt of the last
payments due in respect of ground
rent and service charges. Your agent
will ask you to arrange for the
handing over the keys on the
completion day. If you have a
mortgage on the property, your
solicitor will obtain from your
lender(s) a statement of the amount
required to redeem the mortgage(s),
which will be paid on completion. On
the completion day your solicitor
will obtain the balance of the
purchase price from the purchasers
solicitors, deduct and pay your
agents fees and their own fees and
disbursements from the net sale
proceeds and send the net sale
proceeds to you, or as you instruct,
or use them in connection with the
purchase of any new property you may
be buying.
For more information please click on a link below:
> The Process
> The Buying Process
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