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UK Facts Sheet on real estate property
UNITED KINGDOM
Buying a Property by Private Treaty in England and Wales
Registering with an Estate Agent or Conducting your own Search
You can register with as many estate agents as you wish, either by phone, in person or on line. Estate agents require as much information as possible about the type of property you are looking for. An agent will not charge a prospective purchaser for their services but note that the agent always acts on behalf of the seller. Private sellers advertise in national and local newspapers as well as property publications and websites.
Beginning the Search
Estate agents will often send printed information sheets on prospective purchases, the contents of which can also often be viewed on-line, and will conduct accompanied viewings of suitable properties. For private sales you will need to arrange viewings direct with the seller.
Arranging the Mortgage
It is advisable to get a mortgage agreed in principle as early as possible, as this will speed up your mortgage application. You can deal either directly with the lenders (banks and building societies) or through brokers who often have access to a wider variety of mortgages. Note that brokers may charge you a commission.
Making an Offer
Once you've found a suitable property, you can make an offer to the seller (usually via the relevant estate agent) verbally or in writing. Any offer, which can be lower or higher than the asking price, is subject to a contract being signed. There are no legal obligations on either side until the contract is signed and exchanged.
Beginning the Legal Process
A solicitor will be required to represent you and handle the paperwork involved (known as the conveyance process). It is preferable to use solicitors that know the area that you're moving to and are familiar with the conveyance process.
Agreeing the Sale
Once your offer is accepted, you will need to instruct your solicitor to proceed with the legal formalities. You should advise on your desired exchange and completion dates. This is also the best time to instruct your mortgage provider or broker to process your mortgage application and make arrangements for a survey and valuation to be conducted.
Drafting the Contract
This is drawn up by the seller's solicitor and sent to your solicitor, who will raise some preliminary enquiries and make a Land Registry search.
The Local Authority Search
Your solicitor will submit a local authority search to the local borough council. This will reveal such issues as planning consents granted or applied for and any local stipulations or restrictions.
Carrying out the Survey
A survey is carried out on the property by a surveyor on behalf of the mortgage provider to identify any structural concerns and value the property.
Approval of the Contract
Once results of the local search and answers to the preliminary enquiries are received, the draft contract is approved by your solicitor, provided all enquiries have been made and answered satisfactorily.
The Formal Mortgage Offer
This mortgage offer document will usually be sent to your solicitor or directly to you to sign. Once you have signed and returned it the mortgage agreed and you are in a position to exchange contracts.
Exchange of Contracts
The contract is signed by you and the seller. The deposit (usually 10% of the agreed purchase price) is telegraphically transferred or paid by the buyer's solicitor in the form of a banker's draft. The completion date is set.
Completion
This is generally set a few days to a few weeks after exchange of contracts, depending on each the vendor?s and purchaser?s requirements. The balance of funds due (usually 90%) is transferred from your solicitor?s client account to the seller's solicitor's account.
You are now the legal owner of the new property!
Important note: this above information applies to residential property purchases by private treaty in England and Wales. The process varies in other parts of the United Kingdom. Additionally you should note that the purchase of property at auction in England and Wales is very different to private treaty purchases and you are advised to seek legal advice separately on this subject.
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This information sheet is one of a series produced by the NLA. Members can access a full index via the NLA website.
Copyright © National Landlords Association Limited April 2005. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written permission of the copyright owner except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd. Any unauthorised reproduction or transmission of any part of this publication may result in prosecution.
This Information Sheet is intended as general guidance only for individual readers and does not constitute accountancy, tax, investment or other professional advice. NLA Limited accepts no responsibility or liability for loss which may arise from reliance on information contained in this Information Sheet. Tax legislation, the law and practices by government and regulatory authorities are constantly changing and the guidance given should be assumed to be correct only as at the date of publication.
Buying a Property by Private Treaty in England and Wales
Registering with an Estate Agent or Conducting your own Search
You can register with as many estate agents as you wish, either by phone, in person or on line. Estate agents require as much information as possible about the type of property you are looking for. An agent will not charge a prospective purchaser for their services but note that the agent always acts on behalf of the seller. Private sellers advertise in national and local newspapers as well as property publications and websites.
Beginning the Search
Estate agents will often send printed information sheets on prospective purchases, the contents of which can also often be viewed on-line, and will conduct accompanied viewings of suitable properties. For private sales you will need to arrange viewings direct with the seller.
Arranging the Mortgage
It is advisable to get a mortgage agreed in principle as early as possible, as this will speed up your mortgage application. You can deal either directly with the lenders (banks and building societies) or through brokers who often have access to a wider variety of mortgages. Note that brokers may charge you a commission.
Making an Offer
Once you've found a suitable property, you can make an offer to the seller (usually via the relevant estate agent) verbally or in writing. Any offer, which can be lower or higher than the asking price, is subject to a contract being signed. There are no legal obligations on either side until the contract is signed and exchanged.
Beginning the Legal Process
A solicitor will be required to represent you and handle the paperwork involved (known as the conveyance process). It is preferable to use solicitors that know the area that you're moving to and are familiar with the conveyance process.
Agreeing the Sale
Once your offer is accepted, you will need to instruct your solicitor to proceed with the legal formalities. You should advise on your desired exchange and completion dates. This is also the best time to instruct your mortgage provider or broker to process your mortgage application and make arrangements for a survey and valuation to be conducted.
Drafting the Contract
This is drawn up by the seller's solicitor and sent to your solicitor, who will raise some preliminary enquiries and make a Land Registry search.
The Local Authority Search
Your solicitor will submit a local authority search to the local borough council. This will reveal such issues as planning consents granted or applied for and any local stipulations or restrictions.
Carrying out the Survey
A survey is carried out on the property by a surveyor on behalf of the mortgage provider to identify any structural concerns and value the property.
Approval of the Contract
Once results of the local search and answers to the preliminary enquiries are received, the draft contract is approved by your solicitor, provided all enquiries have been made and answered satisfactorily.
The Formal Mortgage Offer
This mortgage offer document will usually be sent to your solicitor or directly to you to sign. Once you have signed and returned it the mortgage agreed and you are in a position to exchange contracts.
Exchange of Contracts
The contract is signed by you and the seller. The deposit (usually 10% of the agreed purchase price) is telegraphically transferred or paid by the buyer's solicitor in the form of a banker's draft. The completion date is set.
Completion
This is generally set a few days to a few weeks after exchange of contracts, depending on each the vendor?s and purchaser?s requirements. The balance of funds due (usually 90%) is transferred from your solicitor?s client account to the seller's solicitor's account.
You are now the legal owner of the new property!
Important note: this above information applies to residential property purchases by private treaty in England and Wales. The process varies in other parts of the United Kingdom. Additionally you should note that the purchase of property at auction in England and Wales is very different to private treaty purchases and you are advised to seek legal advice separately on this subject.
------------------------------------------------------------------------
This information sheet is one of a series produced by the NLA. Members can access a full index via the NLA website.
Copyright © National Landlords Association Limited April 2005. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written permission of the copyright owner except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd. Any unauthorised reproduction or transmission of any part of this publication may result in prosecution.
This Information Sheet is intended as general guidance only for individual readers and does not constitute accountancy, tax, investment or other professional advice. NLA Limited accepts no responsibility or liability for loss which may arise from reliance on information contained in this Information Sheet. Tax legislation, the law and practices by government and regulatory authorities are constantly changing and the guidance given should be assumed to be correct only as at the date of publication.
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