Buying and Selling FAQ’s
We understand that buying or selling a house can be a daunting prospect so we have set out below answers to the most commonly asked questions.
How long does the process take?
This depends on a number of factors, including how long the chain is and whether you require a mortgage. Ordinarily however, a straight forward transaction should take between 6-8 weeks to reach an exchange of contracts.
Do I need a survey?
We recommend you carry out a full structural survey. There is a phrase ‘Let the Buyer Beware’ which means you buy a property in its current state and the seller offers no guarantee as to the physical state of the property.
What does ‘exchange of contracts’ mean?
On exchange of contracts, there is a legally binding contract between the seller and the buyer for the sale and purchase of the property. This is also the time when the Completion Date is set.
Solicitors hold their respective client’s signed contracts and exchange over the telephone. A 10% deposit is usually payable by the buyer on exchange.
What happens on moving day?
On the day of completion, the buyer’s solicitor sends the purchase money to the seller’s solicitor. Once received, the seller’s solicitor authorises the agents to release the keys and confirms with the buyer’s solicitor that their client may now move in.
The seller’s solicitor will pay the agent’s fees and redeem any mortgage on your behalf and send you any monies due to you from the sale proceeds.
The buyer’s solicitor will pay the stamp duty and after completion will register you as the new owner at the Land Registry and send you the up to date title document confirming registration.
If you wish to speak to anyone about your own move, please contact our teams at our Petersfield (01730 268211) and Midhurst (01730 816711) offices.