Sell Your Own Property
If you have a property to sell, the first step you should take is to put your own house up for sale. This is because if you see a house you want to buy you will not be able to buy it without the money from your own house.
Before you have sold your own property you are what estate agents call a "non-proceedable" buyer. This means you are a potential buyer but you can't actually proceed because you need to sell your own house first. Another buyer who is "proceedable" could see the house of your dreams and buy it first.
Gordon Lamb can help in selling your home. To arrange a free valuation call us on 0191 4192020
Organising a Valuation
If you have a property to sell you need to get a realistic valuation on your existing property. Gordon Lamb Estate Agents provides free valuations of your home that will give you an expectation of how much your house should achieve and go on the market for.
Estate agent's "valuations" are only estimates on how much your property should achieve on the open market. Do be aware that estate agents' valuations are not the same as those prepared by surveyors and they cannot be used for your mortgage valuation.
How Much Can You Borrow
Before looking at properties, you should establish as to what your maximum possible loan would be. This will be based on the size of your deposit, how much you earn and your outgoings. The Galleries Mortgage Shop can provide invaluable advice from a comprehensive range of mortgages from across the market. To arrange a no obligation appointment contact 0191 417 5000
A fee of between £0 and £400 will be charged for our services, which will be payable on completion. The fee we will charge is dependent on the amount of research and administration that is required.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
You will need to hire a solicitor to deal with the legal aspects of buying a property. There is no standard fee so it is a good idea to shop around for the best rate. Gordon Lamb can recommend local solicitors for you to use.
This is a government tax, charged for properties above £125,000. If your new home is priced between £125,000 and £250,000, you will pay 1% of the property price. From £250,000 to £500,000, it will be 3% and over £500,000 it will be 4%. So, for example, if you are paying £200,000 for your home you pay £2,000 in stamp duty.
Land Registry Fee
The Land Registry is a government department which looks after the registers of all registered properties in England and Wales. It charges a fee for transferring the register to the new owner. This fee is charged according to property price.
Local Authority Search Fees
Local searches will be carried out by your solicitor/conveyancer to ensure that there are no potential problems such as planning permission on neighbouring properties or plans for new roads nearby.
Other Search Fees and Disbursements
These include index map, commons, the coal authority, land charge, company searches, bank transfer fees. Allow about £70 to cover an average house purchase.
Estate Agent's Commission
If you're selling your property as well as buying one, the sum charged by your estate agent has to be taken into account. Usually this is charged as a percentage of the property price.
Ask for quotes from at least 3 different removal firms, as prices vary.
Making an Offer
As soon as you've found a suitable property, we'll put your offer to the seller, verbally and in writing. We will normally put your offer on the same day. The offer will be subject to a contract being signed and there are no legal obligation on either side until has been done.
Sometimes there may be a process of price negotiation and by working with Gordon Lamb you'll benefit from our expertise in this area.
The Vendor's Solicitor will prepare a Contract of Sale. You will need to appoint a Solicitor to examine this and raise any queries based on the title deeds and related property matters.
When your Solicitor has replies to enquiries; a completed satisfactory local search; a copy of a mortgage offer; a signed contract and a deposit cheque, they can proceed to Exchange of Contracts. A deposit cheque is normally required for 10% of the purchase value of the property.
Completion can be on the date of exchange or can be anything up to 28 days later, dependent on your requirements. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor and you can move into your new home. Keys will be handed over to you by us.