The
home buying process • The solicitor's process
The
lender's role • The
estate agent's role • The
home selling process
This is a basic guide to the moving process, whether you're buying or selling.
We hope it may clarify who is responsible for what and where you should direct your queries as you ride the emotional roller coaster that is moving home.
A good motto to bear in mind from the outset is that "What is meant to be, is meant to be!". Things can and often do go wrong, prepare yourself for that before you start. Always remain positive.
Click on the images to view the full-size diagrams.
When buying or selling a property there is generally three sets of professionals a person would seek assistance from.
To oversee the legal process, make sure that you are aware of all the implications of the property you intend to purchase, to help settle the financial costs you will have accumulated and to act for any mortgage company you choose, for whom they must confirm you are participating in a genuine transaction.
b) A Mortgage Lender
To help you put in place the finance to be able to make the purchase.
c) An Estate Agent
To help you find a suitable property. Then to co-ordinate the efforts of the solicitor, mortgage lender and other estate agents to try and make the moving process as painless as possible.
If any of the above companies or individuals are not of a high standard delays and problems can begin to make the stressful experience so many people seem to endure. It should be added that an unreasonable vendor or purchaser could cause the same effect.
- Client completes mortgage application form with survey fee.
- Case is credit scored.
- Assuming the above is passed, survey instructed.
- References sought to confirm client’s application details are correct.
- If the references and surveys return all o.k. a final assessment is made.
- Mortgage offer produced. One copy to client, and one to solicitor.
In a perfect world the solicitor and lender would do everything within their jurisdiction quickly and efficiently negating the need for any chasing up. In practise this is rarely the case and so the estate agent fills an important role in tactfully nudging both sides in the right direction while also usually acting as a middle man for contact, explanation and venting of frustration from the vendor and purchaser.
RESULT
The purchaser moves into their new home, the seller vacates, (they may well be moving into their new purchase simultaneously) the lender start receiving mortgage payments, the solicitor is paid for his services and the friendly, hard working and much under-rated estate agent receives their commission.
