Buying and Selling Guide

Selling - what do I do first? 

Once you've decided to sell your property there are several steps to take in order to start the ball rolling.

• Ask an Estate Agent to carry out a valuation of your home. Even if you are selling privately, you should have the property valued so that you can sell at a realistic price;
• Appoint an Estate Agent on a "sole agency" basis or instruct several firms to market the property for you on a "multiple agency";
• Instruct a Solicitor.

Gepp & Sons will need to apply for your title deeds and will require some general information from you regarding the property. Return the Gepp & Sons Questionnaire promptly so that the contract papers can be drafted for sending to your buyers solicitors.

Your buyer's solicitors may raise  various enquiries regarding the property which will referred to you. Deal with questions raised as quickly and as fully as possible in order Gepp & Sons may progress the matter quickly.

Then what?

• Advise Gepp & Sons on what date you would like to move. This must be agreed with your buyers and their solicitor must have received replies to all their enquiries, the results of their searches, satisfactory mortgage offer, and their deposit before they will be in a position to proceed to exchange of contacts.

Provided there is nothing outstanding, Gepp & Sons should then be ready to exchange contracts.

Remember - if you are also buying a property, everyone in the chain must be ready to exchange at the same time.

You now have a completion date which is the date on which you must vacate the property.

Is there anything else I must do?

• Advise the gas, telephone, electricity and water companies of the date on which you are moving and arrange for final meter readings. Also remember to tell the Council Tax Department, of the local Council and arrange to cancel any direct debits/standing orders and any other regular payments in relation to the property. It may also be handy to redirect your post.

On the day of completion

• Move out of the property ensuring that you leave behind all the items which are supposed to be included in the sale;
• Leave the property in a clean and tidy state and ensure that all rubbish is removed. 

Arrange to leave the keys with the Estate Agent or pass them to your buyers direct but only once all the monies have been received by Gepp & Sons.

Buying - what are the first steps?

When thinking about buying a property, you should firstly ensure that you can afford it. Obtain quotes/estimates for mortgage instalments; life cover premiums and solicitors charges and disbursements. Establish how much you can borrow by way of mortgage and make sure that you have a deposit which will be required just prior to exchange of contracts. If the property is leasehold, find out what the rental and service/maintenance charge payments are. You should then:-

• Instruct a solicitor. Legal advice can be given from the outset and Gepp & Sons should give you a clear idea as to the likely costs involved; the possible time scale and the conveyancing process generally. Monies on account will be required and should be returned to 'Gepp & Sons' with the signed Questionnaire;
• Shop around for a mortgage which will suit you. All building societies, banks and mortgage brokers must give you detailed information and everything must be clearly explained to you;
• Arrange to have the property surveyed. This should be done even if you are not getting a mortgage. There are several types of survey which you can have carried out-the more detailed the survey, the more expensive it is.  

Then what?

• Once Gepp & Sons have received the contract documents from your seller's solicitors, we will make various searches and enquiries on your behalf before approving them in order to protect your interests as well as those of your mortgage lender;
• As soon we have received your mortgage offer and the results of our enquiries and searches, we will ask you to come into the office to go through the contract and discuss anything which you are unsure of;
• The deposit must be in the form of a Bankers Draft, Building Society Cheque or can be Telegraphed directly into our client bank account.
• Gepp & Sons should be in a position to exchange contracts once a completion date has been agreed by everyone involved in the chain. After Exchange of Contracts;
• Your solicitors need to carry out some final searches in time for completion. They will also request the mortgage monies from your lender and the balance to complete from you;
• You should ensure that your life policy and buildings insurance policy (if you are arranging this yourself) are both placed on risk immediately. You should arrange removals and advise the gas, electricity, water and telephone companies of the completion date. You must also register for council tax.

.....And finally

• The day of completion arrives. This is the date you are entitled to move into your new home but only once the monies have been transferred to your seller's solicitor's account;
• You should ensure that the contents insurance has been arranged for the day of completion.

After Completion... Gepp & Sons will register the property in your name and, if you have a mortgage, will forward the title deeds to your lender who will keep them as security. If you do not have a mortgage, then the title deeds can either be sent to you or retained at our office.

Click here to download a copy of our guide to buying and selling.