For Buyers

Finances

To avoid disappointment further down the line, we recommend that you ensure that your finances are in place before you start the process of buying a property.  If you have funds in savings or shares please ensure that you can access these easily and that there are no fixed timelines for withdrawal.  If you need a mortgage, please ensure that you have your mortgage approved in principle before enquiring about properties.

Instructing a Solicitor

You will need a solicitor to act for you for the purchase of any property and if you need a recommendation for a solicitor, please contact us in the office.

Making an Offer

Once you have had an offer accepted we require a booking deposit from you, which traditionally is 4% of the purchase price and this is fully refundable until both parties have signed the contract.  We will require the buyer’s full details and solicitor’s details. Once the booking deposit has been received, we will send paperwork to both party’s solicitors.  Offers are not legally binding until the contract has been signed by both parties. 

Once documentation has been sent to your solicitor you should stay in close communication with your solicitor and we will also help guide you through a conveyancing process and liaise with both solicitors to answer any questions that they may have.

Engineer’s Report

If you are obtaining a mortgage, an engineer’s report will be required by your solicitor and mortgage lender.  This is to protect their interest and also yours, should any queries arise we will assist in dealing with these problems.  If you do not require a mortgage then we still recommend that you obtain an engineer’s report for your own peace of mind.

Exchange of Contract

Once your solicitor’s queries have been answered you will be asked to sign the contract and pay the remaining balance of the 10% required, including the booking deposit paid to Spencer Auctioneers. Once contracts are signed this then becomes a legally binding agreement and a completion date is set by mutual agreement with the purchasers and the vendor.

Completion

Completion is the moment when the property purchase is finalised and the remaining balance of the funds need to be paid to your solicitor by an agreed completion date, once your solicitor has transferred the funds to the vendor’s solicitors the vendor’s solicitor will then inform us that the sale has closed, and we are able to release the keys to you as the new owner.