When you have made a successful offer for one of our clients’ properties, we will ask you for further information in order to move the transaction swiftly forward, much of which can be classified under the heading of ‘due diligence’.
- Your solicitor’s details to include the full name and address of the firm, the name of the person attending to your purchase, their telephone number and email address.
- Details of how the purchase is to be funded which means how much is to be by way of a mortgage and how much is to be funded by cleared and available funds. This is the loan to value ratio.
- Where the purchase is to be totally or partially funded by cleared and available funds, we will be required to see evidence of those funds, for example, by provision of a current bank statement.
- Details of your lender with contact details or contact details of your financial adviser if you are using one.
- New and more stringent money laundering regulations will require us to ask you for proof of identity and your current address.
- It is unclear yet as to whether or not we will be required to ask for information on the source of any cleared and available funds.
Once a purchase has been agreed and all information gathered we will send out a Memorandum of Sale to both seller and purchaser and their solicitors detailing the price and any other information deemed relevant to the transaction.
Once you have commenced the transaction you should arrange for the lender’s valuation survey as soon as possible. This increases the confidence of the seller that you are a serious purchaser and may highlight issues at an early stage allowing time for them to be resolved.
You should also put your solicitor into funds to carry out the range of necessary searches at an early stage. Once again this increases the confidence of the seller that you are a serious purchaser and may highlight issues at an early stage allowing time for them to be resolved.
As responsible and professional estate agents, we will enter key benchmarks actions and dates in the transaction progress schedule to monitor the progress of the transaction and keep it on track.