Does Your New Home Exist?
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Armed with the price range you can afford the next step is to check that the type of property you want to buy exists in the area you want to live.
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This can be done by reading local newspaper property sections and popping into the local estate agent offices and surfing the web.
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However it is not a time to get too excited as you cannot purchase anything until you have found a buyer for your own property.
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a/ Find an area you want to live in
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b/ Check property prices in that area
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c/ Make the decision to sell
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Employing an Estate Agent
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The next stage is to place your home on the market and get a buyer. An estate agent will organise a Home Information Pack and take full particulars. The agent will advise you on the quality of any offers received. In addition to negotiating a price he will check the potential buyers ability to proceed. Have they sold, is there a completed chain, at what stage is the chain and have surveys been carried out, has mortgage finance been arranged, how quickly do they want to move, has everyone viewed the house who has a say in the purchase?
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When you have decided to sell it is also time to instruct a solicitor, unless this has been combined with HIP production.
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a/ Instruct an Estate Agent to sell your home.
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b/ Carry out any minor improvements/decorations
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b/ Instruct a solicitor.
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Securing a Purchase
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Once an offer has been accepted you will be in a position to make offers yourself. You will have kept a careful eye on the market while selling your own home and may even have viewed selected properties. Now you can get serious as any offer you make is backed up by the potential sale of your own home and the mortgage finance that you have already arranged in principle.
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The Transaction
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According to Government statistics it takes on average 8 weeks from the time an offer is accepted to exchange contracts and a further 2 weeks to completion. You should allow 3 months. Therefore there is plenty of time for something to go wrong and nothing is legally secure until the contracts are exchanged. Your agent will endeavour to smooth potential problems before they arise.
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