Buying with Reel Estates
The following page contains everything a purchaser will need to know about purchasing a residential property with Reel Estates. The following reveal boxes are the individual stages of the buying process. Please feel free to click on any of the areas you are unsure of alternatively if you would like to speak with a member of staff please feel free to contact us.
Register With Reel Estates
Our experienced negotiators need as much information as possible about the type of property you are looking for. Once the information is acquired they are experts in helping you find your ideal property.
You can either:
It is advisable to get a mortgage agreed in principle as early as possible, as this will speed up your mortgage application. View our financial services
Viewings can be conducted by appointment between 8am - 7pm Monday to Friday and 9am - 4pm on Saturdays.
Making an Offer
Once you've found a suitable property, we'll put your offer forward to the seller, both verbally and writing. Any offer is subject to a contract being signed. There are no legal obligations on either side until the contract is signed.
A solicitor will be required to handle the legal paperwork involved (conveyance). It is preferable to use a solicitor who specialises in conveyancing. View our conveyancing services
Once your offer is accepted, you will need to instruct your solicitor to proceed immediately. At this stage always ensure that exchange and completion dates are agreed. This is also the time to instruct your mortgage broker to proceed with your mortgage application and make arrangements for a survey.
This is drawn up by the seller's solicitor and sent to your solicitor, who will raise some preliminary enquiries and make a Land Registry search.
Local Authority Search
Your solicitor will submit a local authority search to the local borough council. This will reveal, for example, planning consents granted for the property and any local issues.
A survey is carried out on the property by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property's value.
Once results of the local search and answers to the preliminary enquiries are received, the draft contract is approved by your solicitor providing there are no further enquiries.
Formal Mortgage Offer
This document will be sent to your solicitor for you to sign. Once signed and returned your mortgage is in place and you are ready to exchange contracts.
Exchange of Contracts
The contract is signed by you and the seller. The deposit (usually 10% of the purchase price) is telegraphically transferred or paid by the buyer's solicitor in the form of a banker's draft. The completion date is set.
This is generally set a few days to a few weeks after exchange of contracts, depending on each parties' personal requirements. Residual monies (usually 90%) are now transferred from your solicitor to the seller's solicitor's account.