Navigating the complexities of selling your property
The sale of a home is invariably a period filled with stress and significant emotional investment, often mirroring the complexities encountered when purchasing your first property. This experience can become even more intricate for those simultaneously selling their current home while buying a new one.
Following the acceptance of an offer on your property, a wave of excitement is natural, marking an important milestone in the selling process. However, it is essential to understand that this is not the conclusion but a pivotal point in continuing your property-selling adventure.
Legal and financial preliminaries
If you haven’t already, appointing a solicitor to convey your home is critical. Doing this without delay ensures that the transaction advances smoothly. A deposit or a portion of the conveyancing fees is generally required at the outset.
Obtaining your mortgage offer
Next, translating an Agreement in Principle from your mortgage lender into an mortgage offer is necessary. This step formalises the loan amount you will be granted.
Valuation and documentation
Your mortgage lender will arrange for a professional property valuation, a prerequisite for finalising your mortgage application. This assessment varies depending on the property valuation and will be confirmed in the mortgage ESIS (Illustration) may cost between £150 and £1,500, typically absorbed into the overarching mortgage fees.
Final stages before completion
It is not uncommon for a mortgage lender to request further documentation when finalising the loan agreement. This could include asking for additional identification or proof of income.
Concluding the transaction
Upon receiving a formal mortgage offer, your solicitor will coordinate the signing of contracts, leading to the exchange with the seller’s legal representative.
Completing the sale
The final steps involve transferring funds, including your deposit and the borrowed mortgage amount, to complete the purchase. Following this, the long-awaited moment of moving into your new home arrives, signalling a time for more celebration.
Are you ready to discuss your mortgage requirements?
If you require further assistance or information on the complexities of selling your property or your mortgage requirements, do not hesitate to contact our team. We are here to support you every step of your property-selling journey. For more information, contact Fitch & Fitch – telephone 020 7859 4098 – email info@fitchandfitch.co.uk.