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SEPTEMBER 2016

Adding Value

What we do for you.

We are often asked by clients “What is it you do for us when buying and selling property” or “can you explain the process”.

Our preference

Our preference is to become involved in your transaction from the moment you first think about buying or selling or both. That way, if you are selling we can make sure you have met all of your requirements in respect of local authority rules, complied with standard warranties, have sufficient to repay your mortgage following sale and, if we check the agreement before you sign it, can ensure that the dates contained in the agreement meet any time limits you may have. When purchasing we have a myriad of clauses that can be inserted into the agreement to protect your interests, before you sign it.

During the sale and purchase process we endeavour to keep you fully informed of any queries that are presented to us by either the real estate agents or the other side’s lawyers or any other issues that may arise. We also endeavour to counsel you on how to resolve any of those issues so that you achieve the outcome you desire. We attempt to do this as simply, as painlessly and as cost effectively as possible.

Unconditional

Once your agreement is at the unconditional stage we liaise with you and with your Bank (if any) for any discharges of mortgage or new mortgage instructions that may be required and prepare that documentation in anticipation of meeting with you to sign them. Unfortunately due to the volatile property market at present, Banks are finding it difficult to keep up with customer demand and we are finding that loan documentation is being sent to us by the Banks later and later and sometimes as late as the morning of settlement. We always suggest clients attend at their Bank sooner rather than later so the Bank has sufficient time to discuss interest rates, the term of the loan and whether any other documents such as guarantees might be required. We do not take pleasure in disrupting a client’s day (particularly when it’s the day before or day of settlement) to ask them to come in and sign documents. We are sure everyone would rather be packing, cleaning and anticipating their new beginnings.

Settlement

Settlement day is always an extremely stressful day for clients. The inevitable questions are asked: “What time will settlement be completed” and “when can we move in”. The unfortunate and simple answer is “we don’t know”. Delays with settlement are often inevitable. Before we can settle a sale we need the settlement statement from the lender (if any) showing how much is required to repay the current mortgage and the funds from the purchaser’s solicitors. For a purchase we need Bank funds, funds from the client and copies of documents evidencing that the property can be transferred, debt free, into the purchaser’s name. If our purchaser client has a property to sell first then we also need the funds from that sale. We spend much of our Fridays chasing Banks and other lawyers so our client’s settlements can take place as early as possible.

Our policy

Our policy is to be as proactive as possible and this includes ringing the other side’s lawyers and the Bank (if any) on the settlement day to try to speed up the process and to provide any assistance to them if possible to ensure our client’s settlement is carried out as early as possible on the day and therefore the client’s sale and purchase experience is as enjoyable as possible.

We are here to help – we are here to assist – and we enjoy doing so.