Finance

If your purchasers are using a mortgage provider for any part of the purchase, they will need to submit a full mortgage application to begin the process. Before their lender can guarantee to provide the funding required, they will insist on inspecting your property. Usually the lender will offer them two types of inspection: A basic Valuation will check only briefly the condition of the property and may comment only on its value. Alternatively, a Homebuyers Report will provide much more detail on the overall condition of the property, and may make recommendations to check certain areas more thoroughly.

In either instance, we normally expect this appointment to be made within three weeks of the property sale being agreed. Should this report recommend/require further investigation of any specific issues, further access to your property will need to be arranged.

Once a purchaser has investigated any recommendations or requirements brought up in their valuation or survey, they might attempt to renegotiate the agreed price. There are no hard & fast rules with this scenario as each property is different. Subsequently, we will continue to advise you but will, ultimately, take your instructions. All we can suggest in such a situation is that neither party lose sight of the overall desire to move and get caught up on principal!

Once your purchasers' mortgage provider is completely satisfied with the value and condition of the property and their own personal situation, they will produce a Mortgage Offer. This document guarantees the finance and must be in place before their solicitor can exchange the contract of sale.