WHY USE UNDERWOODS TOWN & COUNTY?
Times have changed since we first opened in 1968; technology has advanced and
the demands of the public have become more intense. Underwoods Town &
County has certainly moved with the times in order to maintain the primary
objective of the company which is to look after the best interests of our
clients.
Many of our customers use us over and over again, and much of our business comes
from recommendations. When letting or selling your home, Underwoods Town &
County knows your area best. We understand the local market and know what has
let or sold, where, when and for how much. Importantly we know what your home
is really worth.
Underwoods Town & County’s approach is both friendly and refreshingly
different. To find out more, please give us a call and just ask. We are happy
to discuss with you about any property questions you have and promise not to
put you under any obligation, just free and friendly advice.
Relieving the pressures of moving home
Whether you are buying or selling a property, our friendly and helpful staff
will guide you through the process ensuring you are fully informed of progress
at every stage.
Within the Residential Sales section of our website you can begin searching for
your next home.
For further advice on buying or selling a property click on the Contact Us icon
where you are able to email us directly.
Finding the Right Mortgage for You
With such a wide range of schemes available finding the right mortgage can be a
daunting and time consuming task.
Our experienced and qualified financial consultants can help you choose the best
mortgage to suit your needs.
In addition, we can offer a comprehensive range of products and services to
provide you and your dependents added security for the future.
Your home may be repossessed if you do not keep up the mortgage repayments on
your mortgage.
Finding Your Ideal Investment
Whether you are looking to buy your first investment property or extending an
existing portfolio, our sales, lettings and financial teams will work together
providing a comprehensive service to fulfil your requirements. We can advise on
suitable areas and properties to buy, together with rental yields and mortgage
options available. Once you have found your ideal property we can ensure your
purchase proceeds quickly and with the minimum of stress.
And with our substantial database of potential tenants we can let your
investment and provide an ongoing management service we consider to be second
to none.
Your home may be repossessed if you do not keep up the mortgage repayments on
your mortgage.
A STEP BY STEP GUIDE TO BUYING YOUR HOME
Simply click on the headings to provide a brief explanation of the buying
process.
For further information or advice contact our friendly and helpful staff
Register with Underwoods Town and County
By registering with Underwoods Town and County we can help you to start
searching for your ideal new home.
The more detailed information you are able to provide in respect of your
requirements will assist us in finding the right home for you.
 Back
top top
Mortgage Enquiries
Reviewing current mortgage options available, obtaining advice and a mortgage
offer in principal should be investigated as early as possible in your property
search process. This can save considerable time once you have found your ideal
property.
As part of our service to you, we can offer a no obligation appointment with one
of our mortgage consultants.
Your home may be repossessed if you do not keep up the mortgage repayments on
your mortgage.
Back
top top
Viewing a Property
We will endeavour to arrange appointments to view properties at times that are
convenient to you. Where possible we will accompany you to the property during
weekdays, evenings and Saturdays.
Back
top top
Making an Offer
When you have found a suitable property and wish to make an offer, we will
submit this to the vendor verbally and in writing.
Throughout the transaction, you should appreciate that Underwoods Town &
County are acting for the vendor. We will have advised them on the value of
their property, based upon our knowledge of the area and current market
conditions at the time of our inspection.
Any offer you make on a property will be subject to contract and is not legally
binding on you or the vendor.
Back
top top
Costs to Consider
There are a number of costs to be taken into account when buying a property and
it is advisable to assess the total likely budget relevant to your purchase.
Typically these will include:
-
Solicitors fees
-
Mortgage arrangement fees (if applicable)
-
Stamp Duty
-
Survey fees (if required)
-
Local authority search fees
-
Removal costs
Our staff will be happy to assist should you require any help or advice on any
of these matters.
Back
top top
Sale Agreed
Once an offer has been accepted by the vendor, we will arrange for the agreed
terms to be confirmed in writing to all parties. As part of this process it is
advisable to agree a target exchange and completion date in advance.
At this stage you will need to formally instruct your solicitors, arrange a
survey, if required, and ask your financial consultant to proceed with your
mortgage application.
You should be aware that although this stage is commonly referred to as sale
agreed, the terms are not legally binding (England & Wales) until contracts
have been signed and exchanged.
Back
top top
Appointing a Solicitor
Before a sale can proceed, you will need to appoint a solicitor or licensed
conveyancer to process the legal work.
Back
top top
Legal Process
Once the vendor’s solicitor has obtained the property title deeds and other
relevant documentation, they will prepare a draft contractor of sale. Your
solicitor will examine all the papers and raise enquiries and related matters
about the property and also carry out a Land Registry search.
A local authority search will also be submitted to reveal details of planning
consents and related matters concerning the property together with any other
material local issues.
Once your solicitor is in receipt of all replies to enquiries, satisfactory
local search, your mortgage offer, a signed contract and deposit, they will
then be in a position to proceed to exchange of contracts.
Back
top top
Appointing a Surveyor
If you are obtaining a mortgage, the lender will normally require a surveyor to
carry out a mortgage valuation. This will check for any major structural
problems and provide a valuation to the mortgage lender. This does not involve
a detailed survey of the property and provides no obligations to you.
However, you may choose to instruct a surveyor to carry out a homebuyer survey
and valuation report or building survey, which provides for a more detailed
inspection of the property and highlight any potential areas.
Back
top top
Mortgage Offer
Once issued, your formal mortgage offer will be sent to your solicitor with a
copy to you. This will confirm the terms of the mortgage and deposit that you
will be required to pay.
Back
top top
Contracts Exchanged
Subject to all formalities being completed, the contract is signed by the
purchaser and vendor. The deposit, which is normally 10% of the purchase price,
is forwarded to the vendor’s solicitor, contracts will then be formally
exchanged. At this stage, the transaction becomes binding on both the vendor
and purchaser.
The completion date will be agreed between both parties prior to exchange of
contracts.
Back
top top
After Exchange
After contracts have been formally exchanged, you will need to put matters in
hand to ensure your moving arrangements proceed smoothly on the day of
completion. If you are selling and buying a property, this will involve a
considerable amount of arrangements and it is advisable not to leave them to
the last moment. The matters you will need to attend to are:
-
Arrange removals
-
Confirm change of address
-
Arrange contents insurance
-
Arrange for services to be transferred
-
Arrange buildings insurance
-
Arrange for redirection of mail
Our staff will be happy to provide further help and assistance in respect of
your move, should you wish.
Back
top top
Completion
Shortly before, or on the day of completion, the balance of purchase monies will
be transferred from your solicitors to the vendor’s solicitor’s account. Once
the property has been vacated the solicitors will confirm completion has taken
place.
You can now collect the keys to your new home – Congratulations!
A STEP BY STEP GUIDE TO SELLING YOUR HOME
Simply click on the headings to provide a brief explanation of each step in the
selling process.
For further information or advice please contact our friendly and helpful staff.
Property valuation (these should be hyperlinked to the topics below)
Property Valuation
Our valuation service is free of charge and is carried out by one of our
experienced staff. To request a valuation of your property please call or visit
our office.
Back
top top
Marketing
Once signed confirmation of your instructions and our agency terms have been
received, we will be ready to start marketing your property.
We will discuss with you the best campaign of advertising to maximise exposure
of your property to achieve the best price in a timescale to suit your
requirements.
Details of your property will be prepared immediately and, subject to your
approval, circulated to our database of prospective purchasers, and uploaded on
to our website and Rightmove.
Back
top top
Appointing a Solicitor
You are required to appoint a solicitor to deal with the legal formalities
involved in transferring ownership of your property. It is advisable to appoint
your solicitor at the same time your property is placed on the market. This
enables the title deeds and other necessary documentation to be obtained at an
early stage, which can save considerable delays once a sale has been agreed.
Back
top top
Viewings
First impressions count, and it’s important to ensure that your home is
presented in its best light before all viewings take place. Where possible, we
will accompany all prospective purchasers around the property and at times that
are convenient to you.
Our sales team will update you on ALL viewings and to report interest expressed
from prospective purchasers.
Back
top top
Dealing with Offers
All offers received will be discussed with you and confirmed in writing together
with any recommendations.
Any offer received will be subject to contract and is not legally binding on you
or the prospective purchaser.
Back
top top
Sale Agreed
Once an acceptable offer has been received, the price agreed, together with any
other relevant terms, you will be issued in a Memorandum of Sale, which will be
issued to both parties and your respective solicitors.
It is important to ensure that details of any extras included or excluded from
the sale are specified within the Memorandum and also advisable to agree target
exchange and completion dates.
You should be aware that although this stage is commonly referred to as ‘sale
agreed’, the term is not legally binding (England and Wales) until contracts
have been signed and exchanged.
Back
top top
Draft Contract
Once a sale is agreed, your solicitor will prepare and send to the purchaser’s
solicitor a draft contract of sale together with a copy of the title deeds and
other relevant documentation.
Back
top top
Preliminary Enquiries
Once a draft contract of sale and supporting documentation is received, the
purchaser’s solicitor will raise enquires and other related matters about the
property and also carry out a Land Registry search. A local authority search
will also be submitted to reveal details of planning consents any other
material local issues.
Back
top top
Exchange of Contracts
Subject to all formalities being completed, the contract is signed by the
purchaser and the vendor. The deposit is forwarded to your solicitor and
contracts can then be formally exchanged. At this stage the transaction becomes
binding upon both the vendor and the purchaser.
The completion date will be agreed between both parties prior to exchange of
contracts and will normally be approximately four weeks from the date of
exchange.
Back
top top
Completion
Shortly before, or on the day of completion the balance of purchase monies will
be transferred to your solicitor’s account. Once the property has been vacated
the solicitors will confirm completion has taken place.
JARGON BUSTER
A B C D
E F G H I
J K L M
N O P Q R
S T U V
W X Y Z
Additional Enquiries
Additional questions raised by the buyer’s conveyancer, often as a result of
queries from the purchaser or matters related to the survey.
Arrangement Fees
A fee charged by a mortgage lender or broker to arrange a loan
Back
top top
Bridging Loan
A temporary loan enabling someone to purchase a property before selling his or
her existing one.
Buildings and contents insurance
Insurance to cover damage to or loss of your home and its contents, in the event
of fire for example.
Back
top top
Chain
A situation that occurs when a buyer needs to complete the sale of his or her
existing property, to complete the purchase of his or her new property.
Completion
The final stage of the legal work, when the ownership of the property passes to
the buyer.
Conveyancing
The legal work undertaken to transfer ownership of the property from the buyer
to the seller.
Conveyancer
A person qualified to undertake conveyancing. Either a solicitor or licensed
conveyancer.
Back
top top
Deeds
The documents which prove legal ownership of a property. If a property is
mortgaged, the mortgage lender usually holds them.
Deposit
The amount of money paid by the buyer on exchange of contracts, usually 10% of
the purchase price.
Disbursements
Fees paid by the buyer’s solicitor on his or her behalf, which include stamp
duty, land registry and search fees.
Draft Contract
The first version of the contract of sale issued by the seller’s conveyancer to
the buyer’s conveyancer.
Back
top top
Equity
The difference between the value of the property and the amount of mortgage
outstanding.
Excess
An amount the policy holder must pay towards each and every incident of loss or
damage when making an insurance claim.
Exchange of Contracts
The point at which the signed contracts to buy and sell are exchanged to legally
commit the buyer and seller to the transaction, at the price agreed.
Back
top top
Fixtures and Fittings
All items included within the sale of the property, which do not form part of
the structure
Freehold
The term to denote that the property belongs to the owner entirely (subject to
any mortgage or lease granted)
Freeholder
The owner of a freehold property
Back
top top
Ground Rent
The charge made by the Freeholder to the Leaseholder as a right to occupy a
property.
Guarantor
A third party who undertakes to ensure mortgage payments are made in the event
that the borrowers fail to do so.
Back
top top
Land Registry Fees
A fee paid to the Land Registry to register the ownership of a property.
Lease
A Legal document the Freeholder issues, which grants tenure for a given period
of time.
Leaseholder
The person who takes, or is granted a lease.
Local Authority Search
Enquiries raised by the purchaser’s conveyancer to the local authority to
establish any issues likely to affect the property now or in the near future.
For example, proposed development.
Back
top top
Maintenance or Service Charge
The costs incurred by the Freeholder for repairing and maintaining the common
parts of the building, occupied by Leaseholders.
Mortgage
An amount of money advanced by a lender, normally a bank or building society,
secured on a property.
Mortgage Deed
A legal document confirming the terms of a mortgage and the lender’s interest in
the mortgaged property.
Mortgage Rate
The standard variable interest rate quoted by all mortgage lenders, which is
normally related to the base rate set by the Bank of England.
Back
top top
Offer
An amount that a buyer offers to pay for a property
Open Market Value
The price a property would achieve on the open market when there is a willing
seller and a willing buyer.
Back
top top
Preliminary Enquiries
The initial enquiries, about the property being sold, raised by the buyer’s
conveyancer at the early part of the conveyancing process.
Back
top top
Redemption
When a mortgage is repaid in full
Remortgage
Refinancing a property by either moving a mortgage to another lender and/or
increasing the amount of loan to raise capital
Retention
Where a mortgage lender retains part of a loan, pending satisfactory completion
of specified works.
Back
top top
Sole Agent
When a seller chooses only one estate agent to sell his or her home.
Stamp Duty Land Tax (SDLT)
A tax paid by the buyer of a property, where the purchase price exceeds
£120,000. The rate of SDLT ranges from 1% to 4% of the purchase price,
depending upon the value of the property bought.
Subject to Contract
The term used to confirm that the transaction is not legally binding. The sale
of a property is always agreed ‘subject to contract’
Back
top top
Transfer Deed
The legal document that transfers the ownership of a property from the seller to
the buyer Under Offer The status of a property for sale, when a seller has
accepted an offer from a purchaser but prior to exchange of contracts.
Vendor
The legal name for a person selling a property
Back
top top
|