What is a Property Search Service?
Moving house can be one of the most stressful experiences we put ourselves through. With hundreds of estate agents and properties to choose from, finding the perfect property can seem quite daunting –where do you begin? Property Search Agents offer a unique service to take the stress out of buying property. The Property Search Agent will offer advice and guidance to the buyer throughout the process; from taking the initial search brief, to handing over the keys upon completion.
Preparation
Before starting your property search, ensure that you are a fully committed buyer with everything in place. If you are currently renting, be aware of the length of notice required to terminate your agreement. If you are a home-owner, have your property valued, placed on the market and preferably under offer. If finance is required, talk to a mortgage adviser who will calculate a realistic budget for you.
Selection Process
Understand from the outset what it is you are looking for and where. A member of an experienced Property Search team will sit down with the client and go through the reasons why they want to move and establish what they hope to achieve from their new purchase. From this meeting a detailed Search Brief will be drawn up.
A good Property Search team will use their contacts and resources (not available to the general public) to create a list of suitable properties. These are previewed and discussed with the client to produce a short list. This will minimise the wasted time buyers often spend trawling around estate agents and viewing properties that are simply not relevant. Remember estate agents are working on behalf of the vendor whereas a Property Search company works solely on behalf of the buyer.
Making the offer
When the ideal property has been found, an offer will be presented by the Property Search agent who will advise and liaise with the client throughout negotiations. This is where an experienced Property Search agents’ knowledge, research and advice are paramount. It can be alarming for buyers who do not know the market. This often results in many inexperienced buyers paying more than the property is worth.
The offer will be submitted to the estate agent in the most favourable light. Often, the Property Search agent will support the offer with comparables of recent sales from the same street or area. After negotiations, a sale price, satisfactory to both parties, is agreed.
Solicitors, mortgage and survey
When the offer is finally agreed, a solicitor should be instructed. Once solicitors have been appointed, their details will be passed onto the estate agent who will draw up the initial paperwork. The solicitors will then issue draft contracts and liaise with one another until all paperwork is satisfactory and in place.
If finance is necessary, the next step is to notify your mortgage lender of the agreed offer. The mortgage lender will then arrange for a Mortgage Valuation Report of the property to ensure they are prepared to finance the purchase.
Buyers may also want to carry out an independent survey; this is recommended if it is a period building.
A competent Property Search agent will advise the client on solicitors, mortgage lenders, type of survey required and whom to instruct for each service if not already appointed.
Exchange
Once all parties are satisfied and contracts are signed and exchanged, a deposit is paid and a completion date is agreed. At this point an efficient Property Search agent will advise and assist the client to arrange the following if necessary:
- Organise a removal company for the day of completion.
- Notify utility providers the date of completion and provide them with a forwarding address.
- Arrange insurance for the new property.
Completion
On the agreed date, completion of the transaction takes place. The remainder of the purchase price is paid to the vendor’s solicitor who confirms the sale is complete and arranges for keys to be released. A good Property Search team will oversee and liaise with the client on all aspects of this final process to ensure it is as stress-free as possible.
Summary
In theory, the process of buying a property may seem quite straightforward; however, in practice it is a great deal more complex with many unforeseen pitfalls.
With the extensive knowledge, resources and professionalism of an experienced Property Search agent, the client can rest assure that they will find the most suitable property in the minimum amount of time, be given the best advice and not feel the stress often experienced when buying property.
Glossary
Independent Mortgage Adviser –Not tied to any one lender with access to most mortgage offers.
Mortgage Valuation Report –Limited inspection of a property required by Banks and Building Societies. It deals primarily with the value of the property in its present condition.
Property Search Agent - Act solely on behalf of the buyer providing independent and extensive local advice and support on all aspects of relocation from property searches, negotiation, time saving and managing the whole buying process in some instances.
Search Brief –Detailed notes of what the buyer is looking for in a property.