The Buying & Selling Process (in England)

[Buyer/Seller]

  1. Buyer seeks financial advice and determines budget
  2. Seller (referred to as the vendor) obtains valuations from estate agents
  3. Vendor appoints an estate agent
  4. Home Information Pack (HIP) provider compiles the HIP
  5. Property marketed - details on to the internet, agent's board displayed outside the property, press advertising etc.
  6. Estate agent arranges viewings for potential buyers
  7. Buyer makes an offer
  8. Negotiation on the offer may take place
  9. Vendor accepts the offer
  10. Vendor appoints solicitor
  11. Buyer organises finance (which may require a building society survey)
  12. Buyer appoints a solicitor
  13. Buyer may choose to commission a full structural survey
  14. Draft contract supplied by vendor's solicitor to the buyer's solicitor
  15. Vendor required to complete a questionnaire regarding the property
  16. Vendor and buyer agree a completion date i.e. a date when the sale will be completed and full ownership will pass to the buyer
  17. Vendor and buyer exchange contracts and the buyer places a deposit on the property
  18. Completion takes place balance of sale price is transferred between solicitors and the buyer takes possession of the property
  19. The vendor pays the estate agent via his/her solicitor
  20. The buyer pays the Inland Revenue via his/her solicitor if applicable

Please note that this information is intended as a guide - it is not an exhaustive list.