As in any industry their are terms and terminology that estate agents use that you may not have come across before: (exchange, completion, making offers, under offer, sold, sole agency, multiple agency, joint agents, joint sole agents, sole agent tie in period, sold subject to contract, survey, contract, Solicitors, Surveyors, local authority search, surveys, mortgage valuations, downvalue, sealed bid, contract races). Here we have tried to explain the buying process in plain English:

THE BUYING PROCESS - 10 STEPS:

1- CALCULATE YOUR FINANCES

Speak to a mortgage broker to calculate the best mortgages available to you and your financial circumstances (Income multiples and deposit).

2- DEFINE YOUR SEARCH

Work out the areas, the property size and type and register with the major Property Portals (Assertahomes, Rightmove, findaproperty etc) and halfapercent.com

3- INSTRUCT A SOLICITOR

It is important to find a solicitor that ideally is based in London or is experienced in the conveyencing of London property. The least expensive Solicitors may not necessarily give you the support both verbally and in print. Remember you are making your life's largest financial commitment and the cost of your purchase potentially falling through could cost you double!

4- MAKING AN OFFER

When making an offer on a property the selling estate agent will require the following information: - Full amount of offer - What contents are included in the offer - Purchaser's status- property to sell (name and contact details of selling agent- and own property status- eg on market, under offer, first time buyer, no relevant sale. - Finances- percentage of deposit ( Is the equity subject to the sale of shares,etc?), Lending (with which institution eg name of Bank or building society) - Name of your solicitor In accordance with the Estate Agents Act all offers have to be put in writing to the Vendor.

5- ACCEPTANCE OF OFFER

On acceptance of your offer the selling agent will require your full contact details and the name of Solicitor, address, DX , telephone and fax numbers, where upon Terms of the agreed sale are drawn up by the selling agent in the form of Sales memorandum.

6- SURVEY

Pay for survey on behalf of your bank or building society (usually Mortgage Valuation or Home buyers Valuation) We recommend that you initially pay for a Mortgage Valuation, if that produces queries then instruct your own Surveyor . The time between survey and mortgage offer, approval of the lending, can be between 3 and more commonly 10 working days. If you are a Cash Buyer (100% cash and no financing) then it is advisable to carry out a full survey from a Chartered Surveyor .

7- CONVEYENCING PROCESS

The solicitor will respond to enquiries raised within the 'Sellers Pack' which comprises; Contract, Vendors Questionaire form, Fixtures and Fittings form, planning consent, buildings regulations, guarantees and in the case of leasehold properties- Accounts, projected future works to the property etc. When the solicitor is satisfied with the purchase, a report is sent to the purchaser.

8- LOCAL AUTHORITY SEARCH

Instruct and put your Solicitor in funds for the Local authority search, some local authorities require a plan of the property, before conducting a search on the property. Areas covered by the search are planning consent, Environment etc. Searches can take between 2-5 weeks to come back, alternatively one can do a personal search that take 24 hours, but these are rarely accepted by Lenders (Banks or Building Societies) Personal searches are more common practice in 100% cash purchases. Searches expire after 3 months and are thus not accepted by Lenders. Approximate cost- £150

9- EXCHANGE OF CONTRACTS

Once your solicitor reports to you with the contract for signing you are then required to produce the deposit ( cheque, CHAPS payment etc) for exchange. Exchange cannot take place until a completion date is agreed throughout the chain. A maximum of 10%, of the purchase price, is put down by the purchaser as a cash deposit. In the case of a chain the deposit is passed on by the Vendor, to their next purchase.

10- COMPLETION OF SALE

Completion of the sale can only take place during a weekday and usually between the hours of 9.00am and 3.00pm. Once completion has taken place you are the rightful owner and access to the property.

If you would like further advice on any of the estate agents terms: (exchange, completion, making offers, under offer, sold, sole agency, multiple agency, joint agents, joint sole agents, sole agent tie in period, sold subject to contract, survey, contract, Solicitors, Surveyors, local authority search, surveys, mortgage valuations, downvalue, sealed bid, contract races). Please do not hesitate to contact us - Remember we offer a FULL ESTATE AGENCY SERVICE.