Call us now on
0141 387 0556

Quick Sale Properties, 272 Bath St, Glasgow G2 4JR

The Process Of Selling & Buying Your Property

Most of us do not buy or sell a house frequently so we have outlined the typical process of selling your house for your information. The information also provides you with the process the purchaser of a property would typically go through too. We hope that it will give you a better understanding of the whole process of selling your property whatever method you decide to use.

1. The Process of Selling Your Property

Sell on the open market or sell privately to QSP®?
You will have to decide to sell in a traditional manner or sell to specialist buyers like us. There are obviously pros and cons to both only you will now what is more suitable as each case can be quite different. Traditionally you would put the property on the books of an estate agent who will advertise it on the internet, window and by for sale signs. We can arrange for you to sell privately avoiding any estate agent fees and also can do it to suit you in timing. The benefits can include saving a lot of time, energy and wasted marketing money if it doesn't sell.

A quotation of the fees for the service is also an important thing to remember to ask at an early stage as most solicitors have their own fee scale.

If you are buying another property it is possible for your solicitor to create a date of entry for selling the property and buying the new one in the same day.

Dealing with the title.
When a purchaser's offer is accepted, both side's solicitors will be working on different things. The purchaser's solicitor will be examining the titles and your solicitor will be carrying out searches with the public registers to find out are there any reasons why you are not to sell your property. Your solicitor will also deal with things like Property Certificates from the local authority and also at this time any other problems that may surface such as missing building warrant and any Statutory Repairs Notice. All these matters are preferably dealt with well before you actually decide to sell your property as it can delay matters. For instance if your property had structural work carried out without a proper building warrant, it might jeopardise the deal altogether. There are occasion when the local council are willing to issue a 'Letter of Comfort' to you in order for you to complete the sale of your property.

Transaction complete.
When all the above mentioned is dealt with both solicitors will work towards settlement. Your solicitor will have prepared the 'Disposition' which is a new title signed by you to transfer the property to the new owner. On the settlement day, your solicitor will forward keys and the title of the property to the purchaser's solicitor in exchange for the money agreed for the purchase. Your solicitor will then have to discharge any existing loans and mortgages. After those solicitors fees and outlays will be deducted from money received and then what is left over is known as the proceeds. These proceeds will then be given to you by either Telegraphic transfer or by a cheque.

We are always here to help and if you have any areas you would like to discuss with us, just give us a call on 0141 387 0556 anytime and we will be happy to help. All information will be given free and our staff are all friendly and will guarantee your privacy and confidentiality.

2. The Process of Buying Your Property

In brief.
Purchasing a property involves you to find a suitable property then the next step is to instruct a survey to be carried out and for an Offer to go to the seller's agent. You'll have to arrange for finance/mortgage to pay for the property unless you are paying all by cash. You'll most likely to need some qualified advisor to guide you through the process. The process begins well before you put in an offer and does not really end after you get your keys for the property you're buying. Throughout this procedure your solicitor is there to give you advice and explain any questions you may have.

Finding the right property.
Your 1st step is to find a property you want to purchase but you are most likely to be the seller when using this site and we are the buyer. In conventional practice, the purchaser would ask his/her solicitor to 'note interest' in the property they're interested in. This procedure is either faxed or by phone but does not necessarily tie the buyer down to any contract. However it is very useful in that it will register your interest and a good selling agent will keep you informed of developments for example if there is a 'closing date' set for the property.

Arrange your survey.
A survey will need to be carried out at this stage to determine the value of the property and also can indicate to the purchaser of any problems e.g. Structural problems which can prevent mortgage lending. There are many different types of survey for example and scheme 1 or a scheme 2. Your solicitor should be able to advise you on the most suitable type for your case.

Arranging a mortgage/loan.
Unless you are a cash buyer of properties, you are most likely to need a mortgage or loan. You'll have to have the mortgage in place and there are many different types of mortgages in the market ranging from interest only, repayment, fixed rates, variable rates, deferred rates, flexible rates, Islamic mortgages and so on. It can get confusing but you can either go to independent mortgage advisors or ask your solicitor for details.

Submit an offer.
After the survey and loan are in place, you would instruct your solicitor to submit an offer to the selling agent for the property. There are a few possible scenarios here; if there are a few people interested in the property the selling agent might set a closing date which typically you would give your best offer and normally the highest bidder gets the property. However, if you happen to be the only person interested or the property has a fixed price, you can submit an instant offer. Be aware putting in offer can create a binding contract to buy the property when it is in a further stage and has legal implications so be careful that you have your mortgage arrangements in place before getting to that stage.

You should by this stage enquire and obtain quotes for building and contents insurance. Contents insurance is optional but buildings insurance is essential. Your solicitor and surveyor can advise you further on this.

Negotiable areas.
At this stage you can negotiate with the seller on a few areas including the date of entry which basically means the date you pay the purchase price to the seller in exchange for the title to you in your name and for the keys. You can also agree on items included with the purchase e.g. blinds, curtains, flooring and appliances etc. Sometimes even guarantees including the working order of central heating systems etc. If there is a Statutory Repairs Notice on the property you can at this stage find out how to deal with it. After all of the mentioned have been agreed your solicitor then works towards a binding contract to buy the property.

Looking into the title deed.
During all this activity your solicitor will be checking on the title for the property which might have for example special conditions or burdens. Typically if it is a flat it would oblige you to pay your share for the common repairs and also might restrict the use of the property for certain things only.

The transfer of title to you.
A Disposition which is a new title deed will be produced for the seller to sign and if you have a mortgage loan to buy this property; a standard security will have to by signed by you the purchaser which gives your mortgage lender security over the property and certain rights in certain scenarios, for example if you cannot keep up with your mortgage payments the lender might repossess the property and sell it. For further information click on the stop repossession link.

Purchase completion.
With most of the above dealt with it would mean the purchase is completed. This means the purchaser will have the title in his/her name and have obtained the keys. The seller will have received the funds from the sale of the property. There are other things you might want to consider at this stage including drawing up a Will. Your solicitor can assist you on this and most solicitors provide Will creation service along with their conveyancing service.

Legal fees.
You should ask your solicitor what is the fee for purchasing a property and ask for a total amount which includes VAT, outlays, registration dues, stamps & incidents etc as they all add up. The solicitor will also be able to advise you on fees for a Will too. It is never too early to consult your solicitor regarding purchasing your new property.

Ready to sell? Just contact us.

Financial Difficulties

We get lots people who are having difficulties with their finances. It can be credit card debts building up or mortgage arrears getting out of control even personal loan debt reaching an unmanageable amount. Whatever your financial situation, we are here to find the best way forward for you.

Find out more >>


"I was sceptical at first to make contact, but once I'd contacted QSP the rest was just so easy. My only regret was i did not get in touch sooner"

J. Ross - Glasgow North


link to video and other QSP customer testimonies

click here for latest news items