Are you in the process of selling your London property and received favourable inquiries? If yes, then, it becomes imperative for you to evaluate the offers, especially the buyer. When an offer is received on your property you will be notified in writing and verbally.

You should consider factors such as the buyer’s financial position, timescales convenient for you, the existence of a chain and any special conditions made as part of the offer. Your agent should verify the buyer’s ability to proceed with the sale. Assuming you accept the offer, a Memorandum of Sale will be produced outlining the general conditions of sale, but both you and the buyer will still be able to withdraw from the process at this point without penalty.

The buyer will then arrange a survey to confirm the good structural order of your property; if a mortgage is part-finance the purchase the lender will also arrange a separate survey to verify that the property is worth more than the loan being sought.

Your solicitor will draft a contract, requiring the Title Deeds and a Property Information Form, which is sent to the buyer’s solicitor. Exchange of contracts and definition of timescales will occur once the following have been confirmed and agreed – Preliminary enquiries; Title search and confirmation; Specific issues with the Lease, if any; Local search queries; Contents of the sale (such as fixtures and fittings) and Mortgage offers

Until this point in the process neither the buyer nor seller are legally committed to facilitating the completion of the sale. If you want more information on evaluating an offer, consult experts at Strawberry Star by contacting any of our London offices.