Understanding the Buying Process

Buyers Guide

Livingroom would like to offer some guidance for your journey ahead, hopefully helping you on your journey for a successful property purchase.

Firstly, it is very important that your offer and terms of your offer are detailed and understood fully. Misunderstandings on these details can lead to disappointment and potential for your sale not to move forward.

Livingroom details are purely a guide and do not guarantee accuracy nor do they form any part of the contract. The vendor is entitled to change their mind on what they include or exclude, normally until the inventory is finalised and agreed by both parties.

Housing Qualifications

Entitled Can buy, sell or lease any property

Licensed Can buy, sell or lease any property (apart from first-time buyer restricted or social rented housing) in their own name if they keep their 'licensed' status.

Entitled for work Can buy property jointly with an 'entitled' spouse/civil partner.  Can lease 'registered' (previously 'unqualified') as a main place of residence.

Registered Can lease ‘registered’ property as a main place of residence.

Lending

Your mortgage lender/broker should be advised of your intended purchase as soon as possible. If you are borrowing any funds it is essential that all financial "offer" letters are clear and precise and that arrangements for funds are either active or previously arranged.

Livingroom

“Upon a purchase price being agreed, you will need to appoint an advocate to act on your behalf. If you do not have an advocate, Livingroom would be happy to provide details and recommendations of any advocates that may suit your needs.”

Money Laundering

Your Advocate, Estate Agent and Lender will also require KYC in relation to Money Laundering regulations and this should be submitted ASAP to avoid any delays.

Set a date

We would generally recommend a completion date of 5-6 weeks. Court sits every Friday afternoon although if you are buying Share Transfer property this can complete on any day of the week. It is important to work out times with removal companies regarding vacating your property on time and access time to your new property. Our agents can help liaise with all parties to come to an agreement on access times. Access is generally granted or agreed within 24 hours of completion.

Survey

We would recommend instructing a surveyor to provide a survey on your proposed property within 24hrs of your offer being accepted. If you are borrowing from a lender, please consult with them as not all local surveyors are approved by all lenders. Their lead times can often vary depending on which survey you choose -

Mortgage Valuation report
This is the most basic report which simply provides satisfaction to the bank or building society about the value of the property against the lending amount. This report usually takes 2 working days.

Homebuyer's report
This is the middle-of-the-road option. It will provide you with a general report as to the condition of the premises and may provide some practical pointers as to the repairs that should be carried out. If some repairs are required, the bank may make it a condition of the mortgage that the repairs are carried out within a number of months after the purchase. It will also provide an accurate valuation of the property which will be relied upon by the bank.

Full structural survey
As the title suggests this provides a full and detailed report as to the condition of the premises. This is generally only appropriate when you are buying an older property. The survey will give you guidance as to the likely repairs that you are to be faced with during the course of ownership. This type of survey is usually tailored to specific purchasers' needs.

If you do not already know a surveyor Livingroom will be more than happy to recommend one to meet your needs

Completion

Contracts in respect of sale of property in Jersey need to be passed before the Royal Court on a Friday afternoon. You can attend personally to pass that contract or you can appoint your advocate to act on your behalf under what is known as a Power of Attorney. On the same day as the purchase of your property your mortgage is registered before the Royal Court. Prior to proceeding to Court, your advocate will need to receive from you the balance of the price of the property over and above the amount of the mortgage plus the stamp duty and other fees which are payable in respect of the contract and mortgage.

The financial side of conveyancing in Jersey is completed on the Tuesday following the Friday in Court. We will receive from the bank the amount of your mortgage which will be paid over to the vendor's lawyers together with the balance of the purchase price which you will have paid to us previously. You will however receive the keys to the premises at completion of the contract on Friday afternoon and the property will be in your ownership at that time. You will therefore need to ensure that insurance for the property is in place in time for completion.

If you have any further queries please contact Livingroom where we will be happy to answer any questions you may have.

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