Property for Sale
Are you considering buying or selling a property or properties in the North East area?
If so, then think about using Elite Estates. As specialists in this field you can relax knowing that your property is in safe hands. Our service is both cost-effective and most importantly, very professional.
Arranging your mortgage
Before you begin your property search, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. This will confirm how much money you will have to fund the purchase, which will ultimately influence your property search.
Our recommended mortgage broker (see Mortgage and Insurance tab) LINK has access to the entire market, as well as exclusive deals and rates to help find you the best mortgage available.
Register your interest
The first step to finding the right property is to register with us either by calling us on 0845 604 4485 or email us where you can discuss your property requirements with one of our local agents. You can also register your interest about a specific property online if you are short of time.
With many properties to choose from you can rest assured we have just what you’re looking for. Check out our website to find Durham property for sale.
Finding the right property
Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available. Search properties for sale
The key to successful viewings
We’re open at times to suit you, convenient for viewing after work and at weekends:
We are open 9am-6pm Monday to Friday and 9am-2pm Saturdays, Sundays and Bank Holidays. In addition, our phone lines are open 9am-8pm, 7 days a week.
In order to secure a property, we recommend an early viewing.
We will accompany you throughout so that we are on hand to answer any questions immediately and advise where necessary.
Instructing a solicitor
The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to use a solicitor who knows the area that you’re moving to and specialises in conveyancing.
We can offer excellent recommendations if required.
Making an offer
Once you have identified a suitable property for sale we will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle).
There are no legal obligations on either side until contracts are signed.
Once your offer is accepted on the property for sale we will do the following:
• Property for sale – Prepare a memorandum of sale
• Write to all parties to confirm the agreed price of the property for sale
• Ask you to confirm your solicitor’s and mortgage broker’s details
You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage broker to proceed with your application.
As part of the conveyancing process your solicitor will do the following:
• Raise any enquiries on receipt of the draft contract from the seller’s solicitor
• Request their own local searches
• Agree on a date for exchange of contracts
We will assist your solicitor and negotiate throughout the process, keeping you informed every step of the way.
Survey and mortgage offer
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property’s value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. There are no legal obligations until contracts are signed.
Exchange of contracts
Exchange of contracts occurs when all enquiries have been confirmed and agreed.
Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker’s draft from your solicitor to the seller’s solicitor. The completion date is then set by mutual agreement.
Stamp Duty Land Tax was introduced in December 2003 and replaces the old stamp duty on purchases of flats, houses and other land and buildings. If you have your property for Sale, this is paid by the Buyer.
It is a percentage paid on the purchase of a home or non-residential property, graded into bands.
The current Stamp Duty Land Tax rates are:
• Up to £125,000 – Zero
• The next £125,000 (the portion from £125,001 to £250,000) – 2%
• The next £675,000 (the portion from £250,001 to £925,000) – 5%
• The next £575,000 (the portion from £925,001 to £1.5 million) – 10%
• The remaining amount (the portion above £1.5 million) – 12%
Stamp Duty Land Tax (SDLT)
Freehold sales and transfers
You can also use this table to work out the SDLT for the purchase price of a lease (the ‘lease premium’). Property or lease premium or transfer value SDLT rate:
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
Example: If you buy a house for £275,000, the SDLT you owe is calculated as follows:
• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £25,000 = £1,250
• Total SDLT = £3,750
New leasehold sales and transfers
When you buy a new residential leasehold property you pay SDLT on the purchase price of the lease (the ‘lease premium’) using the rates above.
If the total rent over the life the lease (known as the ‘net present value’) is more than £125,000, you also pay SDLT of 1% on the portion over £125,000 – unless you buy an existing (‘assigned’) lease.
Higher rates for additional properties
You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.
4 weeks to completion
If required, book a professional removal company to help you move.
If you are taking your white goods with you book a reliable service firm to prepare them for the move.
Sort through all your belongings and sell or give away any unwanted items.
Start collecting plenty of boxes (if the removal company don’t provide them) to transport your belongings.
Inform all service providers of your change of address, including utility companies, TV licence, DVLA, credit cards etc.
Start packing and label boxes clearly.
Start taking down any fitted items that are coming with you (e.g. shelving and pictures etc).
If you have any pets arrange a home for them on the day of the move.
Start using up any frozen food and buy small supplies until you move.
Return any borrowed items, such as library books etc.
Cancel deliveries of newspapers, milk etc.
Organise your plants for the move and make sure they all have proper tubs to transport them in.
If necessary, defrost and clean the fridge and freezer so it is ready for the move.
Pack a box of personal items that will be needed immediately at your new home (e.g. light bulbs, toiletries, kettle etc).
Contact your removal company to confirm their arrival time and notify them of any last minute details.
Organise and set aside any items that you are taking with you so that they don’t get loaded on the van by mistake.
Disconnect everything from your old property, write down your meter readings and inform your utility companies.
Strip beds and pack bedding.
Before leaving, double check you haven’t left anything behind.
Check all windows are closed and doors locked.
Hand keys into the estate agent.