Solicitors Guide for Buying a Property
Privatehousetrade.co.uk is a website that facilitates the online purchase of property between the Buyer and Seller either by a Classified Advertisement, Trade/Part-Exchange of properties or Online Auction/Buy It Now. When buying by means of Auction/BIN, Trade/Part-Exchange, or 'Make an Offer' the Buyer must submit their solicitor’s details before they can place an offer on a property on the website. This document is a brief guide to assist solicitors when their client is buying a property on Privatehousetrade.co.uk. For further information please refer to How It Works
section of the website.
- Before a client is able to place an offer on a property through Privatehousetrade they must first enter their solicitor’s/conveyancer's details so a member of staff from Privatehousetrade can verify that the client is indeed genuine and has met all the requirements to be able to place an offer. The solicitor/conveyancer will need to verify that they have previously taken 2 forms of I.D. One for proof of identity (Passport or Driving Licence) and one for proof of address (Bank statement or Utility Bill) or other documents in accordance with the standard procedure and confirm these to Privatehousetrade.
- The approximate marketing time for a property prior to being sold on our online Auction is 30 days allowing any potential bidder to carry out any pre-contract enquiries such as surveys and valuations, arranging finance and viewings in preparation for bidding over the 7 days Auction period. With regards to Classified Adverts, BIN or Trade/Part-Exchange the marketing for the property can begin within 24 hours immediately after verification, or on a date stipulated by the Seller and so viewings and offers can be made as soon as the property is live. A legal pack including the Auction Contract will be available from the Seller's solicitor whose details will be available on the relevant part of the website.
- A client is required to provide their solicitor with a commitment deposit of 10% of their maximum offer price (in pounds sterling in the form of a cheque or banker's draft made payable on an approved financial institution that they hold or deposit in their client account) prior to making an offer on any property be that by Auction/BIN, Trade/Part-Exchange or Make an Offer. Should their offer be accepted the Buyer’s premium (See Privatehousetrade Prices) will be due to be paid through the website or alternatively by cheque made payable to House Trader Limited. Please note that if paying by cheque the process may be delayed to ensure funds have cleared.
- Once a solicitor has received the Buyer's deposit or 10% of their maximum offer price (in pounds sterling in the form of a cheque or banker's draft made payable on an approved financial institution that they hold or deposit in their client account) a Undertaking Form for Purchasing at Auction, and Reserve Price Agreement need to be completed for Auctions. These will be returned by either fax, email or post to Privatehousetrade. This will take up to two working days to process in order for the client to be able to bid.
- Upon successfully registering and meeting all requirements your client will now be able to make offers through the website.
- After an offer has been accepted the successful bidder’s details will be sent to the Vendor’s solicitor to allow the exchange of contracts. For Auctions these details are stated in the both the Vendor’s and Buyer’s Solicitors Undertakings. Completion of the sale should be within 28 days of an Auction ending. For other sales types this may vary depending on conditions of sale.
- The Buyer’s premium (See Privatehousetrade Prices) for all types of sale should be made payable to Privatehousetrade within 48 hours of an offer being accepted. This can be paid through the online payment system in My Payments.
- In the event that a client is unsuccessful in bidding, arrangements should be made to return or destroy the cheque/banker's draft that makes up the commitment deposit.
Please read Privatehousetrade Terms and Conditions
for the relevant type of sale as the Buyer will be bound by these terms. For more information please visit the Frequently Asked Questions
on our website.
Our admin team are on hand to listen to any questions or resolve and problems you may be experiencing. Your feedback is always appreciated so if you have any comments on how you feel our service may be improved or any question in general that aren’t answered in the FAQs then please don’t hesitate to fill out an Enquiry
, email info@Privatehousetrade.co.uk
or telephone on 0161 431 3819.
House Trader Limited Registered in England and Wales. Company Registration Number 06894201. Registered Office is Office 107 Great Northern House, 275 Deansgate, Manchester, M3 4EL.