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When purchasing a property, the terminology used to describe the asking price can vary, and understanding these terms is crucial for navigating the buying process effectively. Here’s an explanation of the commonly used asking price prefixes:

• “Asking Price” is the amount the seller is initially hoping to achieve for the sale of their property. It’s a starting point for negotiations, and buyers can offer more or less than this amount.
• “Guide Price” is similar to an asking price but is often used in the context of properties being sold at auction or those expected to attract a lot of interest. It indicates a ballpark figure the seller hopes to achieve but is open to offers around this amount.
• ”Offers In Excess Of (OIEO)” is used when the seller is looking for offers above a certain price. It sets a minimum benchmark for offers, indicating that the seller expects not to consider offers below this level. It’s a way to encourage higher offers from the outset.
• A “fixed price” means the seller has set a specific price for the property and expects to sell it for that amount. This term suggests that there is less room for negotiation on the price, and the seller is looking for a buyer willing to meet this price.
• “Offers In The Region Of (OIRO)” indicates that the seller has a target price in mind but is open to offers that are reasonably close to this figure. It suggests more flexibility compared to a fixed price, inviting potential buyers to negotiate within a certain range around the stated price.

The timeline for a property transaction from agreeing on the sale to collecting the keys to your new home can vary significantly depending on a variety of factors including the chain involved, financing arrangements, survey outcomes, and legal work. Here’s a general overview:

No Chain: In the simplest scenario, where both the buyer and seller are not dependent on other transactions (known as a “no chain” situation), the process can be relatively quick. Assuming there are no significant delays with financing or legal documentation, it could take as little as 6-8 weeks.

With Chain: Most property transactions are part of a chain, where multiple sales and purchases are interconnected. In these cases, the process can take longer, typically around 12-16 weeks, though it’s not uncommon for it to extend beyond this if there are complications anywhere in the chain.

1. Agreeing on the Sale: Once the offer is accepted, the legal process begins.
2. Conveyancing: This involves the legal transfer of property from the seller to the buyer. It includes conducting searches, reviewing the property’s title, and preparing the relevant contracts.
3. Survey and Mortgage Offer: The buyer arranges a survey of the property and secures a mortgage offer. This can take a few weeks, depending on the surveyor’s and lender’s availability.
4. Exchange of Contracts: Once all queries are resolved, contracts are exchanged, and a completion date is set. At this point, the agreement becomes legally binding, and the buyer usually pays a deposit.
5. Completion: On the completion date, the remaining payment is transferred to the seller, and the buyer can collect the keys to the new home.

• Financial Approval: Delays in mortgage approval can hold up the process.
• Surveys: If the survey reveals issues, it may delay the process while further investigations are carried out or negotiations take place regarding who will address these issues.
• Legal Issues: Discrepancies in the property’s title, boundaries, or planning permissions can cause delays.
• Chain Issues: Delays in any part of the chain can affect all transactions involved.

• Typically, a conveyancer undergoes specific training in conveyancing through vocational courses and do not have a full law degree. This means that if anything complicated or usual comes up, there will be delays as they will need to refer the matter to a property lawyer for advice.
• Conveyancers are regulated by the Council for Licensed Conveyancers (CLC) in England and Wales, whereas Solicitors are regulated by the Solicitors Regulation Authority (SRA).
• Solicitors are qualified lawyers who have completed a law degree (or equivalent), followed by further professional training (Legal Practice Course) and a period of practical training (training contract) in a law firm.

When choosing between the two for a property transaction, it often comes down to the complexity of the transaction and your specific needs. If the transaction is leasehold, share of freehold or complex a property lawyer will be the better option.