Our Buyers’ Guide: helpful hints when you need them the most
The buying process can look a little daunting. However, making sure you’re well prepared can often make finding and moving into your dream home so much easier.
Wherever you are in your journey, we’ve put together the following step-by-step guide to provide you with some clarity.
Getting your finances ready
Before you start looking for your new home, we strongly advise that you have your finances in place. You can ask a mortgage lender to confirm a ‘mortgage in principle’, which is the amount they may be prepared to lend you. This will help us to tailor your search and, when you find the right property, give confidence to the seller that you can finance the purchase.
The help of a mortgage broker
A mortgage broker can help find the best available mortgage deal for your circumstances, by searching multiple lenders. We have a list of trusted experts and would be delighted to introduce you.
Your search begins
To begin your journey, simply register with us. You can do that by either calling us or popping into our new office.
We’ll listen carefully to get a clear understanding of your needs. From there we can tailor a search of recommended properties, as well as send you regular updates and even give you the chance to see fresh instructions before we place them online.
Time to view
We know you’re busy, so you’ll find us very flexible when it comes to viewings during evenings or weekends.
So, you’re ready to make an offer…
As soon as you’ve found the perfect property, it’s that exciting time to make an offer. And so that we can present your offer in the best possible light, give us the fullest picture you can regarding any property you’re selling, mortgage financing, and so on.
Great news: your offer has been accepted
As soon as the seller and their representatives have reviewed and accepted your offer, we carry out the following process:
+ Prepare a Memorandum of Sale
+ Write to all parties confirming the agreed price and any special conditions
+ We ask you to confirm details of your solicitor and mortgage lender/broker.
At this stage you’ll need to do two things:
+ Instruct your solicitor to proceed with the conveyancing process
+ Get your mortgage lender or broker to proceed with your application.
This part of the process is all about preparing for the transfer of the property into your name. When you reach this point, your solicitor will carry out the following tasks:
+ Raise queries on receipt of the draft contract from the seller’s solicitor
+ Request local searches
+ Check the information already provided in the seller’s Home Information Pack
+ Agree a date for exchange of contracts
We assist your solicitor throughout the process and keep you updated, every step of the way
This stage in the process helps you find out about the condition of the property that you’re buying. Your mortgage lender will require a survey/valuation to make sure the property is worth the money you’re planning to borrow from them. This is usually a quick and simple inspection, so you may also choose to commission your own, more in-depth survey.
Once the mortgage valuation report has been received, a formal mortgage offer will be sent out to you and your solicitor. As soon as you receive it, simply sign and return it.
You’re almost there – exchange of contracts
When all the enquiries have been confirmed and agreed, the exchange of contracts can take place. This means that you are legally obliged to proceed with the purchase, and the seller is obliged to sell the property to you.
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.
A completion date – in other words, the day you move – is then set by both parties.
When the remaining funds are transferred from your solicitor to the seller’s solicitor’s account, it’s time for completion. As soon as we have confirmation from the seller’s solicitor that the money has cleared, we’ll hand you the keys.
And that’s it. You are now the legal owner of your new home.