Buyers Guide


Step 1 Arranging your Mortgage & Finances

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.  We can arrange for a local mortgage broker to contact you who has access to the entire market, as well as exclusive deals and rates to help find you the best mortgage available.
Buying a property costs money. You’ll be asked to pay fee’s throughout the process.

·         Mortgage arrangement fee – varies from lender to lender
·         Conveyancing
·         Land Registry fee
·         Survey
·         Stamp duty (on properties over £125,000 unless in an area that is exempt)
·         Removals
·         Contingency fund (there are always unexpected costs along the way)
·         Building and contents insurance

 

Step 2 Register your Interest

The first step to finding the right property is to register with us either by calling us on 01253 62169 or visiting our office where you can discuss your property requirements with one of our agents. You can also register your interest about a specific property online if you are short of time.


Step 3 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 will also keep you constantly up-to-date via email or phone when the latest properties become available.


Step 4 The Key to Successful Viewings

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.


Step 5 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 have a selection of tried and tested solicitors that are experts in property and offer a no sale no fee service.


Step 6 Making an Offer

Once you have identified a suitable property we will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. At this stage you need to demonstrate 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.


Step 7 Offer Agreed

Once your offer is accepted we will do the following:
•Prepare a memorandum of sale
•Write to all parties to confirm the agreed price
•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.


Step 8 Conveyancing

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.


Step 9 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 three types of survey you can buy; a basic valuation, a homebuyer’s report and a structural survey.

There are no legal obligations until contracts are signed.
 

Step 10 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.


Step 11 Completion

Completion is when the residual monies (usually 90%) are transferred from your solicitor to the seller's solicitor's account.
We will release the keys once the money has cleared in the seller's account.

Congratulations, you are now the legal owner of your new home!

 

Useful links

The Royal Institute of Chartered Surveyors

Council of Licensed Conveyancers

The Association of British Insurers

Leasehold Advisory Service (LEASE)

The Property Ombudsman

Property Search

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