Guide to Buying
You have decided to buy but what next?
The maze of legal work, estate agents, negotiations and finding a mortgage can be overwhelming.
Buying a property is one of the largest financial decisions you will make in your life, while it is exciting it can be confusing. Many buyers are not as prepared as they should be which can result in losing out on your perfect property.
We have put together a guide to assist you with process of buying your property.
Step 1 - Value your current property (if applicable)
It is important to know how much your current property is worth if you are reliant on selling it to make your next purchase. Having your property valued will give you an idea of how much equity you have in your current property. This will have an affect on what you can borrow from a mortgage lender, the interest rate you can get and most importantly what you will spend on your next purchase.
Once you have decided you are going to move and you have had your mortgage approved you should consider putting your property on the market, even though you may not have found a property yet.
Whether right or wrong it is a common fact the some estate agents will take you less seriously as a buyer if your property is not on the market, this will result in you losing out on some of the best properties.
If you would like for us to value your property you can contact the branch or alternatively click here.
Step 2 - Obtaining your mortgage
Before you can start your search, you need to make sure you have the funds available to buy a property and that you are able to comfortably afford the mortgage payements.
You should seek independent financial advice so that you are sure that you have the best possible deal available to you, and that you can borrow the amount you wish to borrow.
To speak to one of independent financial advisors you can contact the branch or alternatively click here.
Step 3 - Register your details with Estate Agents
Many buyers rely on property portals such as Rightmove and Zoopla for their property search. You will find that a large amount of properties are sold before they are advertised. Estate Agents will ‘ring out’ their properties to their registered buyers in order to agree a sale as soon as possible. Dont miss out, make sure you register your details.
You can register your details and requirements with us by contacting the branch or alternatively click here.
Step 4 - Instructing a solicitor
For the purpose of buying a property the legal representative that will assist you is often a conveyance. A smooth and stress free transaction often relies upon which conveyance you choose. You should consider if there is a charge for the work even if the purchase does not complete. You should also consider the conveyancers reputation.
Our preferred conveyancers come highly recommended; we have found them to be efficient in carrying out each step of the process, contactable, friendly and helpful.
To obtain a quotation you can contact the branch or alternatively click here.
Step 5 - Making An Offer
So you have been out and about looking at various properties and you have now found what you have been looking for. You will need to contact the estate agent that arranged the viewing for you and make an offer. This will be put to the seller by the estate agent both verbally and in writing. At this stage it is common to be asked for your mortgage details, solicitors details and details of any property you are selling if applicable.
Once your offer has been accepted your solicitors will be advised by the estate agent in writing with the details and confirmation.
Step 6 - Submitting Your Mortgage Application
You will now need to submit your full mortgage application. This will involve paying any survey fees and any other fees relating to the arrangement of your mortgage. Once your application has been submitted your chosen lender will instruct for a survey to be carried out on the property, this is in order to check its value and check for any structural issues.
Once this has taken place and you have provided the lender with all requested documentation they will issue a mortgage offer to your conveyance.
Step 7 - The Conveyancing Process
The process itself can take approximately 12 weeks, it can be faster or slower depending on various factors. Yours conveyance will communicate with the sellers legal representation in order to complete the transaction. You will be required to provide identification and have some papaerwork to complete and sign.
All of our sales are progressed by the staff in the branch ensuring that you feel comfortable and you are assisted with any issues promptly.
Step 8 - Exchange Contracts
Once all the legals and mortgage is finalised, you will ‘exchange contracts’. At this point a completion date is set which is mutually agreed between you and the seller and any other buyers/sellers in the chain. Once you have exchanged you are legally bound to purchase the property on the completion date as is the seller to sell to you.
Step 9 - Completion
On the day of completion the remaining monies will be transferred and you will become the legal owner of the property. You will be able to collect the keys from the estate agent.
Step 10 - Celebrate!!!