Buying Guide
Working out your finances
The prospect of purchasing a property is undoubtedly exciting, but before you dive headlong into a search and start lining up viewings, it’s a good idea to check your finances first to work out exactly what you can afford. A solid initial step is to speak to one of our recommended mortgage brokers to find out how much you could borrow and get an Agreement in Principle (AIP). This will enable you to begin your property search with confidence and a budget in mind. In addition, having this document gives credibility to you as a buyer as it shows you’ve done your homework.
Starting your search
Okay, it’s search time and the big property portals (Rightmove, Zoopla and PrimeLocation being the top three) are most prospective buyers’ first port of call. But if you want to get ahead of the game, why not register for our property email alerts where we’ll inform you about any new property that meets your criteria the moment it comes to market. As soon as you see something you like, simply contact us to arrange a viewing. We’re happy to drive you to and from appointments and should you have any questions or need advice, we’ll be on hand to help.
Making an offer
You’ve seen the home of your dreams so the next step is to make an offer. We will put forward your offer in the best possible light, however an Agreement in Principal along with proof of deposit will also further your cause, showing the seller that you are a serious proposition. This could work to your advantage, especially if there are other interested parties. In conjunction with the offer, it’s not uncommon to list any special conditions or items you would like included, although there is no legal obligation to do so at this stage.
Agreeing the offer
Now’s the time to employ the services of a good solicitor who’s role will be vital in ensuring a smooth transaction. If you know one with glowing references, then great, but if not, we know plenty that specialise in conveyancing that we’d be delighted to recommend. Once you have a solicitor in place, we will write to confirm the sale both to you and them, thus enabling the solicitor to start the conveyancing process.
Conveyancing and survey
The conveyancing process undertaken by your solicitor will ultimately ensure that you have purchased the property legally and that all funds are successfully transferred to the seller’s solicitor. However, before reaching this point, your solicitor will need to do the following, all of which we are happy to facilitate where ever possible:
- Once they have received the draft contract from the seller’s solicitor, they will order property searches that provide detailed information on planning, draining and environmental issues.
- Your solicitor will alert you to specific enquiries in the contract and raise them with the seller’s solicitor.
- A completion date will be negotiated by your solicitor, which must be agreed on by all parties before a formal exchange of contracts can be arranged.
In addition to the conveyancing, you will need to arrange a survey via your mortgage lender. There are three types of survey offered, the most basic being a mortgage valuation, which is a report prepared after a brief inspection of the property to help confirm its value and is solely for the benefit of the mortgage lender. A Homebuyers Report is a more detailed survey intended to inform you, the buyer, on the soundness or otherwise of the property, and whether it is a suitable purchase at the price agreed. Much more extensive (and expensive) by far is a building survey and is usually required when a full assessment of the property is needed and is highly advisable for older properties or large or unusual buildings. If you are unsure which type of survey to opt for, we are always on hand to advise. On completion of the survey, a mortgage offer will usually follow.
Exchanging contracts
Once you have your mortgage offer and your solicitor is happy that all the i’s have been dotted and the t’s crossed, then the contract will be sent to you for signing. We recommend returning the contract to your solicitor by recorded delivery. At the same time, your deposit needs to be transferred and the money cleared in your seller’s solicitor’s account before your solicitor can exchange contracts with the seller's solicitor. Last but not least before exchange can take place, a completion date needs to be agreed with everyone in the chain. We are well placed to mediate this, should the need arise. Finally, contracts will be exchanged and the transaction finally becomes legal and binding.
Completion
Excitement can be tinged with nerves at this stage in the proceedings, but rest assured it’s extremely rare for a sale to fall through between exchange and completion. Meanwhile, your solicitor will receive a transfer of completion monies from the mortgage lender and if there’s shortfall in funds that is to be made up from savings, then this must be transferred by you. On the morning of completion, your solicitor will transfer the full amount to the seller’s solicitor, who will then contact us to confirm completion. Now the keys can be released and we will call you to arrange collection. Congratulations, you’re now the proud owner of a new home! Now, time to start unpacking those boxes…
