Guide to Buying Your Property

When you looking to buy a property it can seem like a complicate process. Below is a step by step guide on the process of buying a property

1Work out your budget, location and requirements

To start with work out what are the most important factors will help you locate the correct property for you easily.

Here are some elements to consider:

  • Budget – work out a realistic budget in which you can be a bit flexible depending on which requirements are most important
  • Location, Location, Location – Think about the location you would like to live in. Do you want to be close to outside space, where do you need to commute to
  • Amenities – what do you need to be next to shops, which bus stops, schools, trains stations etc
  • Buy-to-let – think at a tenants point of view. What would they like, as this may help get your type of property let quicker? For example, a young family would be attracted to open spaces, good schools and convenient transport links.

2Calculate the costs of moving

Moving home can be expensive, so to work out your costs and have a budget in mind before you look is essential.

Type of costs to consider will be:

  • Agent fees
  • Solicitor fees
  • Valuation or survey
  • Broker arrangement
  • Higher lending charge
  • Early repayment charge
  • Stamp duty
  • Land registry
  • Local authority searches
  • Bank transfers
  • Lenders agreement or booking fees
  • Insurance
  • Removal fees
  • Disconnection and reconnection of services
  • Rebuilding or redecorating

It is also worth while having a contingency fund aswel, as much as you plan there maybe something that pops up that you didn’t expect.

If you need any further clarification please feel free to call us in the office to discuss further.

3Arranging your mortgage

We can recommend you to one of our independent mortgage and protection advisors on our panel. They will be on hand to advise on whole of market products. They can help you find the best mortgage and insurance products to ensure the whole process runs smoothly.

4Instructing a property solicitor

When you are buying a property a good solicitor can help move the transaction quickly and efficiently while handling all the legal and administrative details.

We currently use Premier Property Lawyers who specialise in residential conveyancing and are one the largest conevayncers in the UK. To get a free quote please click here.

5Viewing a property

Best way to start by viewing is by:

  • Coming into the office and registering with one of sales staff
  • Registering online via to do that click here
  • Phone the office and register over the phone

Once we have your details and requirements we can then help you identify which properties will be best suited to you and start arranging viewings for you as soon as possible

6Making an offer

Once the you have identified the right property that you wish to purchase then the next stage is to make an offer. You will need to speak to the agent who will qualify the offer and then contact the seller to present it to them. They will then manage the negotiations between yourselves and the seller.

When an offer is presented to a seller they will consider a few things such as:

  • Are you in a chain or chain free?
  • Will you be able to proceed quickly or if you can allow the seller time?
  • Do you have the agreement in principle from the lender or have cash funds available for the purchase?
  • When they offer is agreed then we will confirm to you in writing this is the case.

7Sale agreed

The next stage is sale agreed (subject to contract). Your solicitor will begin to work through all the legal aspects of the sale and will receive the memorandum of sale from the seller’s solicitor to confirm acceptance of the offer.

At this point your mortgage and protection advisor will start the mortgage application. The seller’s solicitor will:

  • Provide copies of the property title deeds and other relevant documentation e.g. lease
  • Prepare a draft contract of sale

Your solicitor will then review the contracts, title documentation and lease. Once this documentation is prepared, you are legally ready to move to exchange of contracts.

8Finalise on your mortgage

The mortgage and protection advisor will be liase with bank to arrange a survey is conducted on the property you are purchasing. This is to confirm the security of the loan against the property itself. A detailed assessment of the property is important to ensure the valuation is accurate.

We would also recommend a Home Buyers Survey or a Home Condition Report, this is to ensure there are no hidden surprises when you move in. We can have this arranged for you by clicking here.

Once your mortgage lender is satisfied they will send you a mortgage offer and its terms, to both you and your solicitor.

9Exchange of contracts

By formally exchanging contracts this binds both you and the seller to the terms of the sale.

Before the formal exchange, you will need to:

  • Finalise and sign your mortgage documents
  • Have contact with your solicitor for a final report
  • Send your deposit to your solicitor
  • Sign your contract

After exchange is conducted then you look towards completion (this is pre set before exchange takes place). At completion the full funds are transferred cross to the sellers solicitors and the property is legally yours. This usually takes place between one to three weeks after exchange of contract, but can sometimes happen the same day as exchange of contracts.

The terms of the sale are now legally binding, which means that your deposit is non-refundable if you change your mind. Equally, the seller is obliged to sell to you at the price you have agreed.

Once this is done you can then start to arrange:

  • A removals and/or storage company
  • Transfer of utilities to the new property
  • Buildings and contents insurance

10The day of completion

On this day the remainder of funds will be transferred over to the sellers solicitors and once this done you are free to come collect the keys form our office.

Most people this ia the day they will be looking to move in to their new home. We can recommend a local removal company to help you move your belonging into your new home .