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Buying a PropertyDrop into our office or give us a call, and talk to someone who really knows your area. We don’t just bring buyers and sellers together: we have access to mortgage advisors to help with your finance and carry out any surveys you may need. Find out more about every stage of your move with our step by step guide to buying a property. Step 1: Decide on the basics Step 2: Get your finances in order Step 3: Find the right property Step 4: Make an offer Step 5: Sale agreed Step 6: Finalise your mortgage Step 7: Exchange contracts Step 8: Move in! Step 1: Decide on the basicsWe’ve got a mix of flats and houses so before you start your search, it helps to put some thought into exactly what you’re looking for. Make a list of what’s important to you, including the essentials and the things that are just nice to have, and go from there. If you’re buying to let, think about what your tenants would like. For example, students might want somewhere central with easy access to local nightlife, while for a young family open space and good schools might be more important. Area If you’re buying a property, it’s likely you’ll own the place for a while, so location is doubly important. Do you want to be near work? In a leafy neighborhood or close to local amenities. Do you want local shops and restaurants? Are good schools important to you? Make a list of the postcodes or even streets that appeal to you and take time at a weekend to have a good look round the areas with flats and houses for sale. Transport links Getting around in your chosen area can be just as important as the area itself. Are you happy to travel some distance to work or do you want to walk? Do you need easy access to a bus or railway station? Size and type A few things to consider • Flat or house? • New home or an older property? • How many bedrooms? Do you need a spare room? • Do you want outside space like a balcony or garden? • How important is a garage or off street parking? • Do you need room to grow as a family? Step 2: Get your finances in orderWhen the right property comes along, you’ll want to be able to act immediately, so get your finances sorted out as soon as possible. Our mortgage advisors can help you work out how much you can afford and go through your options for managing your money, including choosing a mortgage and sorting out protection plans. Your home may be repossessed if you do not keep up repayments on your mortgage. When you find the right place, you’ll need a solicitor on hand, and we can help you find one. Plan your budget, which will need to cover • Agent’s fees • Solicitor’s fees • Mortgage fees • Insurance • Removal fees • Disconnection and reconnection of services • Essential rebuilding or redecorating A contingency fund to cover any unexpected costs is a good idea too. Step 3: Find the right propertyOnce you’ve sorted out your mortgage and you know the kind of flat or house you’re looking for, it’s time to get out there and find it. Use online searching to set up your own search by area, street, transport links. If you’d rather talk to one of our local experts, contact us by phone or by drop into the office. We’ll get you registered and start looking for your place straight away. When we've found you a suitable flat or house, we’ll set up a viewing appointment as soon as possible. A quick tip: make two visits, one during the day and one at night. Step 4: Make an offerOnce you’ve found a place that ticks all the boxes, you're ready to make an offer. Let the estate agent know as soon as possible so the seller can be contacted with details of your offer. When you make your offer, the seller will consider your position, for example • Have you found a buyer for your home? • Can you prove that you can afford to buy the property? It's a good idea to have a written agreement in principle from your mortgage lender. • Can you move in time to suit the seller's own plans? Once you’ve had an offer accepted, we’ll confirm it to you in writing, it is then subject to certain terms and conditions. Step 5: Sale agreedSo, you’ve made your offer and it’s been accepted. This stage is known as sale agreed. This is where your solicitor gets involved to check out all the legal aspects of the sale. If you don’t have a solicitor, we can help you find one. This is also when you (or your mortgage advisor) will go ahead with your formal mortgage application, to check that your lender’s willing to lend on that specific property. Conveyancing The property needs to be legally transferred from its current owners to you. This process is known as conveyancing. Here are just some of the steps involved. The seller’s solicitor will • Get copies of the HIP (home information pack) • Get the property’s title deeds, searches and other relevant documentation e.g. lease • Prepare a draft contract of sale Your solicitor will • Check the HIP and lease for any problems or inconsistencies • Check the contracts Assuming there are no problems and your solicitor has your mortgage offer, deposit and a signed contract, they can exchange contracts and set a completion date. Step 6: Finalise your mortgageBefore your mortgage lender makes you an offer, they may need a mortgage valuation to check that you’re not borrowing more money than the property is actually worth. Once your mortgage lender is happy, they’ll send your mortgage offer, including details of the terms, to you and to your solicitor. Step 7: Exchange contractsYou’re on the home straight now. The formal exchange of contracts agrees the terms of the sale and makes them legally binding on both you and the seller. Before the formal exchange, you’ll need to • Finalise and sign your mortgage documents • Sign your contract This is also the time to sort out the practicalities of your move. Have you organised a removals company and storage? Do you need to sort out buildings and contents insurance? Utilities? Will your pets need looking after during the move? Once the exchange has happened, you can look forward to the completion date when the money gets transferred, and the property legally changes hands. This is normally four weeks later, but you can choose to exchange and complete on the same day if you need to. 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’ve agreed. Step 8: Move in!This is the point when you know it was all worth it. On or just before the day of completion, your solicitor will pay what you owe to the seller’s solicitor. Once you’ve had the call to confirm that the money has been transferred, the transfer document and title deeds will be yours. You can pick up the keys. Welcome to your new home! If you want more advice on any aspect of the buying process, just ask. |
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