1. Establish your moving costs.
Conveyancing fees, lender fees, removals and is stamp duty payable? Check on the Government website https://www.gov.uk/stamp-duty-land-tax/residential-property-rates.
2. Find out how much you can borrow.
Speak to a financial advisor so they can search the market to find the best deal available and guide you on what your limits are and what deposit you will require.
3. Start searching for a property.
Now your finances are in place and you know what you can afford then this is a great time to look for your perfect home, pop into our office for guidance and advice on areas, houses and prices, we always advertise on our own website plus Rightmove.co.uk & Onthemarket.com where are a vast amount of property is available ! Call us to register your details to get property alerts as soon as a property comes on the market with us !
4. Arrange a viewing.
Now you have had some guidance and advice and a property matches your needs this is the time to arrange a viewing on the property to get a feel for the area and the property, call the agent and view at your earlies convenience.
5. Make an offer.
You have been provided with a ‘Decision in Principle’ which means your lender is prepared to consider your mortgage application. You could have your conveyancer at the ready too. It’s time to make an offer. Don’t be perturbed if your first offer isn’t accepted – remember both you and the seller are negotiating for the best price.
6. Sale agreed.
When the seller’s estate agent has the details of both parties’ solicitors, they will confirm that the sale is agreed, subject to contract. You will receive a Memorandum of Sale to confirm this.
7. Find a solicitor.
‘Conveyancing’ sounds like boring legal stuff, but it’s everything that needs to happen to make the property officially yours. It can be a confusing process and you need a solicitor to make it happen. If we can provide your with a quote at this point feel free to contact us, we only use local solicitors and DO NOT charge commission for referral.
8. Complete your mortgage application.
Now is the time to get back in touch with your mortgage advisor to agree on a suitable mortgage deal for you and complete the application. This is a good time to consider how to protect your mortgage. What if the worst should happen? If you weren’t around to support them financially – due to illness or death – your family could be under pressure to meet your mortgage payments, or the lender could seek to gain possession of the property.
9. Mortgage valuation.
In most cases your mortgage lender will arrange this valuation, which merely confirms that the property is worth what you are being lent. It will not give details on the condition of the property, and for this you should book a house survey.
10. Begin the conveyancing process.
Once you’ve had an offer accepted, it’s time to get the ball rolling on all the complicated legal stuff by instructing your conveyancer.
11. The seller’s solicitor drafts contract.
The seller’s solicitor will receive the title deeds from the seller and draw up a contract. This will be sent to your conveyancer.
12. Your solicitor will confirm the details of the property.
Your solicitor will contact the seller’s solicitor to confirm exactly what is included in the sale. Your solicitor will enquire about things like the boundaries, any disputes and any alterations that have been made.
13. Your solicitor will perform searches.
Your solicitor will perform searches of Land Registry and Local Authority information. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
14. Mortgage confirmed.
Around this time you should receive your mortgage offer, along with all the terms and conditions surrounding your mortgage. You will need this before you can exchange contracts.
15. Get insured.
Its is a legal requirement if you purchase a property you MUST have building insurance for the property. If you need any help with this please feel free to contact us.
16. Sign the contract.
Your solicitor will advise you when it’s time to sign on the dotted line.
17. Agree moving dates.
Your solicitor and the seller’s solicitor will agree a date for the exchange of contracts and for completion (ie move in day). It’s a good time to start getting quotes for removals too as you can set a provisional moving day.
18. Exchange of contracts.
Your deposit will be sent to the seller’s solicitor, along with the signed contract. You are now legally bound to the purchase. All relevance insurance contracts should now be put into force.
19. Advise everyone of your change of address.
You’ll need to inform all your utility companies who will need to take meter readings. And don’t forget everyone else who needs to know – the bank, your boss, catalogue companies etc. Visti Royalmail.co.uk to set up a forwarding service for the unexpected items.
It’s time to contact your chosen removal company to confirm your moving in date.
Your solicitor will pay the balance of the purchase price to the seller’s solicitor. Once the money is received, the seller’s solicitor will inform the estate agent and the keys will be released. The property is now yours.
Congratulations! You’re a home owner…
If you have any questions regarding our buying procedure, please click here and a member of our team will contact you shortly. Alternatively, give us a call on:
01782 717 341