We have put together the following buying guide to help you to navigate through the process.Arrange a Mortgage
You can get a loan direct from banks or building societies or you can use a mortgage broker. Mortgage brokers are professionals who search through a number of lenders to find you a mortgage whereas each individual bank will generally offer you their own products.Choosing a Property
Once you know your budget it’s always good to have a list of your priorities and requirements but you may need to be flexible. Your list may include whether you would prefer to purchase an old or new home, near transport links, parking, how many bedrooms you would require, if it's imperative to own a garage and so on.Arranging a Viewing
When you find a property that is within your budget and suits your requirements then give us a call, email or use the “Arrange a Viewing” form on our website. We will then arrange viewing of the property at a suitable time for you and the vendor. Where the vendor is not present we will always accompany viewings.Submitting an Offer
Once you have seen a property that you wish to purchase then the next step is to make an offer. Once the offer has been negotiated and the sale is agreed (subject to contract), then the purchase process gets underway. Essentially there are two parts to the process, arranging the finance and appointing a solicitor to carry out the conveyance process (doing due diligence).Survey and Valuation
The lender will carry out financial checks on the buyer and value the property. When they have finished their financial checks on the buyer and they have assessed the property they will then issue the mortgage offer.Appoint a Solicitor / Conveyance
You will need to have a solicitor in place to act for you once you have found your ideal property. The mortgage offer will be sent to the buyer for signing and then returning and a copy is also sent to the buyer’s solicitor.
Your solicitor will have carried out searches and raised various enquiries with the vendors solicitors (due diligence process). Once the solicitors are satisfied, you are ready to exchange contracts.Exchange Contracts
This is the exciting bit, you are now ready to buy your property. The solicitor will get you to sign a contract and leave a deposit (normally 10% of the purchase price). Then when
the vendor signs their own contract the solicitors contact one another and agree to exchange contracts having inserted the completion dates.Completion
On completion day the following will take place:
- The money is transferred from the buyer’s solicitors to the seller’s solicitors.
- The legal documents needed to transfer ownership are handed over to the buyer’s solicitors.
- The seller moves out.
- The seller arranges to handover the keys to the buyer.
- The property now belongs to the buyer!