Step 1 Arranging your mortgage
Firstly we would advise you to arrange your finances and, if required, arrange a mortgage agreed in principle prior to starting your property search. This will enable you to set your budget correctly.
Step 2 Register your interest
We would advise that firstly you register with us for property updates by calling us on 01530 231 859. We will input your search requirements into our online database and you will be automatically updated on suitable properties. You can also register by clicking here.
Step 3 Finding the right property
After discussing your requirements, we will keep you up to date via email/post or by phone with new properties onto the market that match your criteria.
Step 4 Instructing a solicitor
Choosing an efficient reliable solicitor can be key to the success of purchasing a property. We are happy to recommended tried and tested local solicitors.
Step 5 Making an offer
Once you have informed us of your offer we will put it forward to the seller in both writing and verbally. We will also state whether there are any special conditions to your offer. It will be requested that you prove you are in a position to proceed. For example by providing proof of cash funds or evidence of your mortgage agreed in principle.
Until the contracts are signed there are no legal obligations.
Step 6 Offer agreed
Once your offer is accepted we will write to all parties to confirm the agreed price and possible conditions of offer. We will ask you to confirm your solicitor’s and mortgage broker’s details so we can prepare a memorandum of sale.
Next you will need to instruct your solicitor and ask your mortgage broker to proceed with your application.
Step 7 Conveyancing
Your solicitor will deal with the conveyancing process and we will help assist. We will keep you up to date along the way.
Once your solicitor receives the Contract Pack from the Sellers’ Solicitors they will apply for searches and ask the sellers’ solicitors questions about the property.
When your solicitor receives answers back from the seller’s solicitor they will be sent to you along with reports from the search results
Step 8 Survey and mortgage offer
A surveyor will conduct a survey of the property on behalf of the mortgage lender. They will advise on the properties value and notify if there are any structural problems.
A mortgage offer will be sent to you to sign once the mortgage valuation report is received.
Step 9 Exchange of contracts
Exchange of contracts will take place once:
- There is evidence of a clean title
- All queries over the lease and local searches are addressed.
- Fixtures and fittings to be included in the sale are agreed
- You have received your mortgage offer
Both parties will sign the contract and then the deposit (usually 10% of the purchase price) will be transferred to the seller’s solicitor.
By mutual agreement the completion date is set. Contracts are exchanged and Completion is fixed. Your solicitor sends the deposit to the Sellers’ Solicitors. You will receive a completion statement and bill from your solicitors. You make arrangements to move in and obtain keys.
Step 10 Completion (Moving Day)
Completion occurs when the residual monies (generally 90%) are transferred to the seller’s solicitor from your solicitor.
Once the money is cleared funds in the seller’s account we well release keys to you. (if we are holding them)
First Time Buyer Advice
Buying your home is both an exciting and daunting process. As it is probably the biggest investment you will ever make, it is sensible to familiarise yourself with the basics of how the transaction will take place, the key processes and what you can do to help yourself. You are not on your own – we will guide you every step of the way and provide you with the valuable support you need in order to find your dream home and complete your purchase smoothly.
I want to buy a home – how do I go about it?
The first thing to do is decide on the key requirements for your new home. These include:
Price – It is really handy to know how much you can afford, so that when you find a property you want, you can put in an offer straight away. The best way to do this is to make an appointment with a fully qualified, independent financial adviser and discuss what mortgage products are available and what amount you can borrow. Many lenders will give you an ‘Agreement In Principle’ (AIP), which means that you can start to search for a property with the confidence that you already have a mortgage agreed (subject to certain conditions, for example property survey and credit search)
Property Type – Do you want an apartment or a house? Do you want a garden or off-road parking? Is it important to be near a train station? Take some time and work out exactly what you are looking for in your new home, what you are prepared to compromise on and what would be the absolute ideal. This way, you won’t spend time viewing properties that don’t meet your criteria, and you get to view more homes that may be of potential interest.
Start Looking – Register your requirements with us, explaining clearly your requirements and price range. Another thing to mention is how quickly you are looking to move, as this becomes a primary factor in the moving process. It is also important to mention that you are a First Time Buyer, as this means that many homeowners will see you as an ideal candidate to buy their property, because you don’t have a home to sell (or are a Non Dependent Purchaser)
Keep In Touch – Estate Agents handle hundreds of calls a day. If you want to stay on the top of their list to ensure they contact you first when your ideal property comes onto their books, it pays to call them once a week or just to let them know you are still looking.
Make Offers – As a First Time Buyer, you are in a great position as you have no chain and therefore can move quickly, this can be advantageous, but not always when negotiating on price with a Vendor. Don’t be afraid to make an offer on a property – speak to us for advice about what would be an appropriate figure to put forward.