When you looking to buy a property it can seem like a complicated process.
Below is a step by step guide on the process of buying a property
Step 1
WORK OUT YOUR BUDGET, LOCATION AND REQUIREMENTS
Step 2
CALCULATE 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(England and wales)
Home report(Scotland)
Broker arrangement
Stamp duty
Land registry
Local authority searches
Rebuilding or redecorating the property
STEP 3
ARRANGING YOUR MORTGAGE
STEP 4
INSTRUCTING 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 conevayencers in the UK. To get a free quote please click here.
STEP 5
START SEARCHING FOR A PROPERTY
STEP 6
MAKING AN OFFER
Once 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.
STEP 7
SALE 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.
STEP 8
FINALISE ON YOUR MORTGAGE
The mortgage and protection advisor will be liaise 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.
STEP 9
EXCHANGE 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
STEP 10
THE 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 .