Before you begin your property search you need to establish how much you can spend on a property. You should get a valuation on your current property to establish how much equity you have and if you are not intending to buying outright, you will require a mortgage. If you have a mortgage agreed in principle, you will be taken much more seriously as a buyer. This will confirm how much money you will have to buy your dream home, which will ultimately influence your property search criteria. We can recommended a mortgage broker if you don’t have one. Please call us on 01202 308899 or email email@example.com
Now that you have established your budget, you will need to decide on a couple of MINIMUM search criteria. Eg. Close to a school you want, number of bedrooms, outside space. Don’t be too specific at this stage – you don’t want to limit your search too much until you have seen a few properties.You will probably use Rightmove & Zoopla to do your initial searches but it is useful to register with us too, we may have a new instruction that is perfect for you.
Choosing your dream home usually involves finding a balance between what you want & what you can afford. .Initially, think big! If you know what you are looking for, see if it is available. Think in terms of:
As you view more properties, your opinion will crystalize & you will know more readily exactly what you need. We have opening hours that will suit you, we can arrange viewings after work or weekends, if that is what you need. You can reach us on the phone or by email whenever you choose to answer any questions you may have about the property you are interested in.
The successful purchase of your property can be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to do some research and make a decision before you find your perfect property as this will help to avoid delays. It is worth considering that solicitors who are familiar with your area will generally be able to achieve more efficient completions. We can recommend a few solicitors that we have worked with if you don’t have one. Please call us on 01202 308899 or email firstname.lastname@example.org
When you have found the perfect property, you will need to make an offer to the estate agent. They will present it to the seller & will ask you a few questions to establish if you are in a position to proceed with the purchase of the property. These are the kind of things the seller will need to consider when considering your offer:
Timescale – how quickly do you want to proceed or are you versatile. Is your schedule convenient for them?
Size of chain - are you also selling a property and will the availability of your funds be affected by this?
Proof of affordability – Do you have proof of funds or a written agreement in principle from your mortgage lender, to demonstrate your ability to move forward with the purchase?
Once your offer has been agreed the estate agent will write all parties, confirming the agreed buying price & ask both parties to confirm their solicitor details. If you don’t have a solicitor yet, you need to get one now. This is the first step in the legal process. The seller's solicitor will now prepare a draft contract pack for your solicitors to review.
Each solicitor will check that the contents of the contract pack are sufficiently robust to protect the interest of their client. This is where every purchase is different. Each property is unique & will have its own unique set of legal requirements. The solicitors need to do title searches, local searches & others checks, this can take weeks. We will communicate with you regularly during the conveyancing process & keep you informed every step of the way. Note: There are no legal obligations to proceed with the purchase until contracts are signed.
If you are borrowing money to buy your home, you will be required by the lender to have a survey carried out by an approved surveyor. This is for the benefit of both you & the lender. It will ensure that it is indeed worth what you have offered & that there are no major building defects or structural issues. Once the surveyor has submitted their report, you will receive a formal mortgage offer which you can sign & agree to draw down funds on completion.
Once your solicitor is satisfied, a final contract is prepared. The contracts will reference the following:
Once the contracts have been signed by both parties and exchanged the deposit (usually 10% of the purchase price) will be transferred by you to your solicitor & then on to the seller's solicitor. . Note: It is at this point that you are bound by law to buy the property and the seller is legally obliged to proceed with the sale.
On the date of completion, the balance of funds will be transferred from your solicitors to the seller's & up the chain via the solicitors. Your solicitor will call you when the money has cleared into the seller's account and the agent will release the keys. CONGRATULATIONS, you are now the legal owner of your new home!
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