Buying a property can be one of the most exciting but yet daunting tasks. We have pulled together a few pointers to help you along the way.
Most importantly you need to access what your affordability is.
- Speak to a Mortgage Broker or your local Bank ( mortgage brokers will have access to the entire mortgage market)
- Arrange a meeting to ascertain what your level of affordability is
- Provide all necessary paperwork required including payslips
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- Compile a list of must's, wants and absolute no's & decide on the area you wish to purchase in
- Use all the tools available to see what is on the market including registering with local agents, signing up for Rightmove and Zoopla alerts etc. This will ensure that you will be notified as soon as properties come onto the market.
- Try to be open minded when viewing something you may first think does not tick the boxes set out may just be the one
- When you have found a property you will need to place an offer
- Along with your offer as agents we will request proof of your position to purchase and financial qualification. This will include a copy of a mortgage agreed in principle or details for your mortgage broker.
- Your offer will then be placed with the vendors with as much supporting information as possible
- Upon your acceptance you will move onto the mortgage and conveyancing process
Mortgage and Solicitors
- You will need to begin the formal application process with the bank or broker
- They will require various documentation from you and sometimes payment for a survey
- Your mortgage lender will carry out a mortgage survey for you, you may wish to proceed with a private Homebuyers or Buildings Survey yourself. A Homebuyers or Buildings Survey will look into the property in further detail including structural integrity, plumbing, roof, electrics and heating.
- After your mortgage survey has taken place you should expect to receive a formal offer within 7-10 days
- Your offer will also be sent to your solicitors
- It is important that you choose your solicitors wisely, in this field you normally get what you pay for in terms of service
- Your solicitors once chosen will send you documentation, it is imperative that you you return these asap so the process is not delayed
- Your solicitors will require money for your searches, they will carry out a Local Search, Water & Drainage Search and Environmental Search
- Your solicitors will raise any queries that they have and you have the opportunity to raise and queries you have
- When your solicitors are in a position that they have everything and are happy as are you your solicitors will report to you with your contract papers
- This will generally include the TR1, mortgage deed and contracts along with other documents.
- Please get these signed, checked and witnessed and returned as soon as possible
- Once everything is back with the solicitors and a completion date has been agreed we are ready to exchange ( if you are part of a chain everyone will need to be in this position and agreeable to the date)
- Exchange will take place via a phone call between solicitors
Its finally here, the day has arrived. Today legal completion will take place.
- Your solicitors will be in receipt of your remaining funds from the lender to carry out completion.
- Funds will be sent onto the solicitors acting for the vendors, once received legal completion has taken place
- Congratulations you are now the proud owner of your new home