Our step by step guide can help you organise and plan what is needed when buying a property. You could be a first time buyer or have bought properties before, but we know that the process can be daunting to many, so remember, we are here to help!
Set a budget
It’s important to know how much you can afford to invest when buying a property to make sure you are viewing the correct types of properties and to verify any offers you make to prove you have the correct funds in place.
If you are planning to buy your new home with a mortgage, you will need an Agreement in Principle (AIP). This is a document that states the maximum amount they are prepared to lend you towards a property.
We would advise that you speak to a Mortgage Advisor, we partner with Fortuna Mortgages who are fully independent and have access to the whole of the market and aren’t tied to particular lenders. This means they will find the best deal for you based on your circumstances.
Find your new property
Make a list of your requirements, for example, number of bedrooms, home office, garden etc. If you are looking to move to fit in with school catchment areas, be close to amenities, and have good transport links can also be important.
Get in touch with our branch staff, they are experts in their local areas and will help to match your requirements to properties that we have available or are due to come to market.
Book a viewing
All our professional viewers have a property information form with them which provides in-depth information on our properties, as well as the information on the brochure itself. It’s imperative that you have all the information on the viewing so you are in a position to make a considered offer swiftly without the risk of missing out.
Making an offer
When you have found the property you want, it’s time to make an offer by contacting the lour office to put your offer forward. We will discuss your offer with the seller and let you know their decision. Should your offer be rejected, you have the opportunity to increase.
Please be aware that if other offers are being put forward at the same time, a seller may ask for everyone to present best and final offers.
Appoint a solicitor
Once you have agreed your purchase price you will need to appoint a solicitor.
The legal process of purchase can be complex and our sales negotiators can recommend a conveyancer who we have a relationship with who will act in your best interests and hold to a standard.
Your chosen solicitor will liaise with the sellers solicitor and the process from here will be overseen by our office through to exchange of contract and completion. Our team is there to ensure that all the tasks the solicitors undertake, such as requesting searches, raising contract enquiries and checking the fine print of the mortgage offer, are completed in a timely manner and that all parties are kept informed and the transaction is on track.
Book a survey
Before legally completing on your purchase it’s prudent to check the properties condition to identify any potential issues which may affect the material value or the future saleability. If you are not a cash buyer your bank or building society will insist on one as part of your mortgage application. There are three types of survey namely a mortgage valuation; homebuyers survey and a full structural survey the latter two which are insurance protected.
For certain properties a private survey as well as the mortgage valuation may be sensible.
Organise buildings and contents insurance
Before completing on your new home, you will need to organise Buildings Insurance to cover the property in the event of damage. Contents Insurance also comes highly recommended so you can protect your possessions.
Exchange and completion
Once the conveyancing has been completed both solicitors will be ready to exchange contracts and complete. Once exchange of contracts has taken place the seller is in a legal and binding contract to sell and the buyer is in a legal contract to buy.
On exchange of contracts the date of completion is set which will be when the property legally comes into your ownership. You can exchange and complete on the same day. If you are not a cash buyer your solicitor will receive your cash deposit and will have already requested the remaining amount from your lender via your mortgage offer statement.
Once you have completed you will be able to collect keys from our office and continue to take possession of the property.