Before you begin your property search, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. Once a purchase has been agreed, you will have further meetings with a financial advisor to finalise your mortgage application. Take into consideration your income, any savings you wish to use and if appropriate, any cash you plan to use from the sale of your existing property (equity).
It is important to factor the essential services and taxes involved in buying property into your budget calculations. The most common include – stamp duty, conveyancing, searches, land registry and surveys.
Online search tools have made the process of finding property easier than ever, however you may not be aware that some of the best properties with desirable locations, price or size sell before they are listed on the larger property portals.
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After the viewing, providing feedback to your estate agent will help them gain a stronger understanding of your wants and needs in order to find the best property for you.
Although we always look to be flexible to your schedule, viewing diaries tend to get booked very quickly especially at evenings and weekends. Contact your estate agent a few days prior to your preferred viewing date and time to avoid disappointment.
There is a common misconception that you should not pay the asking price but this depends on the property. There are many examples of property selling at or above the asking price where there has been interest from lots of buyers.
When your offer is accepted we will do the following:
- Ask you to confirm your solicitor’s and mortgage broker’s details
- Prepare the memorandum of sale
- Write to the parties concerned confirming the agreed price
After your offer has been accepted, you and the seller of the property will exchange details of your solicitors/ conveyancers who will then contact each other to start the process. They are there to advise and guide you through the process, explaining the paperwork and forms and making sure that your purchase is as it should be.
As part of the conveyancing process your Solicitor will do the following:
- Raise enquiries on receipt of the draft contract from the seller’s solicitor
- Request local searches
- May raise enquiries on local searches
- Liaise with mortgage lender
Agree on a date for exchange of contracts
If you require a mortgage then your bank will normally insist on Mortgage Valuation to establish that the property is good security for the loan.
A surveyor will conduct a survey on behalf of the mortgage lender and will advise on the property’s value for mortgage purposes.
The surveyor will report to the mortgage lender, if the survey is approved by the lender a mortgage offer will be issued to you and a copy to your solicitors.
The completion date is also agreed at exchange of contracts and both parties are now legally committed to the transaction.
Congratulations!! You have now the new owner of the property.
The above is intended to serve as a guide and help you through the process. We do understand that buying a house, though exciting, can be daunting. If you would like to arrange a time to speak with one of the experienced estate agents at Burgeon Properties then please contact our office and we will be happy to get you started and find the right property for you.