1. Get a mortgage ‘approved in principle’
Before looking for your new property, you should first speak with a mortgage advisor to confirm a lender is prepared to lend you money to purchase a property. This is known as a mortgage ‘approved in principle’. Once you have this in place it will help you know your budget and limits in which you can buy. We can recommend a mortgage advisor from our panel to contact you at any time convenient to you.
2. Appoint a Solicitor
In order to buy a home you will need a solicitor to guide you through the legal process. The solicitor will carry out the conveyancing which involves the transfer of legal titles of property from one person to another. We can also provide you with a solicitor from our trusted panel to ensure the process is carried out as smooth and stress free as possible.
3. Find a Property
You are now ready to start the search for your dream home! You can register for daily updates of new properties by filling in our Contact Form and detailing your requirements i.e. location, bedrooms and price or you can visit or call our office for some advice.
Once you have searched through the listings online and selected the properties which are of interest to you, it’s time to start booking viewings.
For information on the condition of the property it is best to read over the Home Report. This is provided by the sellers and is available to interested buyers on request from the estate agents selling the property. This report contains; the energy performance certificate (EPC) which gives the property an energy efficiency rating (EER); the single survey which assess the condition; and the property questionnaire which provides further useful information such as the Council Tax Band.
4. Make an Offer
Once you have found a property, your solicitor will make an offer on your behalf. Your solicitor will negotiate the terms of your offer and advise on what price is realistic based on their expert knowledge. This will also include an agreed moving date known as the date of entry, this can be agreed by both parties to suit.
5. Offer Accepted
Once your offer is accepted, the sellers solicitor will send a qualified acceptance letter to your solicitor.
Once acceptance has been received, your solicitor will begin the conveyancing process in order to complete the missives (the binding contract). The seller’s solicitor will provide your solicitor with the title deeds and certificates which your solicitor will check and perform searches to ensure the property is not affected by local authority plans.
6. Complete Mortgage Application
Now your offer has been accepted, it is time for you to get back in touch with your mortgage advisor to complete your mortgage application with a suitable lender you have chosen. The lender will require a mortgage valuation which is contained within the Home Report. This needs to be an up to date valuation, if it is more than three months old a ‘refresh’ will be required at the cost of the seller. The lender may also wish to carry out their own valuation.
You will then receive your mortgage offer with all terms and conditions, this is required before the purchase of the sale can be concluded.
7. Conclusion of Missives
This is when both parties are now legally bound to the sale/purchase. This can only be done once the mortgage offer is received.
Ensure that you have necessary insurance such as building and contents insurance. You will need all insurance policies to begin at the exchange of contracts date.
9. Final Conveyancing
The final paperwork will involve the seller’s solicitor drawing up the disposition, this is a document transferring legal ownership, and your solicitor will draw up the Standard Security, which is the deed securing the loan. You will be required to sign this.
On the date of entry the agreed purchase price will be transferred to the seller’s solicitor. Once the money has been received the solicitor will instruct the estate agent to release the keys to your property.
Now its time for the big move and enjoy your new home!