A step-by-step guide to buying property
STEP 1
We would always advise that before you start your search for that dream home or your next move and get emotionally attached to a property; you get your finances in place first. Ideally get an agreement in principle from your lender. If you have not yet taken this step, we can recommend KMM Mortgage Solutions, who as a broker have access to the entire market and will be able to help find the best mortgage for you.
STEP 2
In your search for the right property, the next step would be to register your details with us, you can do this in a number of ways, by either calling us on 01246 221039 or 01623 305299, visiting one of our local offices or simply register your interest about a specific property online.
STEP 3
As soon as your requirements are logged, we can send you details of any property that matches your criteria, as most people are busy and on the go, we can keep you updated via email and SMS, our customers can be informed of any new listings before they go live on Rightmove or Zoopla so by registering your details, you will be the first to know.
STEP 4
Early viewing is essential. Our offices are open 9am to 5pm Monday to Friday and 9am to 1pm on Saturdays, but as we put the buyer in contact with the seller, our customers are not bound by normal office hours. In order to secure a property we recommend an early viewing. We are on hand to answer any questions immediately and advise where necessary.
STEP 5
A good solicitor can be key to the smooth transition of the conveyancing of your property and the sale could be reliant on it. Good communication is a factor here. We have a selection of tried and tested solicitors we would be happy to recommend, although you are more than welcome to use your own.
STEP 6: Making an offer
Once you have found either your dream home or simply your next move put, forward your offer to our team of negotiators who will be happy to act on your behalf. They will communicate with the Vendor both in writing and verbally, so now would be the ideal time to state any special conditions you may have for the purchase. You may need to provide proof of funds at this point including a mortgage agreement in principle from your lender. There are no legal obligations for either party until the contracts are signed.
STEP 7: Offer agreed
Once an offer is accepted, then the following will happen:
- We will ask you for a preferred solicitor and mortgage broker details
- We will confirm details with all parties in writing of the agreed purchase price
- Prepare the memorandum of sale
- At this point we would ask you to instruct your solicitor to proceed with conveyancing and contact your mortgage broker to proceed with your application
STEP 8: Conveyancing
Your appointed solicitor will do the following as part of the conveyancing process:
- Will get in contact with the sellers solicitor and request a copy of the draft contract
- As part of the legal work, examine the draft contract and raise any enquiries
- Raise property searches to ensure there are no other factors you should be aware of
- Your lender will require you to get buildings insurance before exchange
- Agree on a date for the exchange of contracts
- We can assist your solicitor when needed, keeping you informed
STEP 9: Survey and mortgage offer
Your mortgage lender will book a survey to compile a valuation of the property, this is to ensure that the property is of a good enough standard to lend against, however, this will not be a full survey as they will be looking specifically at the property.
For peace of mind you can usually upgrade to a full survey (costs incur) or you could arrange a separate survey of your own.
When the report is received and the mortgage lender is satisfied, a formal offer will be sent to you and your solicitor, this will need to be signed and returned.
Remember, there are no legal obligations until the contracts are signed.
STEP 10: Exchange of contracts
When you exchange contracts you become legally committed to buy the property and the seller is legally committed to selling to you. This occurs when all enquiries have been confirmed and agreed. Both parties sign the contract and the deposit, usually 10% of the purchase price will be transferred from your solicitor to the seller’s solicitor.
STEP 11: Completion
On the day of completion, all monies (usually 90%) are transferred between each solicitor and you can take ownership of your new home. The keys would normally be released as soon as the money has cleared.
Congratulations, you are now the legal owner of your new dream home!