Finding something you like is usually the easy bit, so here’s our guide to how the rest of the buying process works.
Getting your finance in place
Before you start your search for a property to buy, it’s well worth being sure about what you’re able to borrow. There’s no obligation to speak to our financial adviser, but we can put you in touch with a good one if you’d like us to. Doing so is free and worthwhile so you have the full picture of what’s possible and what your mortgage will cost each month.
Be sure to allow for the cost of any renovations, removals and stamp duty.
Register with Us!
Make sure you are notified as soon as potentially suitable property comes onto the market
Keep ahead of the game! Registering your details with us will ensure you get emailed properties before we have even launched them on our property portals.
The moment you see something that grabs your attention get in touch with any questions or to book a viewing.
Make an Offer
What you need to do when making an offer
Once you’ve found a property you’d like, please contact us as the seller’s agent to discuss the offer you’d like to make. We will then add strength to your offer by asking certain details about your own position.
Once we have your full position we will speak with our seller and put your offer forward. Commence the anxious wait!
Hopefully an offer will be agreed between both parties. We will then send out four sets of sales letters, one to the seller, one to you and copies to both solicitors.
Instruct a Solicitor
A good solicitor is key
Solicitors get a hard time from us estate agents. We regularly speak to them asking for updates and having one that doesn’t mind giving these updates is always good. Whatever agent you buy through its always worth asking what solicitor they recommend.
What you need to know
Your mortgage lender will instruct a surveyor to check that the price offered is realistic in respect of their loan.
You are also asked at this point whether you’d like a “Homebuyer’s Report”, which gives a more complete analysis of the condition of the property. These can often be quite scary, as it brings out every last potential problem with the property – and often some that you did not previously know about.
However it is of course the surveyor’s job to report on a property's condition with as much accuracy and completeness as possible. In our experience, hardly ever does a property have no defects at all – particularly if it is an older property.
It is then a matter of common sense from all to determine which items are a genuine cause for concern and which come as part and parcel of owning a property. It can often be useful to schedule a call with the surveyor to discuss the findings in more detail.
The Mortgage Offer
Making sure all parties are updated with the progress
Once your mortgage lender has received the valuation and is satisfied it is realistic given their loan, they will issue a mortgage offer to you and your solicitor.
We will make sure communication doesn't hold back the purchase
That isn’t our job done!!!!! From now until exchange, we will be in regular contact with your solicitor, as well as the sellers and their solicitor, and the agents/solicitors of any other people in your chain!
This is to ensure all links of the chain keep moving and that all transactions go through to exchange as quickly as possible. It’s also a good idea for you too to stay in regular contact with your solicitor.
The legally binding agreement
This is an important moment as your purchase becomes legally binding on both parties.
You can only exchange once your solicitor is satisfied that all elements of your purchase are in order (this will vary from property to property); and that your deposit (usually 10% of the purchase price) is cleared to your solicitor’s Client Account.
If you are selling a property, the proceeds of this will usually form the deposit on your purchase, so you may not need to actually part with any money to pay your deposit.
Exchange then happens when both sides’ solicitors agree by phone they can do so. Your solicitor will phone you and us when contracts have been exchanged.
Upon exchanging you would have agreed a date for ‘Completion’: the moment your purchase is finalised. Your solicitor and mortgage lender will transfer the outstanding balance to the seller’s solicitor.
Your solicitor will tell you when the money has cleared into their account, and will tell us we can release keys to you.
Congratulations – time to move in and get the kettle on!