We recognise the fact that the purchase of your home is the most important and probably the most expensive transaction you are likely to undergo.
We are sure that with our local knowledge and expertise we will be able to find you a property to suit your needs whether that is a home to live in or a property for investment.
To enable you to unravel the complexities of the buying process we have set out below an overview of the various procedures involved:
REGISTRATION: The first requirement is for you to register your details and property specifications. We like to really understand your specific requirements and so it would be great to have a good chat about what it is you are looking for. This will give us an insight into your personal requirements thereby enabling us to tailor the details we send to you.
VIEWING: So often the right property is about a feeling as much as it is about the features a property has. So, to make sure you make the most of any viewings we would advise you to take in the property and get a feel for the place rather than be too concerned with a list of questions.
Any questions can always be asked at a later date or on a second viewing but if you prefer to have all the information on your viewing then our team will be happy to answer any questions you have.
MORTGAGE: To speed up your house buying process we would advise, where possible; to get a mortgage agreed in principle before any final decision on your new property is made. This provides you with a clear indication of your budget and the fact that you have a mortgage agreed in principle will put you in a strong position should you make an offer.
MAKING YOUR OFFER: Once you have found your ideal property you will contact us to make your offer. This will then be submitted by us to the vendor for their consideration. This is done both verbally and in writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
ACCEPTED OFFER/INSTRUCTING SOLCITIORS: As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing).
If your purchase is being funded by a mortgage, at this point you will need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
SURVEY/VALUATION: The next step is to obtain the Mortgage Valuation, as required by law. This will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a Valuation i.e. determine whether the property offers suitable security for the loan to be advanced against it. Since you as the buyer are often provided with a copy, it can allow both parties to evaluate the findings prior to entering into a commitment to purchase.
A Mortgage Valuation survey is limited in scope and it is often the case that the purchaser may choose to obtain a more detailed survey which whilst being more expensive may save you money in the long run through highlighting issues in the property that may be expensive to rectify.
There are two types of survey available:
1. HOMEBUYER SURVEY/VALUATION – this is the mid-range option as it is more expensive than the Mortgage Valuation but less than the Building Survey (see below).
It is a basic service and therefore more appropriate to properties in apparently good condition and conventionally constructed. The survey’s purpose is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
The objective of the Homebuyer Survey is to provide a more in-depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value.
2. BUILDING SURVEY – Unlike the Homebuyer Survey, this is suitable for all types of property whether conventional or unconventional. The term “unconventional” encompasses properties that have an unusual construction, are historic or Listed Buildings, have been extensively altered or where major work is planned.
The Building Survey is comprehensive and lists full technical details of the construction, materials and condition. It highlights the full spectrum of defects from the more serious down to the insignificant and the terms of the survey are therefore tailored to fit the client’s specific needs.
However, it should be noted that this does not include a valuation and is only conducted by prior agreement.
SEARCHES: These are conducted by the buyer’s solicitor who submits a local authority search to the local borough council. Its purpose is to ascertain if there is any planning consented previously granted on the property or if there are any other local issues which may have an impact on the purchase. In some instances, the search may also include an Environmental and Drainage search.
DRAFT CONTRACTS: The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
MORTGAGE OFFER: The Lender is now in possession of the Mortgage Valuation survey and, subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned and funds requested by the buyer’s solicitor.
EXCHANGE OF CONTRACTS: Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid. At this stage, the parties agree on a date for completion.
COMPLETION: Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!
