Buying your new home doesn’t have to be difficult but it is daunting for some. We understand it’s the biggest purchase you will make in your lifetime so get the right advise from professionals and follow this process of buying a new home.
How much can I borrow?
Speak to our Financial Adviser to establish how much you can borrow. Also look into the different types of mortgage and what is best for you. At this stage you will need to complete a mortgage application in principle.
You’ll need a solicitor.
You can either find one for yourself or use one recommended by us. Find out what their fees are and when these are payable.
Search for your dream home.
Arrange a visit with one of our estate agents and we can help you find the home you’re looking for. If we don’t have the perfect home just now, we’ll keep you informed of new properties coming on daily. You can also search for properties in our property search on our website.
When you find a property that you are interested in, contact us to arrange a viewing. Either the estate agent or the seller will show you around the property.
Let your solicitor note your interest.
Once you find the property you want, your solicitor needs to note your interest to the estate agent. Do it quick!
Get a survey done.
You need to book a survey of the property. We can arrange this for you. You may want to arrange a more detailed structural survey, particularly if the property you are buying is older. The surveyor will send you a copy of the survey. If it indicates that work needs doing on the property you may want to discuss this with your solicitor.
Ask your solicitor to make a conditional offer.
This is a formal conditional offer which should contain the purchase price, the date of entry (the date you intend to move) and extras to be included in the sale.
Agree terms of an offer.
Your solicitor should negotiate with the estate agent the terms of your offer.
Yipee! Your offer is accepted.
If the seller accepts a buyer’s offer, the seller’s solicitor will send a qualified acceptance letter to the buyer’s solicitor.
Apply for your mortgage.
Complete your mortgage application form, with the help of one of our Financial Advisor. At this stage you should also apply for any protection plans you will need to cover your mortgage eg. life assurance, income protection, etc.
Solicitor performs searches.
The seller’s solicitor will send the title deeds and certificates relating to the property to the buyer’s solicitor. These certificates should show that the property isn’t adversely affected by any local authority plans.
Conclusion of the missives.
The solicitors must agree on the written negotiations of the sale – the ‘missives’. This can only be done once a mortgage offer is received, if applicable. When the missives are agreed, this is known as ‘conclusion of missives’. Both parties are now legally bound to the sale/purchase.
You should now book a removal company if you wish to use one.
Advise people you’ve moved.
Contact your utilities companies to advise them of your move and to arrange for the meters to be read. Also contact all other organisations you are in contact with to advise them of your new address. You may also want to contact Royal Mail to arrange a mail re-direction.
Final conveyancing documents.
The seller’s solicitor will draw up the disposition (a document transferring legal ownership). Your solicitor will draw up the Standard Security ( the deed securing the loan). You must sign this.
You r conveyancer pays the balance of the purchase price, electronically, to the seller’s conveyancer. This is known as COMPLETION. Once the money is received by the seller’s conveyancer, they will inform the estate agent that the keys to the property can be released. You can now move in.