GUIDE TO BUYING
MAKE AN OFFER
When you find a property that you are interested in, the first step is to make an offer. If you want to be sure that you do not lose out on a potential opportunity, we always advice that you offer the maximum that you possibly can which will increase your chances in agreeing a price.
If your offer is accepted, you will need to instruct your solicitor. Should you not have a lawyer in place, we can recommend you a list of experienced solicitors that would be delighted to help.
GETTING A MORTGAGE
It is advised that you understand how much you can borrow before making an offer on a property. You should get in touch with your mortgage broker or go straight to your bank which either you decide. As soon as you have a mortgage offer in principle, you can then search for your home within your budget.
As soon as you see a property that you wish to purchase and your offer is accepted, you will need to contact either your broker or your bank giving the details of the property including: property address, type of property, the age and purchase price. After this information has been provided, your bank will carry out all the necessary credit checks and at that point your mortgage valuation will be instructed.
As soon as your valuation has been completed and the property values up to the price you have offered your official mortgage offer will follow soon after.
Your solicitor will receive a draft contract from the vendor’s solicitor and will apply for searches from the local council. Your lawyer will raise standard enquiries to the vendor’s solicitor and will then raise any additional enquires should anything further need to be answered. If a mortgage is required, your lawyer will have to receive a copy of your mortgage offer which they will receive directly from your bank. When purchasing an apartment, your solicitor will also request a management pack which will be applied for and sent on by the vendor’s lawyer. As soon as all paperwork is in place and lawyers are happy, they will ask you to transfer your deposit money and signed contract in readiness for exchange of contracts. A completion date will also need to be agreed before contracts are exchanged. Once your lawyer receives these, both sets of solicitors will be in touch to officially exchange contracts.
As soon as contracts are exchanged, you should take out buildings insurance which your lawyer will usually expect to receive a copy of. Your lender will also expect you to have this in place prior to completion.
The vendor will usually hand all sets of keys over to us where we hold them in a safe and secure place. As soon as your vendor receives the balance of the money, their solicitor will be in touch with us confirming this and that keys can be released to you where we will arrange with you to come to our office to collect your keys.