Buying Process

Most Purchasers are not able to purchase a property from cash and have to borrow money from a Building Society or Bank. When the loan has been approved by the Lender and has been accepted in principle by the Purchaser, the lender will then usually instruct the Purchaser’s solicitor with regards to the mortgage. Sometimes the Lender will instruct his own solicitor, but usually if the Purchaser is borrowing the money from one of the high street Building Societies or Banks the Purchaser’s own solicitor will be instructed. The solicitor has to check the mortgage conditions very carefully and make sure that the property gives adequate security to the Lender in respect of the loan. The mortgage may have special conditions relating to retention of monies and undertakings to carry out works and all these have to be carefully examined by the solicitor so that s/he is certain that on the completion day there will be no problem in getting the money from the Lender.

The very first step when buying a property is to let people know you are actively looking. Register your details with us either by phone, by email or using our online form so that we can look out for suitable properties for you to view. Be sure to include any special requirements or preferences you may have and state our position i.e. First Time Buyer, Investor etc.

When searching for a new home it can be a daunting process, but there are a few things to bear in mind when viewing properties:

• Is the property suitable for you in terms of Location?
• Is the property suitable for you in terms of Affordability? (you may have discussed this with your mortgage broker already, but also take into account your lifestyle, income and financial commitments or priorities you already have)
• Is the property suitable for you in terms of Condition? – are you looking for something ready to move straight into or do you want to do a bit of work or a lot of work to put your stamp on it?

When viewing a property it is difficult to know what will make you stand out from the other applicants who may all rush in and want the property too. In the event that there are several people keen on offering on the same property, it is down to us to assess the applicants and try to decide who would be the most suitable, which will lead to some rejection. To make yourself stand out as a potential buyer, consider these things:

• What is my position and how soon can I complete? (this could put you at an advantage)
• Am I 100% ready to get the ball rolling right now?
• Do I have all my finances in order?

How quickly a sale progresses and smooth the transaction is can depend greatly on how reliant and co-operative your solicitor is. It is a good idea to use a solicitor who knows the area that you're moving to and specialises in conveyancing. We have a team of experienced and efficient solicitors on hand that we work with for most if not all of our sales transactions and have always had highly satisfactory feedback from anyone we pass on to them.

Once you have found a suitable property and made an offer, we will put your offer forward to the seller. At this point you may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). Remember - there are no legal obligations on either side until the point at which contracts are signed.

Once your offer is accepted we will do the following:

• Prepare a memorandum of sale
• Write to all parties to confirm the agreed price
• Gather all solicitors details
• Obtain your mortgage broker's details (if needed)

Conveyancing is the whole process that a solicitor attends to when you decide to buy or sell your home. Conveyancing is not easy and is best dealt with by a professional, such as a Solicitor who is an expert.

A surveyor will need to attend the property in order to carry out a survey on behalf of the mortgage lender to identify any structural problems and advise on the property's value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. Again there are no legal obligations until contracts are signed.

All enquiries now need to be answered. When all the pre – contract work (Enquiries before Contract, Local Authority Search, Lease and Mortgage) has been completed and is satisfactory, the Purchasers solicitor will report to his client on the matter and arrange for his client to sign the contract. The contract is signed by the buyer(s) and seller(s) and the deposit (usually 10% of the purchase price) is either telegraphically transferred or paid by the buyer’s solicitor, by banker’s draft. The completion date is set at this stage.

On the completion day your solicitor will pay the money over to the Vendors solicitor and receive the title deeds and other documents. The keys to the property will be handed over to you and possession of the property given. After completion as far as you are concerned the matter is concluded, although there is still further work to be carried out by the solicitor. Stamp Duty (if applicable) has to be paid and the documents prepared for, and sent to the Land registry in order to register the property into your name. After registration the Deeds are sent direct to your Lender.

You will now be able to collect the keys to your new home and move in! Congratulations and all the very best.