A STEP-BY-STEP GUIDE TO BUYING PROPERTY
Buying property can be a complicated process. This step-by-step guide will walk you through the process of buying a property.
STEP: 1 DETERMINE YOUR BUDGET, LOCATION AND REQUIREMENTS
Considering the elements that are most important to you will help you find the right property more easily.
Here are some elements to consider:
STEP: 2 CALCULATE YOUR MOVING COSTS
Buying property can be a complicated process. This step-by-step guide will walk you through the process of buying a property. DETERMINE YOUR BUDGET, LOCATION AND REQUIREMENTS Considering the elements that are most important to you will help you find the right property more easily.
Once you have identified the type of property you would like to buy, we advise that you calculate your moving costs before you begin your search. This will give you a better picture of exactly how much you can budget for your purchase. There may be other costs to consider when buying your property, these include:
For more information about the costs listed above, contact your local Move estate agents office. Our agents are happy to answer any questions and recommend useful resources.
STEP: 3 ARRANGING YOUR MORTGAGE
Our mortgage and protection advisers are on hand to advise you on the whole mortgage market. They will help you find the right mortgage and insurance products to suit you, ensuring key timings are clear throughout the process.
Our mortgage advisers will assess whether the mortgage you are thinking about is affordable for you using a detailed budget planner. There are many factors that need to be taken into account including your income, any debts you may have (eg: loans and outstanding credit card balances) and how you manage your finances.
For more information, contact our mortgage and protection advisers.
STEP: 4 INSTRUCTING A PROPERTY SOLICITOR
When buying a property, you want the transaction to move as quickly as possible. In order to do this, you need a property solicitor to take care of the legal and administrative details.
Kidd Rapinet is a panel of local independent law firms, with property solicitors who specialise in the legal and administrative aspects of buying and selling property across Slough, London and Buckinghamshire. They provide a clearly structured service, explaining the process and their fixed legal fees upfront to ensure a more efficient transaction. For a quote or more information, contact Middlesex & Herts Conveyancing.
STEP: 5 VIEWING A PROPERTY
There are a number of ways to find a property: Register at a branch and we will work with you directly to start your local property search Our Be first search tool on www.gibbs-gillespie.co.uk lets you search for property to buy by area, postcode or street name and more Our property database is updated every two hours, so you will always see the latest properties available Once you have identified properties that you wish to view, we will set up an appointment as soon as possible. You may wish to see the property during both daylight and evening hours. We are able to arrange this for you.
STEP: 6 MAKING AN OFFER
Once you have found the right property, the next step is to make an offer. To make the offer you will speak to the estate agent who will subsequently contact the seller and then they will manage negotiations between yourself and the seller. When you make your offer, the seller will consider a number of elements:
Once you have had your offer accepted by the seller, we will confirm this to you in writing.You may wish to see the property during both daylight and evening hours. We are able to arrange this for you.
STEP: 7 SALE AGREED
Once your offer has been accepted (subject to contract), this is known as sale agreed. Your solicitor will begin to work through all the legal aspects of the sale and will receive the memorandum of sale from the seller’s solicitor to confirm acceptance of the offer. At this stage you (or your mortgage and protection adviser) will begin the formal mortgage application. The seller’s solicitor will: Provide copies of the property title deeds and other relevant documentation e.g. lease Prepare a draft contract of sale Your solicitor will then review the contracts, title documentation and lease. Once this documentation is prepared, you are legally ready to move to exchange of contracts.
STEP: 8 FINALISE ON YOUR MORTGAGE
Before you move to exchange, you need to ensure your finances are in order. To confirm the security of the loan, your mortgage lender will need a surveyor to conduct a mortgage valuation of the property. A detailed assessment of the property is important to ensure the valuation is accurate. We would recommend a Home Buyers Survey or a Home Condition Report.
We provide a wide range of valuation and survey services. Contact our Chartered Surveyors for more information. Once your mortgage lender is satisfied they will send you a mortgage offer and its terms, to both you and your solicitor.
STEP: 9 EXCHANGE OF CONTRACTS
The formal exchange of contracts agrees the terms of the sale and makes them legally binding to both you and the seller. Before the formal exchange, you will need to:
Once the exchange has taken place, you can look forward to the completion date (this is decided and confirmed at exchange). This is when the money gets transferred from you to the seller, and the property legally changes hands. This is often four weeks later, but you can choose to negotiate your completion date to suit both of your requirements. The terms of the sale are now legally binding, which means that your deposit is non-refundable if you change your mind. Equally, the seller is obliged to sell to you at the price you have agreed. Once the date is confirmed it is wise to organise the practicalities of your move, such as:
STEP: 10 THE DAY OF COMPLETION
This is the day the balance of the monies is transferred via the banking system and the day on which you will get the keys to the property you have bought. For most people this is the day that they physically move into the property with all their furniture and possessions. Move estate agents can recommend a local registered removal company who can pack, move and even unpack your belongings, to relieve some of the stress of moving.