A Guide to Buying a Property
Step 1: Arranging your mortgage
Before you begin your property search it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. This will confirm how much money you have to fund your purchase which will ultimately influence your property search. It will also demonstrate to a vendor of a property your motivation and that your are serious about buying.
Our recommended mortgage broker has access to the entire market, as well as exclusive deals and rates to help find you the best mortgage available. Please speak to us for further details.
Step 2: Register your interest
The first step to finding the right property is to register with us either by calling us on 01752 777070 or by visiting us in our office at 48 Ebrington Street where you can discuss your property requirements with a member of the At Home Property team. You can also register your interest on-line here.
Step 3: Finding the right property
Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available.
Step 4: The key to successful viewings
We're open at times to suit you, convenient for viewing after work and at weekends:
Our office is open 9am-8pm Monday to Friday and over Saturdays, Sundays and Bank Holidays. In addition, our phone lines and emails divert to a mobile of a member of the team ensujring we can respond to you as quickly as possible.
In order to secure a property we recommend an early viewing. We will meet you and accompany you throughout so that we are on hand to answer any questions immediately and advise where necessary.
Step 5: Instructing a solicitor
The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to use a solicitor who knows the area that you're moving to and specialises in conveyancing.
We can recommend a local solicitor, who knows the local area and can see you face to face, that will be as motivated to achieve a successful purchase as you!
Step 6: Making an offer
Once you have identified a suitable property we will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). Please don’t be offended, its an important decision as well for the seller; if you were selling a property you would want to know that your buyer had the necessary funds before accepting an offer.
There are no legal obligations on either side until contracts are signed.
Step 7: Offer agreed
Once your offer is accepted we will prepare a memorandum of sale, write to all parties to confirm the agreed price and ask you to confirm your solicitor's and mortgage broker's details
You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage broker or bank to proceed with your application.
Step 8: Conveyancing
As part of the conveyancing process your solicitor will do the following:
- Raise any enquiries on receipt of the draft contract from the seller's solicitor
- Request local searches
- Refer to the information already provided in the seller's Home Information Pack
- Agree on a date for exchange of contracts
We will assist your solicitor and negotiate throughout the process, keeping you informed every step of the way.
Step 9: Mortgage Valuation and/or Survey and mortgage offer
A mortgage valuation and/or survey of the property will be booked by a surveyor 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.
There are no legal obligations until contracts are signed.
Step 10: Exchange of contracts
Exchange of contracts occurs when all enquiries have been confirmed and agreed.
Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker's draft from your solicitor to the seller's solicitor.
The completion date is then set by mutual agreement.
Step 11: Completion
Completion is when the residual monies (usually 90%) are transferred from your solicitor to the seller's solicitor's account.
We will release the keys once the money has cleared in the seller's account.
Congratulations, you are now the legal owner of your new home!
At Home Property look forward to assisting you with your property search and helping you move to your dream home! Call us for advice on 01752 777070.
