REGISTERING YOUR DETAILS
Once you are registered with us, one of our negotiators will keep you updated as new instructions come onto the market, ideally before they reach the internet, so that you have a chance to view first. We embrace every form of technology but there is nothing more rewarding than engaging with our clients to help them find their dream property.
To ensure that you are in the best position to purchase, our negotiators will enquire as to how the property will be purchased, i.e. mortgage, cash, property sale proceeds. We can introduce you to Independent Financial Advisers, Conveyancers and Chartered Surveyors to assist in a smooth transaction.
MAKING AN OFFER
Once you have found your ideal property, your offer will be submitted to the seller for their consideration verbally and in writing. An offer will be accepted 'Subject to Contract' and therefore neither party is legally bound until the contract is signed and exchanged.
Once the offer is accepted by the seller, then your solicitor will need to commence the conveyancing work, dealing with all of the legal requirements on your purchase. If you are requiring a mortgage then a formal application will need to be submitted at this stage.
A mortgage valuation will be required by the lender to determine that the amount of the loan is secure and report on the basic condition of the property and is carried out by a Chartered Surveyor.
However. we would not recommend that a purchaser relies solely on a Mortgage Valuation as the inspection is limited. Although it is an additional cost to obtain a more detailed report, this may find problems with the property which could potentially cost you much more, if you are not aware of them when you move in.
There are two types of survey available:-
This is the most common type of survey and considered sufficient for properties which appear to be in good condition and are of a traditional construction.
The purpose of the survey is to highlight any defects which are likely to have an overall impact on the value of the property. The Homebuyer Survey is a more in-depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value. The professional opinion of the surveyor, as contained in his report, will also set out particular features of the property which may have an effect on the current value and potential future saleability.
This is a comprehensive survey and lists full technical details of the construction and condition, highlighting all defects. The Chartered Surveyor will not provide a valuation figure as standard but can be arranged prior to survey.
Once the lender is in receipt of the mortgage valuation survey and subject to the mortgage application with references and checks being satisfactory, the lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned to the lender and funds requested by the buyer's solicitor.
As a buyer, your solicitor will submit a local authority search to the local council to ascertain if there are any issues or planning consents which may have an impact on the purchase. A solicitor may also carry out other searches including environmental and drainage searches.
The seller's solicitor will draw up the draft contract and forward to buyers solicitor for consideration from which enquiries are normally asked of the seller's solicitor to be answered. The contact will then be amended accordingly for final approval.
EXCHANGE OF CONTRACTS
Once the contract has been signed by both parties, a deposit, generally 5-10% of the purchase price is paid by the buyer and both solicitors will agree a date for completion.
Completion will normally take place 7 days after exchange but can be agreed to take place simultaneously on the same day. At this point the buyer's solicitor will transfer the balance of the purchase price to the seller's solicitor and the keys will be released.
Congratulations you can now have the keys to your new home!