Buying a house can be a complicated, daunting and emotional business. There are times when you might feel you have no control over the process, and given the size of investment and the fundamental importance of a home, it is not surprising that it can be one of the most stressful activities which you can undertake.
Looking for a property
Once you know your financial purchasing ability you can start looking for your new home or investment. Once you are registered with us, we will keep you informed about new sales properties coming to the market and let you know when the right property for you becomes available: and if you feel it is something you must see, we can arrange an accompanied viewing for you as soon as possible.
We can update you by text, email or phone, and details can also be posted you hard-copy, should email not be convenient.
Arranging your finances at an early stage of the process can save considerable time, ensuring that once you have found your perfect home, you are in the position to offer swiftly and credibly. To this end, our recommended broker is www.themortgageeye.co.uk, who are independent mortgage advisors with ready access to all of the current finance products in the market.
Making an offer
Once you have found the right property, you will want to make an offer. We are obliged to forward all offers [to the vendor] both verbally and in writing. If your offer is not accepted and you are still interested in the property, we will begin the negotiation process, which we aim to keep as simple and as stress-free as possible. There is no legal obligation between you, the buyer, or the vendor until a contract on the property is signed, and hence all offers submitted are subject to contract.
Solicitors will need to be instructed to handle the legal paperwork involved (known as conveyancing). We recommend that you use a solicitor who knows the area in which you are buying and who specialises in conveyancing. We have a panel of solicitors that we have used over the years and can provide you with a list, so that you can make your own informed decision on who you might like to use.
When the sale has been agreed between you - the buyer - and the vendor, we will send agreed terms by email and post to all parties. Solicitors on both sides will then begin the buying/selling process.
We recommend that you and your solicitor discuss the agreed exchange and completion deadlines, instruct your mortgage broker to proceed with your application and arrange for the survey.
There are a number of legal matters that both your solicitor and the vendor’s solicitor will need to clarify prior to exchange of contracts. Once the vendor’s solicitor has received the title deeds and other relevant documents, they will prepare a draft contract of sale which will then be sent to your solicitor. Once this has been received, they will go through all the documentation and raise any questions or concerns they may have. The solicitor will also request a Land Registry search to establish ownership of the land/property, as well as a Local Authority search for details of any planning consents or other matters relating to the property.
Searches & surveys
If you require a mortgage for the property, your mortgage lender will arrange for a surveyor to visit the property to ensure that there are no structural issues, and to give the mortgage lender an opinion of the value of the property; this is often done by using comparable evidence of other properties sold within the immediate area, You may decide to instruct your own surveyor to carry out a homebuyer’s survey or valuation report - both of which carry more detail - and once again we can recommend surveyors to you, if you wish.
Contract approval & mortgage offer
Once your solicitor is in receipt of satisfactory replies to enquiries, a clear local search, your mortgage offer and your deposit draft contracts can be approved.
Exchange of contracts and completion
A contract needs to be signed by you - the buyer - and by the vendor. The deposit (a percentage of the purchase price) is transferred to the vendor’s solicitor. Once they receive the deposit, the contracts are exchanged and at this point the sale is legally binding.
A completion date is set upon exchange (this having been agreed between both parties prior) Upon completion, (once all monies have been transferred to the vendors’ solicitor) you are the proud and legal owner of your new home.
This is a basic guide only, intended to guide buyers through the buying process under the estate agency systems in England and Wales. For formal advice any reader should seek confirmation of the process through their own solicitors. Property Eye Residential accepts no responsibility for any action taken, or loss occurring, as a result of any advice and/or information in this guide.