A simple Guide to Buying your property
Why Sales and Lettings are the agency to help get you moving.
Our independent team of knowledgeable and experienced estate agents are here to help you find your next new home and make this major life event as simple and straightforward as possible.
Take help you get started with your new home purchase, take a few minutes to read through our quick guide to buying property.
Where are you on the property ladder?
First Time Buyer?
This is someone who has never owned property, land or held a title-deed in their name before, in the UK and anywhere in the world.
Buy-to-Let Investor?
A BTL buyer is someone who is purchasing a property to let it out.
Let-to-Buy?
This is a homeowner who is placing their current residential property out to rent in order to generate an income to purchase a new residential property.
Sell-to-Buy?
This is a homeowner selling their current residential property in order to purchase a new one.
Organizing your Finances and Budget
Before starting your property search, it is highly advisable that you organize your financial arrangements, such as having your Mortgage Agreed in Principle as this will influence your choice of property.
Once you have established an exact budget, you will be in a much better position when it comes to putting in an offer when you find a property you would like to purchase.
We can put you in touch with a recommended and trusted Financial Advisor/ Mortgage Broker who can help you with this.
When planning your budget, you will need to consider the following:
- Moving costs
- Legal fees
- Stamp duty
- Survey fees
- Mortgage application fees
Your Property search
Searching for the right property can be exciting but time-consuming. We can help you identify the right properties to match your criteria and help to speed up your search.
Register your individual requirements either on our website for email alerts, or for a personalized bespoke search, talk to our helpful team about your property needs, and we will assign one of our experienced team members to personally assist you with your search.
Instructing a Solicitor
There is a great deal of legal paper work involved in purchasing a property so it is imperative that you appoint a conveyancing solicitor as early as possible to prevent delays in your purchase. We can recommend a selection of trusted solicitors we have worked with previously and have proven to be reliable and efficient.
Putting in an offer
Once you have found a property you would like to purchase, you will want to submit an offer to us. We will then immediately inform the vendor of your offer both verbally and in writing.
Before accepting your offer, the vendor would most likely consider the following when deciding whether or not to accept:
- Chains
Do you have a property on the market and dependent on its sale in order to fund this onward purchase?
- Timeframe
Do you have a target purchase date? This may affect the vendor’s acceptance decision.
- Proof of Funds
Prior to accepting your offer, you will need to provide us proof of how you are going to finance the purchase. Are you a cash buyer? Do you have an agreement in principle for a mortgage?
Please note: We are legally obliged to adhere to anti-money laundering regulations when processing your proof of finance documentation.
Your Offer has been Accepted
Fantastic! You can now instruct your appointed conveyancing solicitor and we will issue a Memorandum of Sale, confirming the agreed purchase price, which we will be sent to all parties involved, including both sides’ solicitors.
What is Conveyancing?
Conveyancing is the process whereby your solicitor will carry out a series of checks and searches regarding the property you are about to purchase.
You will need to pay an upfront fee to your solicitor before they will start working on your case.
Draft contracts will be sent to your solicitor from the vendor’s solicitor, and your solicitor will raise any enquiries on your behalf. Draft contracts include items such as title deeds, property information form, fittings and contents form, along with any other relevant documentation.
If you are purchasing a leasehold property, your solicitor will refer to the management pack which will be sent over by the vendor’s solicitor.
What is Mortgage Offer Survey?
When purchasing a property with a mortgage, buyers will need to submit the full mortgage application and arrange for a survey, which would typically be organised by your financial advisor/ broker.
This survey will typically highlight any possible defects and advise you on the property’s value. Once the survey has been received by your lender, the formal mortgage offer will be released to you and your solicitor. At this point the property is deemed as Sold Subject to Contract (SSTC).
Exchange of contracts
This is the penultimate step to owning your new property. Once your solicitor is satisfied with all responses to raised enquiries, and all financial arrangements are signed off, both parties will sign and exchange contracts.
Simultaneously, you are required to pay the agreed deposit amount into your solicitor’s account. This is typically 10% of the purchase price.
Both parties will also come to a mutual agreement on a completion date at this point.
Completion Day
Completion day is the day you legally become the owner of your new property.
In order for completion to be carried out, the remaining balance of the purchase price will need to be transferred to the vendor’s solicitor.
Once we have received confirmation of receipt from the vendor’s solicitor that the funds have been received, the keys will then be released to you and you are now the owner of the property.
Congratulations!