Most lenders will require a 5-10% deposit. If you already have savings or are using equity from an existing property, this will be all the more straightforward. If not, you will have to start putting money aside for the purpose of a deposit. At this point we advise that you talk to one of our recommended independent mortgage advisors who will do all the hard work for you. They will find the best available mortgage on the market for your circumstances.
There are many elements to consider—both now and in the future. If you have an existing mortgage it may be possible to ‘port’ it over to your new home, or it might pay to start again with another lender. Again, this is something that our IMAs can talk to you about.
Make a list
When buying a house, it is important to know what you are looking for when you begin your search. You need to know what area you want to live in—a city, a farmhouse—how many bedrooms you would like in the property, and if you would like a garden or garage. If you have children, you may also want to think about schools and local transport in the area. Bear in mind that you may not get a property that will fit everything on your list, so be realistic.
Once you have sat down and worked out what it is you are looking for in a property, please come to see us and we will help you match it to possible properties that we may already have on file. When you start viewing, however, we recommend keeping an open mind as some properties will capture your heart even without ticking all the boxes.
We also list all of our properties online, through portals such as ‘Zoopla’ and ‘Prime Location’, so you can register your requirements on our website for regular updates on what is going on in the property market.
We are here to help you find the right property, however long it takes. If there’s nothing out there for you right now don’t worry—we’ll keep searching for you!
Agreeing a Purchase
Ok, so you have found the ideal property; now it is time to make an offer. Depending on how keen you are on the property and whether you have competition from other buyers, you may want to offer the full asking price straight away, or you may want to try a lower offer.
Once you have submitted your offer to us we will let the vendor know so they can make their decision. Once they are happy with the decision we will be ready to move on to the next stage.
Getting the mortgage underway
The next step for you would be to contact your mortgage broker or lender, so that you can complete a full mortgage application for the property you are purchasing.
The Legal Bit
Conveyancing is the legal term for the process of buying and selling residential properties. The laws that apply can be complicated and this is where a solicitor, licensed conveyancer or legal executive can help and so should be involved as early as possible. We have close links to a trusted network of local solicitors, and can put you in touch with any of them at your behest.
Valuation and Survey
Your mortgage lender will want to carry out a mortgage valuation to ensure the property is being sold for a reasonable price, and a survey to check the building is in respectable order to be sold.
Make sure you go through the survey thoroughly. But remember: a surveyor is there to find fault with the property, and sometimes their lingo can sound a bit frightening. It is important to keep things in perspective and if you are in any doubt call the surveyor to discuss it. We may also be able to help, so please don’t hesitate to call us.
Exchange of Contracts
Once all of the necessary checks have been carried out by your solicitor and the mortgage offer is in place, you will be asked to sign a contract legally committing you to the purchase.
At this point you will need to pay a deposit for the property, which is usually 5-10% of the purchase price. A date is agreed for completion and is usually 2-4 weeks after exchange, which gives you time to arrange your moving plans!
Start Planning the Move
Once everything is in place you can start planning your move. It is best to make a list of all the things that will need to be done and in what order they will be carried out. For example, maybe you would like the boxes for the kitchen first, or all the furniture out in one. Making a list will help with reducing overall stress.
Once you have identified how much you will need to move you can look into either hiring a van, or booking a removals company. Again, we can put you in touch with some excellent local people.
Completion takes place and finally your dream home is yours! You can now breathe a big sigh of relief!
Your solicitor should let you know when the sale is completed, and following this we will arrange the keys for you.
You can now start moving into your amazing new home!