Buying a new home is an exciting time, and we want to make it as easy as possible for you. Our buyers’ guide will walk you through the process, from start to finish.
The first thing you’ll need to do is get a mortgage in principle – often known as an Agreement in Principle (AIP) or Decision in Principle (DIP). This will give you a good idea of your budget before you start searching. We work with a number of financial advisers who can help you get this in place – just let us know if you’d like us to recommend someone.
Buying a home is a big investment, so it’s important to make sure the property you buy is right for you. A good way to ensure you get the most from your viewings is to take along a list of your ‘must haves’ and any questions you may have, so you don’t miss anything. Of course, if any other questions crop up after your viewing, just get in touch – our property experts are always happy to help.
Once you’ve found your perfect home, it’s time to make an offer. Sometimes your offer may be accepted straight away, but if any negotiation is required, we will handle this efficiently, professionally and sympathetically on behalf of both parties.
Once your offer has been accepted, the property is then considered ‘sold subject to contract’ and will usually be taken off the market. Once you pass this milestone, you are officially on the journey to purchasing your future home.
The next step is to find a solicitor to deal with all the legal processes involved in transferring home ownership from the seller to you, the buyer (known as ‘conveyancing’), and ‘instruct’ them to begin work. We have good working relationships with a number of solicitors who will ensure the process runs smoothly, so please get in touch if you’d like us to recommend a firm.
While your solicitor is getting on with the legal side of the purchase, you’ll need to get the financial side in place by formally applying for a mortgage . You can arrange this through a mortgage broker or by independently approaching the lenders. Once your mortgage has been approved, make sure to let us know the good news!
Your mortgage lender will require a basic survey, called a ‘mortgage valuation survey’, to make sure that the property is worth the price you’re paying. If you would like to have a more comprehensive survey carried out, you can also arrange a Home Buyers Report or Full Building Survey. You may be able to arrange this alongside your mortgage valuation through your bank or building society, or you can arrange it independently. Please get in touch if you’d like to find out more about this process, and we will be happy to recommend a reputable, local surveyor.
Once your solicitor has received your mortgage offer and the conveyancing is complete, they will arrange for you to sign your contract and pay your deposit. Once you have agreed a completion date with the sellers, your solicitor will exchange contracts on your behalf. The finish line is now within sight!
At this final stage of the process, your solicitor will transfer the balance of funds to your seller’s solicitor, and we will contact you to arrange for you to collect the keys. Congratulations – you are now the proud owners of your new home!
Although the process is now complete, we’d still love to hear from you after you’ve moved in. Leave us a comment on Facebook or tweet us to let us know how our service was and how you’re settling in to your dream home.