Buying a Property
Our Step by step guide to buying a property
Step 1 – Registering your details
The First step is to register your details with Homes and Finance you can do this by either by calling 01642 791117 0r 01642 750065 or visiting one of our branches where you can discuss your property requirements with one of our highly trained team members. Once we have a clear understanding of your requirements we can provide you with a list of properties that fully meet your criteria.
Step 2 – Financial Advice
It is advisable to book an appointment with Jackie or Adelle to discuss your finances, establish your borrowing potential, and secure an agreement in principle. Having your finances agreed before you put in offer can save you considerable time once you have found your ideal property. Please feel free to contact either office to discuss your finances with Jackie or Adelle. Homes and Finance can search the whole of the market to find the best mortgage deal for you.
Step 3 – Arranging Viewings
The next step is to arrange appointments to view your chosen properties. We will be more than happy to arrange convenient times for you to do this.
Step 4 – Making an Offer
Once you have found a suitable property we will out forward your offer to the vendor, both verbally and in writing. All offers are subject to contracts being signed. No legal obligations apply on either side until contracts are signed
Step 5 – Appointing and Instructing a Solicitor or Licensed Conveyancer
On acceptance of your offer we will arrange for the agreed terms to be confirmed to all parties in writing.
A solicitor or licensed conveyancer will need to be appointed and instructed to carry out the legal paperwork.
We have a selection of tried and tested solicitors that are experts within property transactions. We would be more than happy to provide you with a recommendation.
It is also a good time to revisit Jackie or Adelle to proceed with your mortgage application and make arrangements for the survey to be carried out on the property.
Step 6 – Searches and Survey
The seller’s solicitor will draw up a draft contract and send it to your solicitor who will raise any preliminary questions.
The solicitor will request searches to be carried out or use information already obtained in the Home Information Pack (HIP)
A survey will be booked on behalf of your chosen mortgage lender to identify if there are any structural problems, and advise on the property value.
Step 7 – Draft Contracts and Mortgage Offer Approval
Once the results from local searches have returned and preliminary questions answered draft contracts will be drawn up by your solicitor.
On receipt of a satisfactory survey the mortgage lender will produce a formal mortgage offer. This will be send to your solicitor. Once signed and returned, your mortgage will be in place and you are ready to exchange contracts.
It is important that you review your insurance needs as it is a formal requirement that you have buildings insurance in place prior to completion. Please feel free to contact a member of our team to arrange this for you.
Step 8 – Exchange of Contracts
Your solicitor will arrange an appointment with you to sign the contracts. At this point your deposit is usually transferred to your solicitor’s bank account either by telegraphic transfer or banker’s draft.
The completion date will then be set
Step 9 – Completion
Generally the completion date is set a few days after exchange of contracts depending on individual circumstances.
Monies are transferred between the purchaser and the seller’s solicitors, once this has occurred the property has legally been sold.
Keys will then be available for collection from your estate agent.
Congratulations, you are now the legal owner of your new home.