It is important to work out exactly how much you have to spend before you start looking. Speaking to a mortgage provider at the outset will give you your maximum budget and should save you any disappointment in the future. A good advisor will review your financial situation, assess your affordability and provide you with the options available and full illustrations on the amount you can borrow, deposit requirements and subsequent monthly mortgage payments.
Writing down a checklist of what you are looking for in your next property is a good way to clarify your thoughts. Although this should not be too rigid and keeping an open mind is important.
A great place to start is the internet. Register your contact details and property requirements to receive regular email updates with suitable properties as soon as they come on to the market. If you are looking for further guidance or advice, you can call us on 01892 533367 or call into our office. Booking viewing appointments with Kings Estates couldn’t be simpler and we advise you to arrange these promptly as good homes don’t stay on the market for long.
When you have found the right property, it is time to make an offer. At this point, the more information we have about your current property situation, the more we can help negotiate a good price. We will present your offer to the vendor both verbally and in writing and will keep you informed of all communications. Don’t be too disappointed if your first offer is rejected, the majority of sales go through two or three rounds before a price is agreed. At this point you may need to prove you are in a position to proceed financially and until the contracts are signed there are no legal obligations.
Once the vendor has accepted your offer, we will write to all parties setting out the agreed offer and any terms and conditions that are attached to your offer. You can ask the vendor to take the house off the market at this stage but they do not have to agree to do this. It is important at this stage to move onto the next few steps as swiftly as possible as the vendor will want to see progress, but we will help you wherever we can to keep the sale moving.
Choosing the right legal representation is key to a fast and efficient house purchase. You can either use a solicitor or a conveyancer – they are both fully regulated and insured. However, if you choose the latter they are specialist property lawyers, focusing on residential property sales, managing transactions like yours every day. They can also cost less. However, conveyancers, especially the online firms, can take on a much larger work load manging hundreds of client’s transactions at one time so delays can occur. If you would like a recommendation, do talk to us.
Before the official conveyancing process can start, there are numerous protocol forms that need to be completed which will be sent to you by your solicitor. These will include proof of identification, your mortgage provider, proof of funds and the seller’s details. Completing and returning these promptly is crucial for keeping the sale moving forward. Using registered post or delivering them by hand can really cut down on any unnecessary delays. You will also need to complete your formal mortgage application with the lender, after which the survey can be booked.
Once your mortgage application has been submitted, you will need to decide the type of survey you would like on the new property. These range from the basic mortgage valuation, to a homebuyers report then up to a full structural survey. Obviously, the costs will increase with each level of survey requested, but especially with older properties, a full survey could save you a lot of money and heartache in the long run. The surveyor will report their findings back to the lender, who then use this information to issue a mortgage offer.
Once all parties are happy that every question has been answered, all outstanding enquiries have been dealt with and all the paperwork has been completed, the contract will then be issued. Delays can occur if you are in a chain as you must wait until all parties are ready to proceed to exchange. At this point a completion date is agreed. From there, once the contract has been signed and you have your mortgage offer, you must transfer your deposit to your solicitor. On receiving your funds, exchange can now take place.
Completion usually happens between seven and twenty-eight days after exchange. To move to this final stage, all outstanding monies must be paid to your solicitor. They will inform both us and yourselves when this has happened so we can hand over the keys to your lovely new house. Congratulations – you are now a new home owner!