Buying A Property?
Wherever you are on the property ladder – a first time buyer, a growing family in need of more space, a landlord looking to extend your portfolio, and whether you are looking for a property locally to you or further afield, our experts can help you. Choosing the right property is perhaps one of the hardest decisions we have to make. We will help you define what you want from your new property, we will help you find it and then we will support you through the buying process to make what can seem a daunting process as smooth and efficient as possible.
We recognize that buying property can be a complicated process for those who either have not done it before or those who are not familiar with UK property law. We have designed a step-by-step guide which gives an overview to the property buying process in England and Wales.
It is essential to arrange your finance BEFORE you begin to search for a suitable property. It is advisable to have a mortgage offer ready in hand; this will make the process of searching easier as your maximum budget will be fixed and should also speed up the purchase when you find your property. Remember you also need to have money set aside for a deposit and to pay essential fees and taxes, and moving costs.
We work closely with a number of expert mortgage brokers who have access to the whole market and can help you find the right mortgage for you. Please do not hesitate to contact us if you need help finding a mortgage.
Engaging our services is simple. You can call us on +44 (0)2032921180 or email us at firstname.lastname@example.org or send us a message here via our online enquiry form to request a call back, and one of our agents will discuss your property requirements with you and start the search straightaway.
Once we have clear instructions of your requirements, we will provide you with a selection of properties that match your criteria.
We will schedule viewings at times convenient to you; our agents are available for viewings during evenings and at weekends.
Your solicitor will handle all the legal work associated with you buying your property. As property law can be complex, it is advisable to use a solicitor experienced and competent in conveyancing. We will be happy to recommend one for you.
Once you have chosen a property, we will put your offer to the vendor together with any special conditions you may set out. You might need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your potential mortgage offer).
Note – there are no legal obligations on either side until contracts are signed and exchanged.
Once your offer has been accepted we will:
a. prepare a memorandum of sale
b. write to all parties to confirm the agreed price
c. confirm your solicitor’s and mortgage broker’s details
You will instruct your solicitor to proceed with the conveyancing process and your mortgage broker to finalise your mortgage offer with the lender.
Conveyancing is the legal work associated with transferring the ownership of land or buildings from one person to another. Your solicitor will:
• carry out searches, including with the local authority to check for any planning applications which may impact on the property, and the land registry to check security of title eg relating to mineral rights, pollution, flooding;
• provide legal advice and recommendations;
• assess the contract received from the vendor’s solicitor and resolve any queries; and
• collect and transfer payments.
Your mortgage lender will carry out a survey to assess the value of the property, to ensure that it is worth at least the amount you have agreed to pay for it. This survey will not provide a detailed analysis of the state of the property. We strongly advise you to have your own independent survey done to identify any potential issues with the property. You can choose from either a homebuyer’s report or a buildings survey (sometimes also known as a full structural survey). The latter is usually recommended if the property is listed or needs extensive renovation.
The report will not only give you peace of mind but also if there are issues with the property, provide a bargaining tool in negotiations. For example it might be possible to negotiate a lower purchase price if work is needed or to insist the work is completed before contracts are exchanged or completion.
Once all issues have been confirmed and terms agreed, you will exchange contracts.
Once the contract has been signed by both parties you will have to pay a deposit (usually 10% of the purchase price). You may also become legally responsible for building insurance from this date but your solicitor will advise on this.
At this stage, the completion date is also finalised. You are now committed to the purchase of the property. Neither side can withdraw without financial penalties.
The time from exchange of contracts to completion is usually 7-28 days, although it can be as short as 24 hours if the circumstances warrant it.
At completion, your solicitor transfers the rest of the money, the keys are released by the vendor’s solicitor and you become the legal owner of your new property.
Throughout this time we will oversee the process, keeping you updated and ensuring any questions are answered promptly and issues arising resolved at the earliest opportunity.