Buying property
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Buying a house can be a complicated and daunting business. There are times when you will feel you have no control over the process, and given the size of investment and the fundamental importance of having a home, it is not surprising that it is one of the most stressful activities which you can undertake.
These pages will help to clarify the buying process for you, and we hope will remove some of the stress involved in buying a home.
Registering your detailsHouse-hunting in earnestViewingsArranging a mortgageMaking an offerLegal mattersSurveying the propertyContract approvalExchangeCompletionCosts to consider
Registering your details
As a visitor to our website, you are obviously interested in finding a property in Hampstead and the surrounding areas. You have probably started looking already, and maybe you’ve spotted the type of property that you’re interested in. Now that you’re getting more serious about house-hunting, if you would like us to help with the process and keep you notified of suitable properties you will need to register with us. You can either:
• Call us;
• Register online; or
• Visit your nearest office
The other matter you’ll probably be looking into is finance for your new home. There are over 8,000 types of mortgage on offer today, and one of them will be the right one for you. If you need help to find the right mortgage, then we can put you in touch with our mortgage advisers.
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House-hunting in earnest
Once you know your budget you can start searching for a property in earnest. Once registered with us we’ll keep you up to date with the local housing market, let you know when suitable properties become available, and arrange viewings on your behalf.
You can print out full colour brochures and floorplans from the website or we can post them to you. We also keep all of our clients up to date with property alerts, with text messages to your phone and emails to an address of your choice.
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Viewing hours
Viewings hours can be a little restricted, and we do ask people viewing a property to be punctual. It also keeps things simple if you can let us know straight away if you are interested – or not – in taking matters further regarding a property after viewing it. We act on behalf of the vendor, and we will be happy to pass on any queries you may have. We will also keep you informed about any other interest in properties that you view.
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Arranging a mortgage
With numerous mortgage products on the market today there is almost certain to be one which is perfect for your circumstances. Please let us know if you would like to speak to an independent Financial Advisor.
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Making an offer
It should be borne in mind that, as estate agents, we act on behalf of the vendor and one of our responsibilities is to give a realistic valuation of the property to be sold. The actual asking price is up to the vendor, but we would not represent a property if this price were unrealistic.
Once you have found the right property you will want to make an offer. This is done through us, and communicate all offers to the vendor verbally and in writing . If your offer is not accepted and you are still interested, negotiations will take place. We make every effort to keep this process as simple and stress-free as possible.
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Legal matters
Once an offer has been accepted, there are a number of legal matters which need to be addressed. These include establishing the ownership of the land and property, drafting and approving contracts, a local authority search and the handling of deposit cheques. It is also the point at which exchange and completion dates should be agreed, and your mortgage broker must be instructed to proceed.
A solicitor will deal with these matters handle on your behalf and we recommend that you use a solicitor who knows the area and who specialises in conveyancing. We can recommend solicitors should that be required.
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Surveying the property
Once your offer has been agreed you might wish to appoint a surveyor to inspect the property . We are able to recommend a surveyor should that be required. Your mortgage lender will also have a surveyors that can be instructed on your behalf.
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Contract approval
The vendor’s solicitor will draft a contract of sale once they have received the title deeds and other legal documents relating to the property. The contract is then sent to the buyer’s solicitor who deals with any queries with the vendors solicitors.
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Exchange
When the buyer’s solicitor is satisfied a copy of the formal mortgage offer, a signed contract a satisfactory local authority search and a deposit cheque (normally 10% of the purchase price) is required , then contracts can be exchanged. The sale is then legally binding.
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Completion
On completion, the balance of the purchase price is sent to the vendor and the keys are handed over to the new owner. The normal time for this is usually 28 days.
You are now the legal owner of your new home.
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Costs to consider:
• Solicitor’s fees
• Surveyor’s fees
• Removal costs
• Insurance (property and contents)
• Deposit (usually 10% purchase price)
• Services such as mail redirect, service connection fees
• Part payment of council tax, ground rent, maintenance charges
• Final utility bills on previous property
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Disclaimer
This guide is intended to help readers navigate their way through the buying process under the estate agency systems in England and Wales. Readers take any advice at their own risk. Parkheath Estates Ltd accept no responsibility for any action taken, or loss occuring, as a result of any advice and/or information in this guide.
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