Buying a house can be a complicated, daunting and emotional business. Given the size of your investment and the fundamental importance of having a home it is not surprising that it is one of the most arduous activities you can undertake. This step by step guide will help clarify the buying process for you, and we hope will remove some of the stress involved in buying a home.
1. Registering and looking for a property.
Once you know your budget you can start searching for a property in earnest. As soon as you have registered with us we’ll keep you up to date with suitable properties becoming available by phone and email. Details of our properties can also be found on our Facebook, Twitter and Instagram pages.
2. Arranging a mortgage.
We advise that you review current mortgage options, obtain advice and have your mortgage agreed in principle as early as possible. Organising your finances at this stage in the process can save considerable time once you have found your perfect home, and you can save losing your ideal property to another buyer who have had theirs arranged.
Our recommended broker is Chapelgate Private Finance. They are an independent mortgage advisor and therefore have access to all of the current products on the market. They can search the market for you and recommend the best mortgage deals and rates. Call 020 7317 7311 for further details and to talk to an advisor.
Once you have identified a property that matches your criteria we will endeavour to arrange appointments at times that are convenient to you.
Monday to Thursday: 9:00am to 7:00pm
Friday: 9:00am to 6:00pm
Saturday 10:00 to 3:00pm
4. Making an offer
Once you have found the right property you will want to make an offer. We will submit the offer to the vendor both verbally and in writing. If your offer is not accepted and you are still interested in the property, negotiations will take place. We make every effort to keep this process as simple and stress free as possible.
5. Instructing your solicitor.
Having had your offer accepted by the vendor you will need to instruct a solicitor to handle the legal paperwork (known as conveyancing). We recommend you use a solicitor that knows the area you are buying in, and who specialises in conveyancing. Each of our offices will have a selection of solicitors that we have worked with and who we are happy to recommend.
6. Making your formal Mortgage application and arranging a survey.
You will need to liaise again with your mortgage broker or lender to submit a formal application specific to the property you wish to purchase. Your mortgage lender will book a surveyor to offer the lender a valuation of the property. This will not involve a detailed survey of the property and it is done without obligations to you.
Your lender will then provide the details of their mortgage offer to you and your solicitor.
You may choose to instruct your own surveyor to carry out a homebuyers report or full structural survey.
7. Exchange of Contracts.
Once your solicitor is in receipt of all replies to enquiries, a satisfactory local search, your mortgage offer, and your deposit they will approve the draft contract and report to you their findings.
The contract needs to be signed by you and the vendor. The deposit (which is usually 10% of the purchase price) is transferred to the vendors solicitor, once this is received the contracts can be exchanged. It is at this point the sale is legally binding.
A completion can be set for any day from the day of exchange to a few weeks after exchange of contracts, depending on each parties requirements and what is agreed at the outset.
The balance of the purchase price is sent from your solicitors account to the vendors solicitors account.
It is at this point you are the legal owner of your new home.
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 accepts no responsibility for any action taken, or loss occurring, as a result of any advice and/or information within this guide.
If you require further information or advice, contact your local office to talk to one of our experienced members of staff.