Buying a property can be a complicated process. Here’s our simple guide to the buying a process
Speak to a mortgage advisor, find out how much you can borrow and how much your mortgage repayments will be.
You must also factor in other costs such as stamp duty, solicitors fees, etc to see how much deposit you can afford to put down. From 1st April 2016 additional stamp duty may be payable on certain properties.
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The property market is always competitive so once you have shortlisted properties of interest, we would encourage you to book a viewing as quickly as possible.
Make an Offer
It is always exciting once you have identified a suitable property! We will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. There are no legal obligations on either side until contracts are signed.
Agreeing the Sale
Once the sale has been agreed, Seths will:
- Ask you to confirm your solicitor’s and mortgage details
- Prepare a memorandum of sale
Now is the time to instruct your chosen solicitor as they will need to oversee all the legal aspects of your purchase. You will need to sign their terms and conditions and pay them any moneys on account required. At the same time, you will also need to contact your mortgage provider, pay any necessary upfront fees and give them the full details of your purchase in order for your mortgage to proceed.
A solicitor will work on your behalf and oversee the purchase process. Your solicitor will play an important part, along with your estate agent. They will:
- Raise any enquiries on receipt of the draft contract from the seller’s solicitor
- Request their own local searches
- Refer to the information already provided in the seller’s pack
- Transfer funds to the sellers solicitor
- Advise on all matters through to completion
To ensure that the purchase process goes smoothly and within the timeframes agreed you must respond to any enquiries and return any documents as soon as possible.
Survey and Mortgage Offer
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any potential problems and advise on the property’s market value.
After the mortgage valuation report is received, this will be sent to the underwriter and a formal mortgage offer will be sent to you and your solicitor.
Exchange of Contracts
Once your solicitor is satisfied that everything is as it should be, all enquiries have been answered, and the mortgage offer has been received, exchange of contracts take place.
Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker’s draft from your solicitor to the seller’s solicitor.
Upon receipt of a contract signed by both parties, your deposit, usually 10% of the purchase price, will be transferred to the seller’s solicitor. Once contracts have been exchanged, the purchase becomes legally binding.
The completion date is then set by mutual agreement.
Collecting the Keys
Completion takes place when the balance of the money, usually 90%, is transferred from your solicitor to the seller’s solicitor’s account.
We will release the keys once the seller’s solicitor confirms that money has cleared in their account.
Congratulations, you are now the legal owner of your new home!