A Step by Step Guide to Buying Your Own Home...
Working out how much you have to spend is vital before seriously beginning your search. It is worth seeking advice from an independent mortgage advisor as they will have access to the entire market and should give you impartial advice.
It is worth noting the additional costs that maybe involved in your house purchase such as solicitor’s fees, a valuation fee, stamp duty, local authority searches, mortgage fees, removal fees, disconnection and reconnection of services. Whilst these are not huge individual costs they can amount to thousands.
So to avoid finding that dream home and not being financially ready to make an offer. Ensure that you get sound mortgage advice before you start!
Step 2: Register and begin your search
Now you know how much you have to spend the fun can begin. We recommend buyers start by thinking of the reasons they are moving home in the first place. So why are you moving? A garden, a growing family, a change of area… Why not make a list of the features that you must have, would really like and what would be nice. Be realistic though as very few properties will have everything that you desire!
Next step – give us a call and we will register your details, or if you are short on time register online and we will contact you if we have anything suitable. It really is worth registering with us as you will often find out about the properties before they are advertised online.
Step 3: Make the most of your viewings
At Pat Robson & Co. we try to accompany all viewings to make the process as comfortable as possible and to fully understand any feedback that you give. In order to do this we are open from 9am to 6.30pm on weekdays and 9am to 4pm on Saturdays, if you can’t make these times sellers will often carry out their own viewings.
Before carrying out your viewing appointment it is worth thinking of a list of questions. For example, you may want to ask about the neighbours or what the local transport links are like. If we don’t know the answers to your questions we will find them out for you!
Step 4: Find the right property and make an offer
Once you think you have found the ideal property it is worth making a second visit, just to make sure you get the same feeling about the property the second time.
What do you need to make an offer? Essentially nothing, but a seller will only take you seriously if you have proof of funds (this usually comes in the form of a mortgage agreement in principle). Other factors a seller will consider are – does the buyer have a property to sell and when can the buyer move in.
Offers are not legally binding until contracts are exchanged.
Step 5: Offer accepted and instructing a solicitor
Once your offer is accepted you need to provide solicitor’s details and give the go ahead to your mortgage advisor. A proactive solicitor and mortgage advisor can save you months in the conveyancing process.
Having dealt with a vast number of solicitors and mortgage advisors we feel we can recommend people you can rely upon. If you would like advice please visit Conveyancing and Mortgage Advice.
Rest assured that throughout this process you are always able to contact us for updates and advice!
Step 6: Survey and mortgage offer
To take the next step towards completion a survey will need to be carried out on the property you have chosen. Usually your mortgage company will instruct the survey and provided all is well a mortgage offer should be coming your way.
Step 7: Exchange contracts
So everything has gone well, the survey is ok, your mortgage offer has arrived and you are ready to exchange. At this point your accepted offer becomes legally binding and you will have to pay a deposit to the solicitor (usually 10%). As part of the exchange you will set a date for completion that is mutually agreeable.
Step 8: Collect the keys!
On the day of completion the remainder of the money is transferred and once this has cleared the keys can be collected from your Estate Agent!