:: how it works

Choosing The Best Property

DYNAMICS OF BUYING PROPERTY IN ENGLAND

To buy a property in the UK can be a complicated process, but we would guide you through the process of buying property with ease and find below the dynamics:

Step 1:          Arranging your mortgage
Arrange your finances and have your mortgage agreed in principle. This action will confirm how much money you will have to fund the purchase, which will ultimately influence your property search.

Step 2:          Finding the right property
Once we have a clear understanding of the property you require, we would send to your email properties that match your criteria.

Step 3:          Viewing the property
You must view the property you intend to buy and we would accompany you throughout your view and advise you on how to buy your choice property at below market value (BMV).

Step 4:          Instructing a solicitor
The successful purchase of a property can be reliant on the instruction of an efficient and experience solicitor. It is good idea to use a solicitor who knows the area you’re moving to and specializes in conveyancing.

Step 6:          Making an offer
Once you have identified a suitable property we will guide you on how to put your offer forward to both verbally and in writing.

Step 7:         Offer agreed
Once your offer is accepted we will guide you on how you confirm your solicitor’s and mortgage broker’s details to prepare memorandum of sale and write all parties to confirm agreed price.

Step 8:          Convincing
As part of the convincing process your solicitor will do the following:

• Raise any enquiries on receipt of the draft contact from the seller’s solicitor
• Request their own local searches
• Refer to the information already provided in the seller’s  HIP
• Agreed on a date for exchange of contracts

We will assist your solicitor and negotiate throughout the process, keeping you informed every step of the way.

Step 9:          Survey and mortgage offer
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property’s value.
After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. There are no legal obligations until contracts are signed.

Step 10:        Exchange of contracts
Exchange of contracts   occurs when all enquiries have been confirmed and 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.
The completion date is then set by mutual agreement.

Step 11:        Completion
Completion is when the residual monies (usually 90%) are transferred from your solicitor to the seller’s solicitor’s account.
You will get your new house key once the money has cleared in the seller’s account.
Congratulations, you are now the legal owner of your home!