a guide to buying your property - hardisty …guide to buying your property buying a property will...
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A GU IDE TO BUY ING YOUR PR OPERT Y
Guide to Buying your Property
Buying a property will probably be one of the biggest purchases you will ever make so it is very important that you know your budget and the amount you can afford right from the very start. In the early stages of looking for a property it is vitally important that you speak to an independent professional mortgage advisor to establish…
• How much you can afford and what your monthly mortgage repayments are likely to be• The best mortgage rates and products which are available to you• How much deposit you will need• All associated costs and fees you are likely to incur including legal fees, moving costs and insurance
An experienced independent mortgage advisor will make the process of applying for a mortgage much easier and will administer your mortgage application from start to finish. They will prepare all the relevant information upfront to support your application so that you can act quickly once you have an offer accepted.
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When you know your budget, you can begin searching for your property and booking house viewings. It is always a good idea, when possible, to call into the branch to register onto the mailing list. This is also a good opportunity to introduce yourself to the team which helps you to make a personal connection with the negotiating staff and will hopefully optimise your chances of being informed of new properties to the market. If you
are ready to go ahead you may be told about many properties without them even going onto the Property Portals. Make sure when registering you advise the agent of your full requirements and desires such as preferred areas, property types, number of bedrooms and any other specifications etc. This will ensure that you only receive information for the properties matching your requirements.
When arranging viewings make sure that you can give several options of convenient times in order that the agent can arrange the viewings at times to suit you. If the viewing appointments are accompanied with the agent, diaries can get booked up very quickly; especially in the evening and weekends. Therefore, the more notice you can give and the sooner you make your request, the more likely it will be that your preffered time will be accommodated. It is advisable to visit the property at different
times so that you can get an idea of where the sun shines, parking provisions and any other factors which may effect your decision on whether a house is for you or not such as traffic levels, schools, flight paths etc. During a viewing appointment it can also be helpful to establish what is included in the property sale.
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Once you have found the property you wish to buy, you need to commence negotiations. In the first instance always contact the agent to register your offer. Make sure that you have all relevant information to hand including your status i.e. first time buyer, cash buyer, or house to sell/sold. If you have sold a property you will need to provide your agents name and contact telephone number so that your chain can be checked. It is also beneficial to declare your position with respect to timeframes as this may be important to the seller. The agent will want verification of your financial position. It can be advantageous for you to take advice and utilise the services of
the agents mortgage advisors in order to stream line your transaction and take the stress out of the mortgage process. You need to be prepared that your offer may not be accepted and should always have a strategic plan of how you intend to progress your negotiation. Some properties can attract a great deal of interest and you need to be prepared that you may have to offer the asking price or more than the ask price to secure your purchase. In rarer circumstances some properties have multiple offers registered and sell for over the asking price so always establish and decide on the maximum you are prepared to pay for a property.
When your offer is accepted, you will need to instruct a conveyancer to act on your behalf. Conveyancing is the legal process required to buy and sell residential property. The conveyancer will examine all legal documentation and raise enquiries in order to approve the contract. It is worth obtaining at least two quotes but it is recommended that you look at the
services of the panel of conveyancers who the agent has strong relationships with. By instructing a conveyancer from the agents panel will ensure that they are able to provide regular and efficient sales progression updates to you and there will be a clear and concise line of communication between all parties
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During the process of the conveyancing your mortgage application will be proceeding. Once the lender has approved your application they will instruct for the mortgage valuation to go ahead. Many buyers upgrade the basic valuation to a more detailed survey report, commonly
a Homebuyers Report. In some cases there may be points raised relating to the condition of the property following the survey and the lender may request additional reports are obtained for example electrical, timber and damp, roofing etc.
Once the lender is happy with the property and all the necessary checks have been made your mortgage offer will be issued (this is the formal offer of the
mortgage applied for). The mortgage offer will state all final details of the loan and interest rates. Your conveyancer also receives a copy of the mortgage offer.
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As soon as your conveyancer is happy with all the legal aspects of your purchase and has received your searches and mortgage offer you are ready to exchange contracts. Your conveyancer will arrange an appointment with you to go through the contract and they will arrange for you to pay over your deposit. The completion
date (the day for moving) must be agreed between all parties prior to exchange. Once exchange of contracts has taken place your transaction is legally binding and your deposit is non-refundable. When agreeing your completion date it is always advisable to make sure your removal company have availability!
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The day of completion has arrived! Your conveyancer will receive the monies from your lender and as soon as they do they are transferred to the sellers’ conveyancer. As soon as they are able to confirm that the monies are received completion has taken place and you can receive the keys to your new property and move in!
Obviously, there can be many different scenarios occur during the process of buying a property, therefore, if you require any help, advice or assistance relating to your house purchase please do not hesitate to contact a member of the HARDISTY AND CO staff who can assist and guide you throughout the process.
www.ha rd i s tyandco .com
HORSFORTH0113 239 0012
GUISELEY01943 870 970
OTLEY01943 468 999
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