Exclelet Property are always here to help and guide each buyer throughout the process whether you are a first-time buyer or on a chain.
Below is the procedure we believe would guide you through the process.
Step 1 – Budget and Mortgage in principle
Before you start your search, it would be beneficial to know exactly what your budget is so you can search for properties that will be suitable based on your affordability. We would strongly recommend you speak to a mortgage broker, bank or financial adviser, we would be more than happy to recommend third party companies if you find it difficult to find one.
Once you have this in place it would also be best to know the points below to narrow down your search:
- Exact location you would like your new home to be situated
- Think of the essentials that would be important such as transport links, schools, and being close to local amenities
- It´s best to have a mental note of the important facts you would like your new home to have this can be, off street parking, garden, number of bedrooms, period or modern property, freehold or leasehold and chain free etc
With the above in hand the search would be so much easier and less time consuming in you finding the right home.
Step 2 – Viewings
Once you have started arranging viewings keep in mind the below points:
- Look at the surroundings and make sure it feels right for you, things like the street, neighbourhood, the distance it will take you to local amenities etc
- Look thoroughly room by room and all the interior try and look for damp patches, damages, un common smells, structural damage such as cracks and windows too, as all these factors can contribute towards large expenses when moving in.
- Check to see if the electrics seems new and up to standards, along with the boiler.
- It may be wise to take someone with you to view the property as a second pair of eyes always help so if you do miss anything it may have been spotted by the person you bring with you.
- Always take your time and don’t rush if need be book in a second viewing at a different time to asses noise levels and other aspects.
Always remember if you really do like the house but do have concerns always ask the question we can ask the sellers or take out a full structural survey and then make your own decision with the cost involved.
Step 3 – Making an offer
Once most things have ticked all the boxes and you are very pleased with the property and can see this being your home or even as an investment its time to put down an offer.
You can ask Excelet Property on their view with the price, how long the property has been on the market as this could play a part with the seller willing to accept lower offers. please do your own little research too by taking a look at similar properties sold in the area.
To save time for all parties make it clear if you are a first-time buyer or in a chain and how soon you are ready to move.
There may be other bids coming in too so as much information you give the better it is and can put you in a strong position in securing the property.
If there are other bids the seller will likely go ahead with the buyer that’s in the strongest position to complete, this can be timescale, being chain free, having a solicitor to hand and mortgage in principle.
Excelet Property will ask you to put down your offer in writing and we will discuss with the seller, we will come back to you as soon as the seller has decided and inform you if you are chosen to start the buying process.
Step 4 – Offer Accepted
Once the offer has been accepted the property will be tagged as under offer and the For-Sale board slip also changed.
We will require additional details in line with the money laundering legislation such as:
- Proof of ID
- Proof of Address
Both parties will provide solicitors details which we can assist with if needed and if required we would request for your mortgage offer.
After obtaining both sets of solicitors details we will send out a memorandum of sale to all parties that are involved, so solicitors can start liaising.
Step 5 – Surveys, Conveyancing and enquires
You most probably will have a mortgage valuation carried out on the property on instruction from your mortgage lender. Once this is completed and all is well with the value the report will be sent to the lender. If there are as issues then we will discuss this with the seller and revert back to you on the next steps.
With the mortgage value arranged you will need to arrange for a survey to be carried out this will depend on yourself how detailed you would like the survey to be.
Most common survey is a condition report, if you don’t have much concerns then you will most probably go for this option.
The is a more detailed one which is commonly known as a home buyers report, this will be more thorough and will include, reports of any damp, cracks, anything that doesn’t comply with building regs and maintenance advice on areas they feel requires attention. This is ideal if you did feel you had some concerns.
Normally more common for older properties or for anyone with major concerns go for a full structural survey, this will be much more expensive but will give you a very detailed report.
This report is also useful if you feel you will be carrying out major works once you have purchased the property. This report is to give you an insight of the structure and condition of the building, the materials that were used, more detailed maintenance works required and looking at the roof, attic etc.
If anything, major is flagged up we are more than happy to assist and discuss this further with yourself and the seller to work out the best possible solution.
Once you are satisfied with the report a draft contract will be sent where normally your solicitor may come back with enquiries and local searches are conducted, please note on leasehold properties the process will take slightly longer as third parties will be involved and management packs from building management companies will be requested.
It’s also best for you to discuss any fixtures and fittings where you may agree with the seller to include certain items or agree a price on any items.
Step 6 – Exchange & Completion
Exciting times! Both parties will enter into the exchange stage with contracts being signed via solicitors, and soon as this is done it’s a legal biding contract and neither party can withdraw and its all official.
A deposit will also be paid by your solicitor to the seller’s solicitor to hold until the completion date.
Once the completion date is agreed you are all ready to move, if you need any removal companies to help you move your items best to sort out now.
Please also ensure your buildings insurance has been arranged to as from the completion date you will be liable for the property.
On completion day your solicitor will transfer the remaining balance left on the sale to the seller’s solicitor. Once this has been received and confirmed completion stage is concluded and we will release the keys to you, please call us and inform us of a time so we can ensure the seller has dropped of all keys.
And then what’s left is a big Congratulations! On purchasing your new home and you are now ready to settle in your new surroundings.
Final tip we would suggest is register yourself with all utility companies of your choice, postal redirections in place and informing your bank, broadband service, credit card companies, employment, Dr surgery and DVLA to change your address on your driving license and ‘vehicle, there will be many other companies so best to write a list beforehand.
If you were interested in registering to buy a home with Excelet Property please click here