Work out your budget
Whether or not you are buying and selling or just buying, investing in a property is a large and long-term financial commitment. Be sure that you enter the housing market with a concrete plan.
It is essential, should you need a mortgage, that you secure a lender before starting to look for property. If you require an independent mortgage advisor we are happy to point you in the right direction.
Whether you require a mortgage or not, make sure that you are aware of all the costs that may be incurred throughout the buying process. These include stamp duty, conveyancing (legal) fees, agency fees and removal costs.
Coordinate with a solicitor
We recommend that all of our clients arrange a property solicitor as early on in the process as possible. This allows you to move quickly on a property should you need to. A solicitor will take care of all your property conveyancing requirements, as well as any additional legal issues that arise.
We are able to recommend a trusted solicitor should you need one, so please do not hesitate to ask us for advice should you need it.
Agreeing on a purchase
If you have found a property that matches all your criteria and fits your budget, it is time to make an offer. Once the offer has been accepted; if you are waiting on a sale this will require speaking to any other agents in your chain, if you are not selling we will need to see proof of your ability to purchase the house outright.
Subject to all the information having been provided and verified we will write to all relevant parties to confirm the commencement of the sale and then the legal process can begin.
If you require a mortgage on your purchase your lender will need to arrange a mortgage valuation before the sale can continue.
Conveyancing and surveys
Once instructed your solicitors will coordinate and begin processing the sale and purchase of the property. This process may take between four to six weeks and will include searches, communicating about enquiries, thoroughly checking all documentation, and managing a conversation with finance providers if a mortgage is involved.
You or your lender will also need to arrange a survey of the property. Austin D’arcy can provide reputable local surveyors to ease your moving process even more.
Despite all the stages until to reach this point, a sale is not considered legal until contracts have been exchanged. Once exchanged you will be able to confirm a legally cemented moving and completion date.
Without a justifiable reason to halt the sale beyond this point, you will be able to claim back your deposit and may choose to sue should the seller not complete on the contracts.
Completion and moving in
On the day of completion after you transfer the final payment, property exchanges hands and you will be handed the keys. The money and the deeds to the property are transferred and the Land Registry is informed.
You are the proud owner of a new property, congratulations! For more information on purchasing a property, please contact one of the Austin D’arcy team today.