Buying a property is one of the biggest financial transactions we commit to over our lifetimes. There are a number of essential steps that must be followed to ensure the process runs as smoothly as possible.
The following is a brief step by step guide to buying a property in England:
Buying a house is a long-term financial commitment. In addition to the purchase price, there are a number of other costs associated with buying a property that must be taken into consideration prior to proceeding with the transaction. Some of these costs include: obtaining an EPC, legal fees, agent fee, cost of hiring a surveyor, stamp duty tax and the costs associated with actually moving, such as hiring a removals firm.
We advise buyers to speak to one of our qualified in-house mortgage advisors before commencing their search. Your initial appointment is free of charge, and the knowledge you gain vital.
Once you have worked out how much you can afford to spend on a house, our experienced mortgage advisor will be able to find the best mortgage product available to suit your unique circumstances. As a member of Openworks, we have access to a broad range of mortgage products and exclusive deals from many well-established lenders.
When you have found the deal that is right for you, apply for the mortgage and request a Mortgage Agreement in Principle from the lender.
Register your search requirements with local estate agents, obtain copies of your local property newspapers, and use Internet portals such as Rightmove, Globrix and Zoopla to browse available properties that meet your requirements. When you find a property you like, contact the agent it is for sale through to arrange a viewing and to convince yourself first hand of the condition the property is in before making an offer. Whilst this process can be lengthy and time-consuming, it is worth the effort, after all, it is your next home that you are searching for.
Conveyancing refers to the process of transferring ownership of a building or land from the seller to the buyer. The majority of mortgage lenders will insist that you hire a qualified solicitor to carry out the conveyancing process to protect their assets. The process begins when an offer is made, and completes when contracts are exchanged. There are many good solicitors in Liverpool who are experienced in conveyancing and who offer competitive pricing structures.
Contact the estate agent selling the property you wish to buy and make them an offer. Use the asking price as a guide for the value the seller may accept and be prepared to negotiate if your offer is less than this.
Once your offer has been accepted, before proceeding any further with the transaction, it is advised that you organise for a survey to be carried out by a qualified Chartered Surveyor, to satisfy yourself, and your lender, that the property is worth the value you have agreed to pay. Whilst there is an additional cost associated with having a survey carried out, it is a risk to buy without having one. A professional survey will identify any defects and may save you thousands of pounds on repair and maintenance work further down the line. Many lenders will insist that you have a survey carried out before finalising your mortgage agreement to convince themselves of the condition of the property and its actual monetary value.
We have a team of Chartered Surveyors with a broad range of experience in producing Homebuyer Reports and Building Surveys for varying types of property. For more information contact Sutton Kersh Surveys & Valuations on 0151 207 9966 / firstname.lastname@example.org
Once your offer has been accepted and your survey has been carried out, notify your mortgage company to finalise your agreement.
This is the date on which the keys for your new property will be handed over to you so that you can move in. Ensure the date you agree provides you with enough time to pack up your possessions and that you can book a removals company on that date.
Your solicitor will work closely with the seller's solicitor to draw up a formal contract. Once you, and your solicitor, are happy with the agreement and you have paid your non-refundable deposit, the solicitors will exchange contracts on your behalf.
Once all of the money for the property has been transferred on the date agreed in the contract, the title of ownership will be transferred from the seller to the buyer.
Contact a removals company to arrange a moving in date, and notify the council tax office, utilities companies, banks and any other relevant companies of your change of address.
Home sweet home.