Buyers Guide

Your Guide to Buying a New Home

Buying a house is a significant milestone, and we're here to guide you through the process and make it as smooth and rewarding as possible. 

  Determine Your Budget

Before you begin the search for your new home, it's essential to establish a realistic budget and assess affordability. Take into account your income, savings, and current expenses to determine how much you can comfortably afford. Consider costs such as stamp duty, legal fees, moving costs as well as how much you can afford to pay for council tax and utility bills, Telecoms, possible additional travel cost for work etc...

  Put your current home on the market (if applicable)

Unless you are a cash or first time buyer, purchasing a property may be subject to you selling your existing one. If you haven't already booked a valuation with us, do it now as the value will help you guage how much you have to spend on your next property. 

You should now also put your current home on the market, otherwise a vendor may not accept an offer from you should the right property come along. 

  Get your Mortgage Pre-Approved

 Getting pre-approved for a mortgage can provide a clear understanding of your purchasing power and will put you in good stead should you find the right property and want to put in an offer.

  Creating a Realistic Wish List

Make a list of your must-haves and preferences for your future home. Consider factors such as location, size, number of bedrooms and bathrooms, yard space, amenities, and proximity to schools, transportation, and amenities. This will help narrow down your search and focus on properties that align with your lifestyle and goals.

However, you should be prepared to be flexible and realistic, and consider that a property might have a bonus feature that could offset the lack of one of your 'must haves'.

  Finding 'the one'

Once you find your ideal property, you will want to 'Make an Offer'.

If we have sourced the property for you with another agent, we will guide you through the negotiation process, helping you determine a competitive and fair offer price. Factors such as market conditions, comparable sales, and property condition will be considered.

  Mortgage Survey

A Mortgage Survey is a crucial step in the house-buying process that helps determine the value and condition of a property. Conducted by a qualified surveyor on behalf of your mortgage lender, this survey aims to assess the property's suitability as collateral for the mortgage loan.

The surveyor will inspect various aspects of the property, including its structure, potential defects, and any major repairs or maintenance requirements. The survey report provides valuable information that influences the lender's decision to approve the mortgage and ensures that you have a clear understanding of the property's condition before proceeding with the purchase.

  Conveyancing

If you haven't already, you must now instruct a conveyaning solicitor to carry out the legal processes of buying a property. 

Your solicitor will carry out the following processes:

  Property Searches

earches are essential to uncover any potential issues that may impact your property. These searches will identify local development plans, flood or environmental risks, and past or proposed mining activities that could affect the property's structure. This information is crucial for making informed decisions.

  Anti-Money Laundering Checks

As part of the legal process, Anti-Money Laundering checks are mandatory. These checks verify the source of your funds, ensuring they come from legitimate sources. This step is crucial for complying with legal requirements and maintaining transparency in financial transactions.

Meanwhile, your vendor's solicitor will be:

  Drafting Sales Contracts

The vendor's solicitor will prepare the sales contracts, including terms and conditions. Your solicitor will review and negotiate these terms to protect your interests. It's important to clarify what is included or excluded in the sale, such as fixtures, fittings, appliances, and other items. Any necessary negotiations will take place to reach an agreement between both parties

    Exchange of Contracts:

Once all the necessary steps have been completed, including mortgage approval, property searches, legal checks, and contract negotiations, you will proceed to the exciting milestone of "Exchange of Contracts." At this stage, both the buyer and seller sign the contracts, legally binding the agreement.

A deposit is usually paid, and a completion date is set.

   Completion

On completion day you will sign the final paperwork, pay the remaining funds, and receive the keys to your new home. 

Once completed, your solicitor will still have several jobs to do over a few weeks, such as registering the deeds with the Land Registry and sending them to your mortgage provide if applicable. They will also organise payment of Stamp Duty if relevant.

Congratulations, you made it!

If you want to know more about buying a property, please get in touch for a friendly chat with our property experts.