Before you embark on a property purchase it is a good idea to determine how much you will have available to spend. Take into account the deposit you can put down, purchase costs and speak to a Financial Services company or mortgage provider as to how much you may be able to borrow. Once you have done this you can register your interest and take your first step towards buying a property.
The first step in buying a property is to register your details. Please contact us either by phone or email or alternatively you can register on our site. Once we have registered your details we will be able to let you know about suitable properties of the size, price range and on the available terms you have specified.
Please also check regularly for new property listings on our site by carrying out a property search.
We will arrange for you to view any properties that we have to offer you. All viewings will be accompanied by one of our negotiators. We will always endeavour to arrange a time that is convenient for you and if necessary, outside of our usual office hours.
Under the Estate Agents Act 1979 we are obliged to report all offers we receive from prospective purchasers in writing to the Vendor. Once you have an offer agreed with a vendor we will ask you (if you haven’t already done so) to instruct your Solicitor so that they may commence the conveyancing for the sale. We will also prepare a Memorandum of Sale confirming the details of the proposed sale and send it out to the parties concerned. Please note all offers are SUBJECT TO CONTRACT.
Conveyancing is the term that refers to all the legal and administrative work associated with transferring the ownership of the property from one owner to another. The conveyancing process starts after an offer has been made and accepted for a property, and solicitors’ details have been exchanged by the two parties.
If your property purchase is subject to you receiving finance than you will need to talk to a
Financial Services company about the amount you can borrow and the type of mortgage that will suitable for you. After you have agreed an offer to purchase a property a formal mortgage offer will be sent to your solicitor detailing the terms and deposit amount.
If you are getting a mortgage for the property, the lender will want to carry out a survey for valuation purposes. In addition to this you may want to appoint a surveyor to provide a detailed report on the condition and structure of the property that you are purchasing. The report may bring to light problems with the property that you had previously been unaware of and provide you with the opportunity to resolve them prior to the exchange of contracts. Alternatively if there are no problems it may provide you with reassurance and confidence to proceed with the purchase.
Exchange of contracts
The exchange of contracts is the moment when the transfer of title/ownership happens. At this point the deposit – which is normally 5-10% of the purchase price – will be forwarded to your solicitor. The exchange of contracts is usually followed days or weeks later by the completion date, but the two stages in the home-buying process can be combined. The date for completion will also be set at the point of the exchange of contracts. In the exchange of contracts, the buyer signs the contract for sale and sends it to the seller who also signs it – both parties are then legally bound to complete the transfer.
On the completion day, the outstanding amount of the purchase price either transferred directly into the sellers account or forwarded to their solicitors. Once the sellers have vacated the property, you will receive the keys from the estate agents and have access to the property.
The costs involved in buying a property can include:
Survey Fee Valuation Fee Land Registry Fee Local authority search Mortgage arrangement fee Removal Costs
Stamp Duty Land tax:
up to £125,000: 0%
£125,001 – £250,000: 1%
£250,001 – £500,000: 3%