"We know that navigating the complexities of buying a property can be overwhelming. It’s our job to break-down this process for you and we’re here to guide you all the way from initial advice and first viewings, all the way through to the day you pick up the keys to your dream home. "
Do you need to sell in order to buy? A good starting point is to get a valuation on your current home.
What's my property worth?Whether you’re purchasing a new home to start a family, preparing for a retirement-ready downsize, relocating to a new area or simply buying as an investment decision, the process is always a significant and important purchase.
It’s without doubt that buying a property is incredibly exciting, but the purchasing process is often incorrectly viewed as stressful and confusing. As an experienced team, we know that navigating the complexities of buying a property can seem overwhelming at the outset. It’s our job to break-down this process for you and we’re here to guide you along the way from initial advice and first viewings, all the way through to the day you pick up the keys to your dream home.
So, how can you successfully purchase a property?
Prepare
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Consider the costs associated with moving
Understanding what you can afford is very important. This is the time to look at how much you can realistically borrow and speak to a trusted mortgage broker to arrange an agreement in principle (AIP). They will assess your affordability and will liaise with your lender on your behalf.
If you haven’t arranged this, we can suggest local, trusted mortgage brokers.
You must also bear in mind estate agency and solicitor fees, surveys, lending charges, removal/storage costs and possibly costs with your onward purchase, such as redecoration or home improvements you’ll want to make to your new property.
Need to sell your current property to make your next move possible?
It is highly advisable to sell your current property before looking for a new home. This ensures that you are proceedable and will increase the likelihood of your offer being accepted.
If you’d like to know the value of your home or are considering your next move, get in touch with us and we’ll provide you with a free valuation. We can also advise you on how to maximise the value of your current home in order to make your next purchase achievable.
Instructing a solicitor
You should appoint a solicitor to act on your behalf at the earliest convenience to avoid any delays later in the process. As experienced agents, we have dealt with many solicitors over the years and know the importance of choosing the right solicitor. This step is crucial as a good solicitor will protect your investment and will always represent your best interests. A successful purchase relies on an efficient and diligent solicitor.
If you haven’t arranged a solicitor, we would be happy to recommend one.
Search
Viewings
A dedicated Absolute team member will show you around the home and this appointment will be confirmed via email and SMS.
When on the viewing, feel free to ask as many questions about the property as you wish – this will help you make an informed decision about the property.
Feedback
After the viewing we will send you a feedback email asking for your thoughts on the property and we always invite you to be as honest as possible. This really helps us to guide our seller to what ‘the market’ thinks and may even allow us to suggest alternative homes for you to view.
Offer
Making an offer
Now it gets exciting! You have found the perfect property and would like to make an offer. This can be done via our feedback form or by giving us a call directly. We will then ask you to fill out our offer form so that your offer can be put forward in the best light.
Upon completion of an offer form, we will follow up with a letter confirming we have received your offer and we will inform our client that you have made an offer.
Offer acceptance
If your offer is accepted by the seller, you will need to provide us with evidence to prove how you will fund the purchase.
Alongside this, we will also need to do identity checks, which will involve you coming into the office or alternatively we can send you a link to input your photo identification online. If you are unsure on what proof of finances to provide or what ID you need, please do give us a call. We will also ask you for your solicitor details so that we can prepare a memorandum of sale.
N.B. You must instruct your solicitor to proceed at this stage and also inform your mortgage broker that you have had an offer accepted.
The memorandum is sent to all parties (buyer, seller and their legal representatives) and it details the proposed terms of the transaction. It prompts the solicitor to begin the conveyancing process and means that your purchase is underway.
Next steps
What happens next
The property will be marked as SOLD (subject to contract).
Your solicitor will now guide you through the next steps, which involves transferring funds to your conveyancer so they can order searches. They will request an information pack about the property (which we call a draft contract), enquiries will be raised and exchange and completion dates will be discussed. But don’t worry, we have a dedicated sales progressor who will be keeping in regular contact with all parties to help keep everything on track and avoid any holdups. They are on hand to answer any questions you may have.
Survey and mortgage offer
If you require a mortgage, your lender will need to carry out a mortgage valuation.
You can also choose to pay an additional amount to the surveyor to carry out a ‘Home Buyers’ report or Buildings Survey.
Once a mortgage valuation is complete, a mortgage offer will be sent to you and your solicitor. If you are looking for a surveyor, please get in touch and we would be happy to recommend some local surveyors.
Exchange of contracts
Once all parties are satisfied with the contracts, finances are in place and a completion date has been agreed, your solicitor will look to exchange contracts.
You will be asked to sign the TR1 Form and will be required to put down a non-refundable deposit (typically 10% of the purchase price), which you transfer to your solicitor before exchange takes place.
Complete
Completion day
This is the day you have been waiting for!
Your solicitor will transfer the remaining balance of money to the sellers. Once this has been done and the sellers’ solicitor has confirmed receipt of funds, we will receive a call to say ‘we can release the keys.’
Congratulations are in order! Your new home is now legally yours and we will arrange for you to pop into our office to collect keys for your exciting new chapter.
Ready to find your next home? Properties for sale
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