Buyers Guide

A Step-by-step guide to help you every step of the way!

Buying a property can be a long and complicated process; this guide has been designed to assist you throughout, ensuring you get the best deal possible.

STEP 1 – ARRANGING YOUR FINANCES

Before you 'step into the ring' to find your property, it is advised that you arrange for your finances and preferably have your mortgage agreed in principle. Price comparison websites are a good tool to see what is available throughout the market if you have time to keep checking them. Alternatively, you could find yourself a mortgage broker or even have a word with your bank directly. Having your finances arranged in principle from the start will give you a better fighting chance if you find yourself in a bidding war where there are other buyers who are looking to buy the same property that you are but don't have their finances organised. Set yourselves a realistic budget for the entire process and stick to it keeping in mind additional costs such as stamp duty, solicitor's fees, work needing to be done in the property, shifting homes, council tax etc…

STEP 2 – REGISTER YOUR INTEREST AND DO YOUR RESEARCH

Now that you know what your budget is, the next step is to register yourselves with your local Estate Agents giving them as much detail as possible about the kind of property that you are looking for, so that they know exactly what to show you. Keep in touch with your agent every so often so they have you at the forefront of his mind whenever any new properties come up. Continuously check online property portals such as Zoopla or Right Move for properties filtered by your chosen criteria so you know what's available on the market.

STEP 3 – SHORTLIST PROPERTIES AND ARRANGE VIEWINGS

While choosing properties that you are interested in think carefully about the things that you may need or would like, such as local schools, local parks, transport links, shops etc… Try to be flexible when it comes to viewing times, evenings or weekends might be the best times for you but not for the vendor, it may be worth taking off a day or two and arranging multiple viewings per day. Early viewings are advisable to be one of the first to see the property and always be punctual as the vendors have taken time to organise and present the property. Always have an open mind, many times people end up buying something very different from their ideal home.

STEP 4 – MAKING AN OFFER

When making an offer, don't try and make the lowest offer possible which is bound to get refused, make sure it is a reasonable offer so that future negotiations if any are that much easier. Once you've made your offer let the agent know of any special conditions that you may have, such as move in dates or your tenancy end dates, also your financial standing as you may also be required to show that you are able to proceed with the sale (i.e. showing proof of your mortgage in principle).

STEP 5 – OFFER ACCEPTED

Once your offer has been accepted, we will then be: 1. Preparing the memorandum of property for sale 2. Writing to all parties to confirm the acceptance of the offer at the price that was agreed 3. Instructing solicitors to proceed with the sale process 4. Asking you for your mortgage details and situation You will need to instruct a solicitor preferably local to carry out the conveyancing process and to start your mortgage application process.

STEP 6 – CONVEYANCING PROCESS AND MORTGAGE OFFER

The conveyancing process carried out by the solicitors includes the following: 1. Raising any queries in relation to the property once the draft contracts have been sent from the sellers solicitors 2. Your solicitor will respond to the queries and then request their own local searches 3. Agree on a date for the exchange of contracts and then completion. Once your mortgage application is in place and ready, the bank will carry out a survey of the property, shortly after a mortgage valuation report will be received followed by a formal mortgage offer which will be sent to your solicitors for you to sign and return.

STEP 7 – EXCHANGE OF CONTRACT

At this stage all queries raise by either side solicitors have been answered and agreed upon, then contracts are ready to be signed and exchanged. Once the contracts have been exchanged it is lawfully binding and you will not be able to pull back from the sale, also the deposit amount of the purchase price is now due via bankers draft or an electronic transfer from your solicitor to the sellers solicitor's account. Now the completion date is set by mutual agreement of both parties.

STEP 8 – COMPLETION

Congratulations! You are now the new owner of your house. Completion is when the remainder of the monies is transferred from your solicitors account to the sellers solicitors account and the keys will now be released to you.

Maxwell Estates