Buying Guide
Searching for your dream home is an exciting and significant milestone in life
However, navigating the complex world of real estate can be overwhelming without the right guidance. That’s why we’re thrilled to present your ultimate buying guide designed to simplify and streamline your home-buying journey. Whether you’re a first-time buyer or a seasoned investor, our buying guide will provide tips, advice, and valuable insights to help you make informed decisions.
Working Out Your Finances
The prospect of purchasing a property is certainly and exciting one, but before you jump into a search with both feet, it’s a good idea to check your finances first in order to work out exactly what is affordable for you
A great first step is to speak to one of our recommended independent mortgage brokers to find out how much you can borrow, the monthly cost of the mortgage and to get an AIP (Agreement In Principle)
This will enable you to begin your property search with confidence and a budget in mind. Having the AIP document also gives you credibility as a buyer and proves that you have done your homework.
Starting Your Search
Okay, so now its search time and the first port of call for most prospective buyers is Rightmove. You can find all of our properties there and also here on priorsestateagents.co.uk.
If you really want to get ahead of the game, why not register for property email alerts where we will inform you about any new property that meets your requirements as soon as it hits the market.
As soon as you see something you like, simply contact us by email or phone to arrange a viewing.
All of our viewings are accompanied which helps you to feel more relaxed and also helps us get to know both you and your property needs and wants.
Making an Offer
So, you’ve seen the home of your dreams and the next step is to make an offer. We will put your offer forward in its best possible light, however with that Agreement in Principle and proof of your deposit, this will further enhance your case and shows the seller that you are a serious buyer.
Agreeing to the offer
Now is the time to engage the services of a good solicitor or conveyancer. If you have one that you have successfully used previously, or know one that comes highly recommended, that’s great. If not, we know plenty of local solicitors that we’d be delighted to recommend and get a quote for you.
Once you have your chosen solicitor in place, we will write to confirm the purchase to both you and them, therefore enabling the solicitor to start the conveyancing process.
Conveyancing and survey
The conveyancing process undertaken by your solicitor will ultimately ensure that you have purchased the property legally and that all of the funds are successfully transferred to the sellers solicitors.
Before reaching this point, your solicitor will need to
- Order local authority searches which provide key information on planning, drainage and environmental issues
- Alert you to any specific enquiries in the contract and raise them with the sellers solicitors
- Negotiate a completion date which must be agreed with all parties for a formal exchange of contracts to be arranged.
As part of our service, we are happy to facilitate wherever possible to ensure that the conveyancing process is as quick and smooth as possible.
In addition to the conveyancing, you will need to arrange a survey via your mortgage lender. There are three types of survey offered.
The mortgage valuation is the most basic and a report is prepared after a brief inspection of the property to help confirm its value and is solely for the benefit of the lender.
A homebuyers report is a more detailed survey intended to give you, the buyer, information on the soundness of the property, any future costs likely to arise and an opinion on whether the purchase price agreed is a suitable one given the property’s overall condition.
A building survey (or structural survey) is a far more extensive and costly survey and is usually required when a full assessment of the property is needed and is advisable for older properties or those that are larger or unusual buildings.
If you are unsure which type of survey to opt for, we are always available for advice.
On completion of the survey , a mortgage offer will usually follow from your lender.
Exchanging contracts
Once you have your mortgage offer and your solicitor is happy that all the i’s have been dotted and the t’s crossed, then the contract will be sent to you for signing.
We recommend returning the contract to your solicitor by hand or recorded delivery.
At the same time, your deposit needs to be transferred before your solicitor can exchange contracts with the seller’s solicitor.
Last, but not least, before exchange can take place, a completion date needs to be agreed with everyone in the chain. We are well placed to help this and can liaise with all parties should the need arise.
Finally, contracts will be exchanged and the transaction finally becomes legal and binding.
Completion
Excitement can be tinged with nerves at this stage in the proceedings.
Meanwhile, your solicitor will receive a transfer of completion monies from the mortgage lender and if there’s shortfall in funds that is to be made up from savings, then this must be transferred by you.
On the morning of completion, your solicitor will transfer the full amount to the seller’s solicitor, who will then contact us to confirm completion.
Now the keys can be released and we will call you to arrange collection or handover.
Congratulations, you’re now the proud owner of a new home so crack open that bottle of fizz and start unpacking those boxes!
Mortgage Calculator
Calculate your mortgage payments effortlessly with our user-friendly mortgage calculator.