A Guide to Buying Property
This simple step by step guide has been designed to take you through the buying process
Step 1. Arranging your mortgage
Before you begin your property search, it is advisable to arrange your finances and if required, have a mortgage agreed in principle. This will confirm how much money you will have to fund the purchase, which will ultimately influence your decision. Our recommended mortgage broker, The Mortgage Company, has access to the entire market, as well as exclusive deals and rates to help find you the best mortgage available.
Step 2. Register your details
The first step to finding the right property is to register with us either by calling us on 01993 779020 or visit our office to discuss your property requirements with one of our experienced staff. You can also click here to send us an email.
Step 3. Finding the right property
We will have a clear understanding of your requirements and will keep you up-to-date via email and SMS alerts when new properties become available. Full colour brochures will also be available.
Step 4. Schedule viewings
We will meet you at the property or drive you there and show you around, answering any questions you may have. We are available six days a week and alternative arrangements can be made for out of hours requests.
Step 5. Making an offer
Once you have found your ideal property, we will put forward an offer to the seller on your behalf, both verbally and in writing including any special conditions regarding your offer. We will verify with you at this time, your ability to proceed with a purchase (eg your mortgage agreement in principle). There are no legal obligations on either side at this stage, until contracts are signed.
Step 6. Offer agreed
Once your offer is accepted we will:- ? Prepare a Memorandum of Sale ? Write to you, the seller and your solicitors, enclosing a copy of the Memorandum and confirming the purchase price and any other relevant points relating to your purchase.
Step 7. Instructing a solicitor
The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is advisable to use a solicitor who knows the area you are moving to and specialises in conveyancing. We will be happy to advise you of a selection of solicitors in Witney so that you can make your own decision on who you would like to represent you.
Step 8. Conveyancing (The legal process)
Unlike many agents, we have a dedicated member of staff who will liaise with your solicitor and the seller’s solicitor to ensure the transaction is completed as swiftly as possible, informing you along the way. Your solicitor will ? Raise any enquiries on receipt of the draft contract from the sellers solicitor ? Request local searches ? Agree on a date for exchange of contracts
Step 9. Survey & Mortgage Offer
A survey will be booked by a surveyor on behalf of the mortgage lender to advise on the property’s value and identify any structural problems. We will advise you when this takes place. After the mortgage market appraisal report is received by your lender, a formal offer of a mortgage will be sent to you and your solicitor for you to sign and return to the lender. There are no legal obligations until contracts have been signed.
Step 10. Exchange of Contracts
Exchange of contracts occurs when all enquiries, legal and otherwise have been confirmed and agreed. Your solicitor will advise us when this has taken place. When the contract has been signed by both parties, a deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker’s draft from your solicitor to the seller’s solicitor. You are now committed to the purchase of the property and the seller committed to the sale.
Step 11. Completion
Legal completion occurs when the residual monies (usually 90%) are transferred from your solicitor to the seller’s solicitor’s account. Once this has been confirmed to us and the money has cleared in the sellers account, we will contact you to advise that we can release the keys. Congratulations, you are now the legal owner of your new home!