But what is involved in the buying process.
Well it all starts with finding that dream property there are many ways to search for a home, however with the market being so buoyant at the moment some properties are being snapped up before they go onto the portals.
If you want to be in with a chance you need to register directly with an estate agent in Woodbridge.
You can search our website for your ideal home, If you can not find what you are looking for then drop me a line or give me a call, I will be more than happy to try and help find the perfect home for you!
I know that for most of us we don’t buy homes every day! So lets have a look at what’s involved and the process…
Register you details
Tell me what you are looking for. You can do this by simply giving me a call, sending me an email or by completing the online registration form.
Once registered I will keep you informed about any new properties coming to the market.
Book a viewing.
Found something you like the look of… Fantastic give me a call and we will arrange a suitable time for you to have a look.
Finances, Money, Mortgage, Legal
For most our ultimate goal is to be mortgage free, however this usually takes time. When we are climbing the property ladder we generally need a mortgage to assist in our property purchase.I recommend getting your finances in order as soon as you possibly can. It is a simple procedure just speak with a mortgage advisor and get a decision in principle from one of the many banks or building societies. There is nothing worse than falling in love with your dream home to later find that you are unable to purchase it because it is outside of your borrowing power, or the repayments would alter your quality of life too much. Having your decision in principle ready will also speed up the process for you and enable you to move into your dream home faster.
Legal, Solicitor, Convayancer?
Although it is not necessary to instruct your solicitor before you have an offer accepted, you can get a head start on the legal process. Its worth getting some quotes and finding a solicitor you want to work with.
Found you dream home?
It is now time to make an offer. Just give me a call and we can discuss everything you need to do. Your offer will then be put forward to the vendor (home seller) for their consideration.
Offer accepted – is the property mine?
Not quite yet there is a lot more to do before you get the keys!
When the vendor accepts your offer “subject to contract” its time get things moving.
- We are going to need to see your ID Driving license and passports
- We are going to need proof you can afford to buy, bank statement, mortgage decision in principle.
- You will need to formally instruct you solicitor.
Survey / Valuation / Structural Report
If you are purchasing with a mortgage, your mortgage broker will advise the lender will require a Mortgage Valuation. The bank or building society will instruct their surveyor to complete a valuation of the property. In essence the lender wants to ensure the property they are lending on is worth the money. This basic mortgage valuation will give both you and the lender some idea of the general condition of the property too.
Is a mortgage valuation a good enough survey.
Professional advice is that as a purchaser you should not rely solely on the mortgage valuation to assess the condition of the property and its fixtures, plumbing, wiring, structure, roof etc. It would be advisable to obtain a report with a little more depth which could save you from taking on a property in a poor state of repair which could cost you a fortune in the long run.
So what do you need?
After the basic valuation there are 2 further levels of survey
Which one do you need?
- The homebuyers survey
- Building Survey
There are several factors which might come into play when deciding on which level of Survey to have. Below is a brief outline of the two however you should seek legal advice from your solicitor who can advise.
Homebuyer Survey and / or Valuation
This middle of the road survey option is more expensive than the Mortgage Valuation. The survey / report is a basic level, it purpose is to highlight any significant defects and problems which are going to need attention soon. These defects are taken into consideration when the valuation is calculated.
The report is designed to be easy to understand and give a buyer all the facts for them to make an informed decision whether to proceed with the purchase and to advise if the agreed purchase price represents the actual value of the property.
This basic valuation would suit most homes built after 1930 when there was more control over building regulations. It might not be suitable for a 15c listed period home.
This survey is very thorough and in depth, if the property you wish to buy is very old, is of an unconventional construction, has several extensions already or if you are planning on making considerable alterations to the property in the future.
No stone is left unturned in this report, the full technical details of the property will be listed, the construction, materials used and the condition. Photographic evidence will be used to highlight any defects or maintenance required. It should be noted that it is not usual for this report to contain a valuation without prior request.
Next steps – legal work and Searches.
The legal searches are a really important part of the conveyancing process, they are conducted by the buyers solicitor, there are a number of different searches which include but are not limited to.
To ascertain whether there is any existing planning consents on the property and if there is any other local factor which may have an impact on the purchase such as who is responsible for the paths and roads adjoining the property.
To ascertain where water runs into and out of the property and who is responsible for it
This dates back to the middle ages where responsibility for repairs to the churches and monasteries transferred to the parish. In effect this means that if a responsibility to contribute to the church repairs is lodged against a property you intend to purchase you could be liable for a contribution towards these costs.
This is carried out as many modern properties have been built on previous industrial and land fill sites, this search will identify if there is any contaminated land which could be hazardous to your heath, this should also pick up if the property is located in a flood risk area.
The land registry holds the information as to who owns the property and what the property consist of by way of land in the ‘title plan’
Request for Draft Contracts
As a purchaser your solicitor with request from the seller’s solicitor the draft contract pack, this will contain the contract for the sale of the property and will include a copy of the title register and title plan.
Once the lender has a satisfactory Mortgage Valuation Survey, Mortgage Application, and all references etc they will be in a position to offer you a formal Mortgage Offer a copy of this will be sent to you and your solicitor. Once you have signed the mortgage deed buyer then funds can be requested from the lend or.
The Exchange of Contracts
Once upon a time this was a physical exchange of documents a signed purchase contract and a signed sale contract. Today this is generally carried out by a phone call. When the contract has been signed by both buyer and seller, consideration by way of a deposit is requested from the purchaser ((generally 10% of the purchase price) is deposited with the buyers solicitor by either bank transfer or banker’s draft. A date for completion is set and both buyer and seller are legally obliged to complete on the transaction.
Open the champaign – Completion.
The completion day will be written into the contract usually a couple of weeks after exchange of contracts has taken place. On the day of completion the remaining monies are sent to the sellers solicitor, once received completion will have taken place and you can collect your keys.