If you have a property to sell then the first step you should take is to put it on market for sale – please see our Guide To Selling.
Why? Because, if you see a house you want to buy you may not be able to buy it without the money from your current house. Also, many estate agents consider you as a “non-proceedable” buyer which means you are a potential buyer but you can’t actually proceed because you need to sell your own house first. So, if there is another buyer who is “proceedable” they may well see the house of your dreams and buy it first!
On top of the cost of the house itself there are other one off expenses involved in buying a home and moving.
These costs include:
Getting a mortgage and buying a house are usually very much intertwined unless you are a cash buyer.
When you find a house, you’ll probably have to move fast to secure it. To prevent being delayed and to know how much you can borrow and afford we highly recommend you first get a “Mortgage In Principle” agreed. Having this in place means you should be able get the actual mortgage quicker and you can show these to estate agents who will then see you are a serious, proceedable buyer and keen to secure a property
A ‘Mortgage In Principle’ is a conditional offer made by a mortgage lender that provided the information you give them is correct they will in principle give you the mortgage you have discussed with them. Knowing what you can afford will also help you narrow your search and give you a considerable degree of confidence.
This is the fun bit!
Its always good to have a brainstorm about what exactly you will be looking for in your new home. You may well have to make some compromises in the house you buy, so decide now what your “MUST HAVES” and “NICE TO HAVES” are. For instance is an en-suite bathroom a MUST HAVE or a NICE TO HAVE? Please contact us to register as a buyer and we can match your requirements to any properties we currently have on market or any future properties that we place on market.
We will accompany you all property viewings (the vendor may not always be present). Sometimes a vendor gives us specific times for viewings although we do ask them to be as flexible as possible. We will arrange to meet you at the property and after the viewing we will answer any immediate questions you might have. Following your viewing we will contact you the next day for your thoughts as all sellers would like to have some feedback on their property.
Congratulations! – You’ve found the house of your dreams and you want to make an offer.
As soon as you’ve found a suitable property, we’ll put your offer to the seller both verbally and in email straight away subject to your offer being qualified (confirming you can proceed with the purchase). The offer will be subject to a contract being signed and there are no legal obligations on either side until this is done.
In order to qualify your offer we require the follow:
Sometimes there may be a process of price negotiation and by working with us, both vendor and buyer can benefit from the expertise of our consultants who will work hard to facilitate an agreeable outcome that delivers the best result for all.
In summary the process to exchange and complete contracts with your buyer generally takes the following steps:
The time it takes to progress through to this stage is dependent on various factors but the entire process could take at least 6-8 weeks. However, to speed up the process from your end we recommend you instruct legal representation prior to finding a buyer as there are various things they can do well in advance, and hence save time later. This includes obtaining a copy of your title deeds and various other documents all of which can take some time to get hold of. It’s worth completing various documents in advance such as the “vendors Property Information Form” and “Fixture Fittings and Contents” declaration as these will also help speed up things later.
In parallel to the legal process, one of more surveys may be commissioned on your property. If the buyer requires a mortgage their lender will make arrangements for a very basic survey (known as a mortgage valuation) to provide assurances that it’s worth the price being offered for it. In addition to this, the buyer may also commission a more comprehensive survey – which will assess in more detail the condition of the property and make appropriate recommendations.