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Buyers Guide

"You’ve finally decided to get on the property ladder / upsize / downsize / move somewhere more convenient."

The prospect may seem quite daunting but, broken down into a few easy steps, it's a lot simpler than you think.

The first thing you will need to do is to ensure you set a budget. If you are lucky enough to have sufficient ‘cash’ funds, then this will simply be down to how much you have in the bank. The majority of buyers will require a mortgage as well. Speak to a mortgage advisor who should be able to tell you how much you can borrow based on your circumstances. Make sure they are independent, not tied to any specific lenders and impartial. That way you will get the best options for you.

For some free, no obligation advice on mortgages speak to one of our friendly advisors at 
Chancerymortgage.co.uk on 020 8460 8460

Now you have set a budget, next comes the fun bit. Armed with your knowledge of how much you can spend and what features you are looking for, register with agencies and web portals. Remember to list your priorities in order of importance. You may find you can’t get everything you would like, but try to get as many of the top priorities as you can.

Our negotiators are aware of properties before they hit websites, so we can call you with pre-market opportunities if we know what’s important to you. Also, be cautious of refusing properties based on photos, the only way to really experience a property is to go and view it.
You’ve found the home of your dreams, it’s within your budget, now make sure you get it. You’ll have a good idea, based on all the other properties you have seen, what you think the property is worth, so make an offer to the Estate Agent. Don’t worry if you get knocked back, you can always counter offer, although be aware there may well be competing bids and you don’t want to miss out.

Once the offer is agreed, act quickly to ensure it’s ‘under offer’, the estate agent will need to see:

 
  • Identification.
  • Mortgage Agreement (if applicable).
  • Proof of deposit.
  • Solicitor and mortgage broker details.
  • How much time/money you may want to spend redecorating etc.
 

Now it’s mostly time to sit back and let the professionals take over. Your broker will submit your mortgage application and the mortgage lender will arrange the valuation. At the same time, your solicitor will acquire the Contract of Sale, Searches, Leasehold Pre-Assignment Pack (if applicable) and Mortgage Offer (if applicable), along with any other surveys or checks you require. They will ensure all the paper work is in order and once they are satisfied, they will ask you to sign the contract and transfer deposit monies to them in order to Exchange Contracts. 
Once your solicitor is happy and you have reviewed the paperwork, your solicitor will ask you to agree a date for Completion – that is the day you would like to take legal ownership of the property – usually a week or two into the future. Once both parties agree the date, then your solicitor will transfer your deposit money (usually 10% of purchase price) and contracts exchange. Be warned that at this point the transaction becomes legally binding so make 100% sure you are happy to proceed before exchanging contracts.

Finally, the day you will have spent months waiting for! On the day of completion, your solicitor will transfer the remainder of the purchase funds to the vendor’s solicitor. Once funds are cleared, we will get the phone call to say we can “release the keys”. This is usually early afternoon some time. You are now the proud owner of your new home. Collect the keys, move in, unpack and buy a takeaway. A bottle of bubbly always helps you warm your new home too!

(Don’t forget to read the meters, redirect your mail and let your employer, doctor, schools etc know as well, but that can probably wait until tomorrow…).

Use this form to calculate the mortgage you may be able to afford

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