Buying with Henleys
Stage 1- Get your property valued
If you have your property to sell, you will need to get your property appraised by a professional agent (like ourselves). Please click here to arrange a FREE, NO OBLIGATION valuation.
Stage 2 – Choose the right mortgage and how much can you borrow?
If you require a mortgage it’s never too early for you to start thinking about getting mortgage advice as this can be a time-consuming process and this will also be essential for determining how much you are going to be able to spend on buying a property. It is a good idea to seek advice from an Independent Financial Adviser (IFA), mortgage broker or lender. Our mortgage consultant, Neil Crayford is available on 01263 511111 for a free NO OBLIGATION conversation about your mortgage needs. Alternatively, click here to arrange a meeting with our in-house independent mortgage consultant.
Stage 3 – Work out your budget
Before you start your search for your ideal home, we would recommend that you spend some time thinking about what you can afford to spend on buying a property and consider your monthly mortgage payments. Bear in mind your savings will have to cover the deposit and other expenses such as mortgage fees, solicitor fees and stamp duty on properties costing more than £125,000. Click here to use our mortgage calculator.
Stage 4 – Find the ideal property
Once the first three stages have been completed, it is then time to find your ideal property. We would recommend that you speak to as many agents as possible within the area you are looking to purchase to register your details so that these agents can keep you informed of any suitable properties that become available. It is also a good idea to subscribe for alerts on the major property portals such as Rightmove and Zoopla, subscribing to these alerts will result in you receiving email notifications every time a property meeting your requirements either become available or reduced in price.
Stage 5 – Make an offer and obtain quotes for solicitors and surveyors
Once you’ve found your ideal property, the next step is to further your interest. We would recommend that you consider your budget and look to make an offer that you feel as though the property is worth through the estate agent.
At this stage, it would also be a good idea to start thinking about which solicitor and surveyor you may want to use assuming everything goes to plan with your offer. We would recommend that you speak with the agent selling the property to see if they can recommend a reputable solicitor and surveyor within the local area. It may be a good idea to obtain more than one quote for each service to try and get the best possible value for money but also to ensure you are getting the relevant service that you require. Bear in mind, if you require a mortgage the lender will insist a valuation survey is conducted to make sure the property is worth what you are paying for it. Many lenders also offer survey packages which generally are conducted at the same time as the valuation survey and often can be cheaper than instructing a private survey. We would recommend that you speak with your mortgage adviser to find out more about any surveys available through your mortgage lender.
Stage 6- Choose the right mortgage and how much can you borrow?
Once your offer has been accepted it is then time to instruct your chosen solicitor and surveyor. If you require a mortgage, now is the time to instruct your mortgage adviser to proceed so that they can begin arranging your mortgage with your lender. Once the selling agent has been informed of the solicitors acting for the buyers and sellers they will then prepare and send out to all involved parties the memorandum of sale. The memorandum of sale outlines the agreement of the sale and any terms agreed, once received by both the buyers and sellers along with both parties’ solicitors the process of the sale then starts to take place.
Stage 7 – Exchanging contracts
If everything goes to plan and the sale progresses smoothly, you should receive the contract to sign from your solicitor and at that stage, you will be asked to agree on a completion date. Before signing the contract, we would recommend you go through it in detail and speak with your solicitor if necessary, to clarify any points you may be unsure of. Your solicitor may also include a report (also known as a report on title) which highlights the main points for you to be aware of within the contract and the report will often point out any restrictions or covenants relating to the property.
Once contracts have been signed and a completion date has been set you will then be ready to exchange, you will be asked by the seller’s solicitor to pay a deposit which is generally 10% of the purchase price unless agreed otherwise. Once you’ve exchanged contracts you are legally bound to complete on the property, you will need buildings insurance in place to cover the structure of the property.
Stage 8 – Completion
On the day of completion, the remaining monies outstanding to buy the property are transferred from your solicitor to the seller’s solicitor. At this stage, your solicitor’s fee will also now be due. Your solicitor will register the sale with the Land Registry for properties in England and Wales. If the purchase is subject to stamp duty, you will have 30 days from the completion date to pay although your solicitor will normally arrange this for you unless you request otherwise.
Once you have been informed by your solicitor that completion has taken place, congratulations it is now time to collect the keys to your new property.
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Need a mortgage?
Arrange a meeting with our in-house, fully independent mortgage adviser to find out how much you could borrow.
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Work out your budget with our free mortgage calculator
Use our free mortgage calculator to work out your monthly outgoings and how much you could afford to spend. For mortgage advice please click here to arrange a meeting with our in-house mortgage adviser.