First things first get an idea of your budget, there are handy tools on the internet that can work out your initial affordability, while these are useful this will not enable you to get an idea of the bigger picture on your affordability. The regulation around mortgage affordability has changed a lot over the last 10 years and your finances are scrutinised like never before.
We suggest it is probably best to see a mortgage advisor. A mortgage advisor will probably get better mortgage rates than going direct to a bank, purely because they compare many different lenders to ensure you get the best deal. They will also be pretty quick in obtaining you a mortgage offer in principal. Having a mortgage offer in principal maybe the difference between getting your dream house or not especially if you’re in competition with another buyer.
Vendors and developers will likely favour an offer from someone who has qualified for their mortgage over someone who has not. If you need any help with mortgage advice then please contact us and we can refer you to a tried and tested mortgage brokerage that us and our clients have successfully worked with many times.
Moving home is one of the biggest decisions you can make and being sure you’ve found the right place can sometimes cause headaches, here’s some things to consider before you make your offer;
• Have you researched the area? Does the area have all the amenities you require, for example, good transport links, a train station or highly rated Ofsted schools?
• Does the vendor of the property need the proceeds of the sale to go towards a new home?
• Can you envisage yourself living there?
• Does the house need any renovations?
• Is there high-speed broadband?
• If it’s a new property does it have an insurance backed guarantee?
A good way of assessing what you want is to write down all the things that are important to you, for example, a big kitchen, lots of natural light or maybe more wardrobe space! Once this list is made compare it against the house. It’s worth noting that no house is perfect there will always be a compromise as everyone is different. There will be some things on your list that you absolutely cannot compromise on and that is fine but it helps to have an open mind and view a house that you might not be on the fence about, your doubt could completely change when you walk through the front door. You’ll know when you walk in whether its right for you.
So you’ve found a house you like, you’ve made an offer and it’s been accepted…brilliant.
The next step will be to let your lender know. The lender will do a mortgage valuation of the property you want to buy. You may decide to pay for a homebuyer’s survey or even a full structural survey. This is totally up to you, if it is a new home a standard survey maybe applicable because the home will probably come with a 10 year warranty.
You will need to instruct a property solicitor or conveyancer who will carry out the legal aspects of the house-buying process on your behalf, including any surveys. A good solicitor will keep you updated all through the buying process though it always helps to call them once or twice a week to see how they’re getting on. Sometimes it is worth asking friends and family if they had a particularly good experience with a solicitor in a house purchase before. If not then of course feel free to contact us and we can help point you in the right direction.
The most time-consuming aspect of the home buying process will normally be the time between reservation, exchange and completion, down to the amount of due diligence solicitors will do on your behalf to make sure your investment is secure. Therefore, try not to get discouraged if the process seems to take a significate amount of time. Throughout this process the two or more sets of solicitors should be in constant discussion highlighting any enquiries or issues that arise when delving into the nitty gritty details of property. Making weekly calls to your solicitor should help to speed things along and keep your home purchase at the forth front of their minds.
Once the solicitors are satisfied that all their enquiries have been answered and all the obligations met, you will be invited to sign a Contract of Sale and pay your exchange deposit which should have been agreed with your mortgage provider, typically 10% of the purchase price or 5% if you are using the popular Help-to-Buy scheme.
When contracts have been exchanged a legal completion date will be agreed between the seller and buyer, generally between 14-30 days from the date of exchange, however, if you're ready it could be on the same day. Now that your completion date has been agreed, you can start to make firm plans for your move, so you can be ready for completion and move in as soon as possible.
Once you have exchanged and agreed upon a completion day, you want to make sure you’re fully prepared, it will probably be stressful moving all your worldly possessions in one day, however, if you have a checklist and plan properly then it does make things easier.
On the day of completion, both sets of solicitors should be in contact to make sure that funds have been transferred across. Once receipt of funds has been confirmed, your solicitor should give you a call to let you know you have completed and keys can be released, however, although you may have received the call from your solicitors, the sellers will not release keys until they have received the call their end. Once both sides are happy, you can set up a time with your estate agents to get the keys or if you are buying a Kierish Home we will personally meet you on site to hand over keys and walk you through how to use all your new smart home features.
Once you have received your keys it is important to make sure to take meter readings for Gas, Water and Electric to make sure you are not charged for services you have not used.
Now, the property is legally yours to do with as you please.