As rental costs continue to soar, many people look towards buying their own property. Many things need to be considered before commiting to a purchase.
At Jones Estate Agents, we offer all of the help you may need under one roof;
The first step in getting onto the property ladder is mortgage advice. You will need find out how much you can borrow, and more importantly how much you can afford to repay. Your mortgage adviser can then obtain a 'Mortgage Agreement In-Principle' from a suitable lender. This agreement gives you an assurance that subject to valuation and references, the mortgage funds should be available for you when you find the right property. Although Jones Estate Agents do not offer mortgage advice, please call us and we ask one of our partners to contact you.
The next step is to find a suitable property. A good start is to register with the local Estate Agents and the major property portals (we recommend onthemarket.com). Many of these portals will allow you to register to receive 'property alerts' as properties are marketed, onthemarket.com often advertise properties up to 48 hours before other portals.
When viewing the property, make notes on essential works that may be required. This will be a consideration when you make your offer although, properties are usually marketed by agents at a price that reflects the condition of the property.
Once you have found the property that you want, you will then make an offer to the Estate Agent. It is advisable not to offend the seller by making an offer that is far too low but you should ensure that you have information to hand to support your offer including costings for essential works and details of other similar properties that have sold nearby.
When you make an offer, we will then, as required by law, need sight of the following original documents/information:
1.Proof of Identity for all buyers
2.Proof of Residence for all buyers
3.Proof of funds (Mortgage Agreement and Bank statements)
4.Details of your solicitors/conveyancer
Details of acceptable documents can be found here on the Government Website (opens a new window).
Once your offer has been accepted, solicitors for both the buyer and seller will be instructed. The Estate Agents selling the property will normally do this and then place the property as 'Sold Subject to Contract(SSTC)' or 'Under Offer'. It is important to proceed to exchange of contracts as quickly as possible to avoid any disappointment.
When you arrange your mortgage, you will ordinarily ask the Lender to conduct the survey. If the purchase is a 'cash' purchase, then you may choose your own surveyor to conduct a survey on your behalf.
There are differing levels of survey, please take advice from your solicitor or mortgage provider on the best type of survey to conduct.
When your mortgage offer has been issued and all queries have been addressed, this is the time to pay your deposit to your solicitor and both buyer and seller are then committed. You will agree a date for final completion of the purchase.
This is the day that all final funds are transferred to the seller's solicitor and you should receive the keys to your new property.
Remember to update your energy and water providers with meter readings for both your existing and new property and update the local authority for council tax. You may also need to re-direct your mail. Also, update your bank, credit card companies, your employer, schools and your family doctor !