A Brief Overview of the Buying Process
Edison Ford can help you with your purchase in a number of ways. Please contact us if you require a mortgage, life assurance, house insurance or the name of a reliable solicitor.- Work Out How Much You Can Afford – don’t forget to budget for all the costs involved. These include your mortgage arrangement fee, valuation and survey fees, legal fees and stamp duty, the Land Registry fee, Local Authority Search fee and other recommended searches, removal costs, Mortgage Indemnity Guarantee and general house hunting expenses. If you are also selling a property you will have to purchase a Home Information Pack and pay the estate agent’s commission.
- Get a Mortgage Agreement in Principle
- Choose Your Home - Think hard about what you want from your new home. Make a checklist. Think about your ideal location, property, external space and the tenure.
- Hire a Solicitor - If you do not have a solicitor Edison Ford would be happy to recommend one whom we know to be efficient and approachable.
- Make an Offer - Check Land Registry records to find out the prices of similar properties sold in the area and bear in mind whether the market is rising or falling.
- Have a Survey and Valuation Done - If you are taking out a mortgage, your mortgage company will automatically have a valuation done. You have the choice to upgrade this to a more thorough Homebuyer’s Report or Building Survey.
- Your solicitor or licensed conveyancer will carry out the legal work
- Arrange for Life Assurance - Edison Ford can find you the best life assurance policy to protect your mortgage.
- Finalise Your Mortgage
- Exchange Contracts - When you and your solicitor are happy that everything is in order, you can exchange contracts. You and the vendor will both sign a copy of the contract, which are exchanged for signing by both of you again. After exchange, both parties are legally bound to complete the sale. At this stage, you pay a deposit to the vendor, which you will forfeit if you pull out.
- Organise Your Move - As soon as you exchange contracts you will receive confirmation of your completion date and will therefore be able to book the removal company. It is worth getting three quotes for comparison.
- Finalise Your Contract Details - On the day of completion, the money is given to the vendor and you receive the keys from the vendor’s estate agent.
- Move In!