Step by step guide to buying a property
Whether you’re a first time buyer, or looking to make your next move on the property ladder, buying a house has the potential to be both an exciting and stressful time. To help ensure that your property transition runs smoothly, we have provided step by step guide of the events that would usually take place in a standard transaction.
Buying a property during Covid-19
The pandemic has caused a lot of issues, but thankfully, the property market has remained fairly steady and you are still able to buy, sell, let and rent properties as you would usually. Property viewings are still going ahead and a number of safety precautions are in place to ensure your safety, as well as that of our team and the property’s existing owner. If you do have any concerns at all, don’t hesistate to call us and we’ll be happy to discuss with you.
With our experts on hand, your property transaction will be a simple, stress free process!
Work out how much you can afford
Chimneypots estate agents can help you calculate how much you can afford. We will also go through all the costs associated with buying a property to ensure your complete understanding and can plan and save accordingly. Our property specialists also offer free independent mortgage advice to help you make the right choice.
Get a mortgage agreement in principle
This will demonstrate that you are in a position to buy, and put you in a stronger position when making an offer on a property.
Choose your home
Viewing properties – view the properties you are interested in as soon as possible. Try and view when its daylight, to ensure you can fully appreciate all aspects of the property and its external features.
Make an offer
The offer must be put forward to our property specialists, never directly to the owner. Before making an offer be prepared to provide us with as much information as possible to ensure that your offer can be submitted to the seller in its best light. Have details available relating to your ability to proceed, details of your finances, who will be arranging your finances, the amount of deposit you are putting down if having a mortgage and which lender you will be using if known. If you are selling a property, details of your selling agent and solicitor will be needed. It is also essential that any timescale requirements are conveyed at the first point of offer.
Any offer received will be put forward to the property owner at the first available opportunity, usually within twenty-four working hours. You will be informed verbally of the owners’ response as soon as they have made one. If your initial offer is rejected, you can if you wish make an increased offer. In this case, the process will be repeated.
Appoint a surveyor
Conveyancers conduct all the legal work required to buy a property. ‘Conveyancing’ refers to the legal and admin work required to transfer ownership of land and buildings from one owner to another.
Arrange a Survey
Both you and your mortgage lender will need to confirm that the property you intend to buy is actually worth the amount you have offered and whether there are any problems that could potentially reduce the future value of the property (e.g. structural problems). All lenders require a basic survey/valuation, but it’s advisable to get a full structural survey.
Legal work conducted via your conveyancer
Your conveyancer will keep you up to date and forward relevant information to you, such as: results of searches, replies to enquiries they have raised on your behalf, property information forms and fixture and fittings lists (items that will be left at the property)
Finalise your mortgage and arrange buildings and contents insurance
Before your conveyancer exchanges they will need to know that your buildings insurance policy is in place.
Once you and your solicitor are satisfied that everything is in order, the contracts can be exchanged. Once contracts have been exchanged, both parties are legally bound to follow through with the transaction and the completion date is set.
Organise the move
Sort out your removal plans and notify your utility/broadband companies of your move in order to ensure a smooth transition into a new home.
On the day of completion your conveyancer will pay the balance on the price of the house, receive the transfer document and title deeds, and pay any additional costs (e.g. Stamp Duty, Land Registry Fees, Solicitor / Estate Agent fees), once the money has been received by the sellers conveyance you can then pick up the keys and are free to begin settling in to your new home.