When you are confident you have found the right place property you can make a formal offer on it. If you are dealing with a professional property buying agent instruct them to take control of the buying process to save you time an hassle and insure the best possible price when buying alternatively if you are dealing with an estate agents you may be given the option to pay a holding deposit to the estate agent, held on behalf of the buyer until it is time to exchange contracts. This will be refunded if the seller pulls out of the deal.
You will need to fill out a formal application to your chosen lender for a particular mortgage. The lender will need information about the property and yourself. They will make checks that will consider whether you are able to pay off the loan off a long period of time and that the property is in a good condition. This is usually assessed by a qualified surveyor.
What does a surveyor do?
You need to know you are getting good value for money and your lender needs to be certain the property is suitable security for a mortgage. The lender will commission someone to evaluate the property. The valuation isn’t particularly thorough so you need to consider a more detailed inspection, a survey called a Homebuyer’s Report will do this for you, or if you want to even more meticulous a full structural survey. The Homebuyer’s report gives a good general overview of the property. A full structural survey goes into more depth and is advisable for considerably older UK properties.
The lender will make a mortgage offer based on the valuation of the property or the purchase price –whichever one is lower. Once you have agreed to this offer the legal procedures need to be completed before the property finally belongs to you.
What is the role of my solicitor
The main job of your solicitor will be the legal transfer of ownership of your new home. Before engaging with any solicitor, ask them first how much they will charge for their service and then shop around for quotes. The cheapest deal isn’t necessarily the best as these can sometime have an impact on how well the solicitor does their job well.
When contracts have been drawn up and agreed and your solicitor has received your mortgage offer, then contracts are exchanged. At this point the price is fixed and the purchase is secured. A 10 per cent deposit is normally required at this point, but this is negotiable if, for example you are borrowing more than 90 per cent loan to value. When you finally own the property, it is usually one month from the date of exchange, but it can be shorter or longer depending on what both parties agree.
The feeling of purchasing your own property is indescribable. Making an offer and it being accepted is a long process, but well worth it if you go by it in the correct manner. All you need to do thereafter is to move, which in itself can be an even bigger worry.
John Savvy is a professional buying agent working on behalf of property buyers & assists them in climbing the property ladder. If you need any assistance to buy property in UK, I’m always there at your service. You can contact me @ 02085175550 or else visit: www.propsavvy.com