We recognise the fact that buying a property is an important and expensive transaction that requires careful thought. Our selection of properties combined with our local knowledge and expertise, will allow us to find a property that will suit your needs.
To enable you to unravel the complexities of buying your home, we have set out below an overview of the various procedures involved which explains in simple terms the buying process:
The first requirement is for you to register your details and property specifications which can be achieved in a number of ways i.e. by email, fax, phone, in person of by completing our registration form [REGISTRATION FORM LINK]. This will give us an insight into your personal requirements, thereby enabling us to modify the details sent to you.Once registered, you are then in a position to receive details from us directly in person, via mail or email or download and print these out from our website.
We conduct viewings 7 days a week at anytime of the day be it very early in the morning or late after normal working hours. Call 020 7938 3322 or call Tim Day directly on 07775 75 11 40.
MAKING YOUR OFFER:
Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing. NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
ACCEPTED OFFER/INSTRUCTING SOLCITORS:
As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing). At this point, if you are buying with a mortgage you would need to contact your lender / broker and instruct them to proceed on your behalf.
If you require a mortgage, the next step is to obtain the Mortgage Valuation, as required by law. This will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property. Since you as the buyer are also provided with a copy, it allows both parties to evaluate the findings prior to entering into a commitment to purchase.
NB: You may wish to have a more extensive survey inspection undertaken in which case there are two types available: 1. Homebuyer survey/valuation or 2. Full Building Survey. Please call us for further explanation and we can recommend an approporiate Surveyor.
These are conducted by the buyer’s solicitor who submits a local authority search to the local borough council. Its purpose is to ascertain if there is any planning consent previously granted on the property or if there are any other local issues which may have an impact on the purchase. In some instances, the search may also include an Environmental and Drainage search.
The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
The Lender is now in possession of the Mortgage Valuation survey and, subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned and funds requested by the buyer’s solicitor.
EXCHANGE OF CONTRACTS:
Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.
Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations ... you have bought your apartment !