When you are buying a property, there are many factors to be considered before finally deciding on the ideal property for your situation. This can often be a daunting task, particularly for first time buyers.
Swift move sales professionals have vast experience in the buying process. If you would like information or advice on any aspect please contact us or call in directly at our branch. Meantime, here is the outline of the buying process and some tips to help you get started:
Set your Budget
Work out how much you can afford to pay currently and should your situation change. Don't forget to consider the survey costs, search fees, conveyancing / solicitors fees and stamp duty. Also consider the money you may need for any redecorating, furnishings and fittings. Seek the advice of a professional financial adviser. SWIFT MOVE can offer professional advice relating to all aspects of the buying process.
Create a Property Wishlist
Make a wish list of the most important features that you are looking for. This will focus your search and give our professionals clear guidelines on what your requirements are. Use our website advanced property search tools. Register with us - let us do the searching for you. We will shortlist suitable properties and send you the details....register now
Gather as much information as possible on the property beforehand and study the Home Information Pack. We will arrange a convenient time for you to view your short listed properties. Allow adequate time to carry out a full inspection and travelling in between. During the viewing ask our negotiators questions, some key examples are:
- Why are the owners selling?
- Are there documented guarantees for windows, cavity wall insulation, boilers and other equipment? - See the Home Information pack.
- Is there a list of fixtures / fittings of what's being left?
- What stage in the chain are the sellers?
- What are the local amenities like?
- What are the neighbours like?
- Where are the nearest schools, shops etc?
- What about public transport links?
Keep an Open mind
During viewings, imagine what the property could look like with your furnishings and decoration rather than its current arrangement. Don't be put off by minor details which can easily be changed.
Making an Offer
Before making an offer, we recommend that you discuss your method of financing in depth with ONE OF OUR INDEPENDANT MORTGAGE ADVISORS. They will assist in finding a suitable mortgage and an agreement in principle, known and referred to as an AIP.
If you like a property and want to make an offer, make sure you are clear what is included for the price; the scope of land, fixtures / fittings. Offer what you believe is a fair price, but don't take it personally if your offer is rejected. Start a constructive dialogue.
As a minimum you will need to confirm the following for us to present your offer clearly to the seller:
- The exact amount you are willing to pay
- How you will finance your purchase
- Your status as a purchaser - what is your position? First time buyer, cash buyer, have you sold subject to contract or do you need to sell before buying.
Acceptance of the Offer
If you are borrowing finance we will need the full details of your lender / mortgage provider. Also details of your acting solicitor or conveyancing company, and estate agent if relevant.
if you are a cash purchaser, you will need to provide us with the relevant proof. SWIFT MOVE can assist in finding a suitable mortgage and solicitor if required.
Mortgage and Survey
When your offer has been accepted, it is then time to make a formal application. At this point you will need to decide which type of survey or valuation is right for you. Your legal and financial advisers should advise you on which best suits your individual needs.
You will need to employ the services of a high quality specialist company or solicitor with good experience of property conveyancing. You may need to provide an ‘up-front’ payment to them to start local authority, drainage and sometimes other searches on the property you wish to purchase.
The conveyancing company will also need to check several documents; the draft contract of sale (sent out by the seller's solicitor); the property title deeds; land registry records. Depending on the outcome they may also need to request further searches and other information on behalf of the mortgage provider and other third parties.
Following contract approval and confirmation that all relevant documentation is acceptable, you will meet with your solicitor to sign the contract and pay your deposit on the property. Our sales team will monitor progress and keep in contact with all parties.
SWIFT MOVE can arrange conveyancing on your behalf via a wide variety of solicitors and high quality specialist property conveyancers.
Sales Progression through to Completion
SWIFT MOVE property experts will monitor the progress of your purchase every step of the way, liaising with all parties - lender, solicitors, conveyancing companies, other agents or builders in the 'chain', and keep you fully up to date. We can advise on any problems which may arise and make the whole process as 'stress free as possible'.
Completion of Sale
The timescale for completion of sale and receiving ownership will depend on a number of factors, and is largely dependent on the complexity and progress of other elements within the sales chain. After payment of the deposit contracts can then be exchanged and the completion date (moving day) can be set by your solicitor or conveyancer. On completion day your solicitor will transfer the balance of the purchase price to the seller's solicitors. The keys will then be passed to you normally via Swift Move estate agents.
For more information on the sales process and specific advice on your individual situation, please don't hesitate to contact us.