Explore what’s out there. What’s the right move for you?
Register with an agent
You’ll be the first to hear about new properties. It’s the most effective way of finding and securing a property before someone else sees it first.
This is typically 10% of the value of the property. You’ll need this to get your mortgage approved to nab your dream home.
Allow for the expenses and costs of the move, including stamp duty, surveyor, conveyancing, agency fees and removals, amongst others.
What can you afford or get an approval on? While you can’t get a mortgage before you buy, you can get a mortgage in principle. Being financially ready makes you more attractive to sellers.
Explore every avenue available to help raise funds. E.g. help-to-buy savings accounts or shared ownership schemes.
Price shouldn’t be the only consideration. Time scales – how quickly you’d like to move – for example, and being realistic about what’s achievable, are key factors. Tap into your agent’s local knowledge and expertise for advice on what you can expect to receive for your house.
Choose wisely. A good agent will be there to advise you on everything to do with your house sale, from start to finish.
Your agent can help market your property so that you get maximum footfall. Open house viewings are a good way to tick that box.
A good agent will help with the negotiation process so you get maximum value for your property. Same goes with making an offer – too low and you’re out of the running. Too high and you’re paying a premium and unlikely to make a return on your investment.
You’ve accepted an offer and had your offer accepted. Things are looking good. But it’s not time to pop the champagne yet. How long is the chain? How many parties are involved? This will have implications on how long the process will take.
Arrange a mortgage
Ideally, you’ll have your finances in place before making an offer. You now need to go back to your mortgage company with the agreed offer and complete the process.
Your mortgage lender will require a valuation by a surveyor to ensure that the property ticks all their boxes to lend against. This is not a full homebuyers survey.
An important ‘I’ dotting and ‘T’ crossing exercise, a homebuyers survey will reveal the condition of the property and highlight potential issues. You may have to walk away, or if not, re-negotiate the agreed price.
Engage a conveyancer to handle the legal work to transfer ownership of the properties. Agents generally have their preferred conveyancers with whom they have an existing relationship. This can streamline communications and also facilitate following up on your behalf at crunch times.
The conveyancers are confident that they have everything they need from all parties. It’s time to set a date to exchange contracts for the sale or purchase.
A key milestone. Once the contracts are signed and deposits made, all parties are committed to the move and are contractually bound to proceed.
Take out buildings insurance for the property from the date of exchange as you’re responsible for it from then. This is also usually a condition of the mortgage.
All parties need to agree on a suitable date for keys to change hands.
Set yourself up
Make arrangements for the supply of energy, water, internet and telephone services. You can take advantage of Homeshift, a service which allows you to manage everything in one place. Remember, your deposit will need to be ready as well as the money from the lender.
The final push
Your conveyancer will liaise with the mortgage company to ensure that the money is ready for completion.
There are plenty of professional companies out there who can help with moving your worldly goods to your new home. If budget is a consideration, now’s the time to get family and friends (with a van) to pitch in.
The money and the deeds are transferred. You’re the proud owner of your new home with keys in hand. Leave the boxes – the unpacking can wait. Sit back, relax and take stock of your new home with a glass of celebratory bubbles.
After completion, you will receive your conveyancer’s invoice, this usually includes their costs, disbursements as well as the purchase price of the house and stamp duty.
Pop in and visit your local branch to find out more.