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| Knowing how to proceed and what steps you should take are very important. This is a quick guide on how to go about buying successfully. Clicking on each step will take you directly to the detailed information |
Sell your existing property If you already own a property and need to sell it in order to buy again the first thing you should do is to put it on the market
Why? Because, if you see a house you want to buy you may not be able to get an offer accepted on it unless you are able to fit in with the timing that your seller requires. Many estate agents will consider you a "non-proceedable" buyer - which means, although you are a potential buyer you can't actually proceed because you need to sell your own house first. So, if there is another buyer who is "proceedable" they may well see the house of your dreams and buy it first!
Homes Property Centre can help you in sell your home. Click here to arrange a free, no-obligation valuation of your home or call us on 020 8653 5233. back to top |
Work out how much you can pay On top of the price of the house itself, there are many other expenses involved in buying a home and moving These costs include: - Mortgage Arrangement Fees - A fee charged by lenders to cover the cost of setting up the mortgage. Some lenders waive this fee. Our associated broker, a firm of professional, independent financial advisors, would be pleased to provide you with a free, no obligation consultation on what mortgage options are available to you, and the associated costs. Click here to find out more.
- Lender's Valuation Fee - All lenders require a valuation of the property to assess whether it is actually worth the price you have agreed to pay for it. This type of valuation is arranged by the mortgage lender but you will be expected to cover the costs. The cost of the valuation is scaled dependent on the value of the property.
- Professional Survey - You may wish to commission your own more detailed survey in addition to the basic mortgage valuation. There are generally two types of survey: the Homebuyer's Report (which costs around £500) and the more comprehensive Building Survey (Structural Survey) which could cost anything up to £1,000, depending on the value of the house. A professional survey can be arranged for you through Homes Property Centre: please call us or click here to make further enquiries.
- Legal/Conveyancing Fees - You will need to instruct a conveyancer or solicitor to deal with all legal aspects of buying the property you want. Homes Property Centre promote a range of different and very competitive conveyancing options - please click here to find out more.
- Stamp Duty Land Tax - This is a government tax, charged for purchase of residential properties above £125,000. If your new home is priced between £125,000 and £250,000, you will need to pay 1% of the final agreed price. Until 31st December 2009 the tax is only payable on properties priced over £175,000. If its between £250,000 and £500,000, the tax is 3%; and over £500,000 it is 4%. So, for example, if you are paying £200,000 for your home you will be expected to pay £2,000 in stamp duty.
- Land Registry Fee - The Land Registry is the government department that manages the registration of changes in the ownership of all properties in England and Wales. It charges a fee which is dependent on the property price - your solicitor will make these arrangements for you and can advise you of the current costs. Allow about £50 to cover this.
- Local Authority Search Fees - Local searches will be carried out by your solicitor/conveyancer to ensure there are no potential problems such as planning permission on neighbouring properties or plans for new roads nearby. The fee varies depending on the local authority your new home is located in and your solicitor can advise you of the current costs. Allow about £200 to cover this.
- Other Search Fees and Disbursements - These vary but could include an index map, commons, the coal authority, land charge, company searches, bank transfer fees. Allow about £70 to cover an average house purchase.
- Removal Fees - if you're on a tight budget, you could arrange to do all the packing and removals work yourself. However, you may still need to allow for the cost of a van and plenty of food and drinks for friends helping you. We recommend you seek professional assistance.
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Get your mortgage agreed in principle Getting a mortgage agreed in principle will allow you to view with confidence
When you find a house, you'll probably have to move fast to secure it. To prevent being delayed while sorting out a mortgage we highly recommend you first get a "Mortgage In Principle" agreed. Having this in place means you should be able get the actual mortgage quicker when the race to buy your chosen home begins. You can get this offer in writing to show to estate agents and sellers - who will then see you as a serious prospect and not a timewaster.
A 'Mortgage In Principle' is a conditional offer made by a mortgage lender that - provided the information you give them is correct - they will "in principle" give you the loan you have discussed with them. Knowing what you can afford will also help you narrow your search and give you a considerable degree of confidence.
Our associated broker , a firm of professional independent financial advisors would be pleased to provide you with a free, no obligation, consultation on what mortgage options are available to you, amount you could raise and the costs involved. Click here to find out more. back to top |
Register with us Once you have worked out how much you can afford you can start looking for a property
To find your ideal property, we need to know as much as possible about your requirements. You can register with Homes Property Centre either online, by phone or by visiting our offices, where one of our consultants can assist you with your search. You can even register by using our dedicated instant messenger service.
Once we have a clear understanding of your requirements we will access all properties that match your criteria. When you have registered, details of suitable properties can be sent to you by Text/SMS, email or in the post - depending on your preferences back to top |
Going on viewings This is the fun bit - view as many properties as possible! You never know what will fall in love with
Its always sensible to have a good idea of exactly what you will be looking for in your new home. You may well have to make some compromises in the house you buy so decide now what your "MUST HAVES" and "NICE TO HAVES" are. For instance: is an ensuite bathroom a MUST HAVE or a NICE TO HAVE? Remember: Consult your husband/wife/partner and children - so that you are all clear and agreed on what's really important to you.
Viewings properties on our books
Viewings can be conducted from 9.30am - 6pm Monday to Friday and 9.30am - 4.00pm on Saturdays. You can book a viewing - by phone Monday to Friday 9.30 am - 6.00 pm, Saturday 9.30 am - 4.00 pm or you can leave a message on our voicemail
- on-line through the 'Book a Viewing' link presented against each property you find on our property search engine
- by emailing us
- by using our dedicated instant messenger service
We usually conduct all property viewings as the Vendor may not always be present. Sometimes, a vendor gives us specific times for viewings, although we do ask them to be as flexible as possible. After the viewing we will answer any immediate questions and usually contact you the next day for your thoughts and general feedback.
Please be on time for viewings. We will arrange to meet you at the property, or if it is more convenient, at our offices from where we can take you by car. back to top |
Making an offer This is the exciting bit - you've found the house of your dreams and now you need to secure it at the right price
As soon as you've found a suitable property, we'll put your offer to the seller, verbally and in writing. We always aim to communicate your offer on the same day. The offer will be 'subject to contract' which means that it is dependent on a contract being signed when your solicitor has completed all the checking necessary and can advise you to commit to the purchase. There are no legal obligations on either side until this is done.
Sometimes there may be a process of price negotiation and by working with Homes Proprerty Centre both vendor and buyer can benefit from the expertise of our consultants, who will work hard to facilitate an agreeable outcome that delivers the best result for all. back to top |
| Doing all the legal bits This is the boring bit - all the checking and paperwork may drive you crazy but it needs to be done When your offer is accepted, the vendor's solicitor/conveyancer will prepare a Contract of Sale. You will also need to appoint a solicitor/conveyancer to examine the contract, and raise any queries based on the title deeds and related property matters. To help secure a legal professional, Homes Property Centres offer a range of different and very competitive conveyancing options that you can choose from. Please click here to find out more.
When your Solicitor has replies to their enquiries, a completed satisfactory local search, a copy of a mortgage offer, a signed contract and a deposit cheque, they can then proceed to Exchange of Contracts. A deposit cheque is normally required for 5-10% of the purchase value of the property. We recommend that by this stage you confirm arrangements for moving day - i.e. a removals service.
Contract completion can be on the date of exchange or can be anything up to 28 days later, depending on your requirements. On completion your solicitor hands over the remainder of the purchase money to the vendor's solicitor and you can then move into your new home. Keys will be handed over to you by us. Then, at last, you can really get moving! Summary of the legal process
In summary, the overall legal process to exchange and complete contracts with your buyer generally takes the following steps: - Terms are agreed between Seller and Buyer and both parties instruct their conveyancer to work for them.
- The Seller’s conveyancer obtains the Seller’s title deed and prepares the draft Contract for the Buyer’s conveyancer to approve
- The Seller’s conveyancer send to the Buyers conveyancer the draft Contract together with rest of the documentation needed to form the overall contractual package.
- The Buyer’s conveyancer reviews the detailed terms of the Contract, does the Searches and reviews the results, confirms that there is a Mortgage Offer in place, and also checks the readiness of any dependent sale (in the same chain) to proceed.
- Contracts are then signed and exchanged at which time a Completion Date is agreed between both parties.
- The Transfer Deed is prepared by the Buyer’s conveyancer and approved by the Seller’s conveyancer, and then signed in readiness for the Completion Date.
- The Buyer’s conveyancer obtains the funds for the purchase from the Buyer – either directly, or though the sale of his/her previous property – and the lender (if there is a Mortgage)
- On the Completion Date the Buyer’s conveyancer sends the required funds to the Seller’s conveyancer (on behalf of the Seller). When receipt of these funds is confirmed by the Sellers conveyancer, the purchase is deemed compete and the Buyer can take legal occupation.
- The Buyer’s conveyancer pays any Stamp Duty due, and registers the Buyer as the new owner of the property at the Land Registry
Our advice: The time it takes to progress through this stage is dependent on various factors – but the entire process could take at least 6-8 weeks. If you are involved in a chain of other sales the speed of your move could be determined by the slowest link in the chain.
Support from Homes Property Centre
Our consultants will be in contact with your solicitor throughout the legal process to monitor progress and to assist where possible with any issues as they arise. As they will liaise with all parties involved across the entire chain its important you instruct a solicitor / conveyancer who is prepared to communicate directly with us. Using one of our professional recommended solicitors will mean that we know them and have a good working relationship to help head off problems as they arise back to top |
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For any further information, advice or help you may need to help you with buying your next home please call us on 020 8653 5233, email us or contact us on our dedicated instant messenger |
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