The following is a step by step guide to help your through the process of buying a home.
Setting a Budget
It is important to know what your maximum purchase price is going to be and therefore, before you start your property search, you will need to establish how much of a deposit you have, together with the maximum amount of mortgage you can get and more importantly, afford.
We advise all potential purchasers to speak to an advisor to obtain a mortgage in principle so that when you make an offer on a property, you are in a strong position, as vendors are always looking to know the status of their buyer’s position and those who have their arrangements in place will always be favoured against those that haven’t.
NOTE: If you do not a have Mortgage Adviser we are happy to recommend one to you.
Starting Your Search
Before you start looking for a property, we recommend that you carry out a property search on one of the major websites, such as Rightmove or Zoopla to find out what types of property are available in the areas that you want, for the budget you have set. Once you have done this, the next stage is to register your details with an agent, detailing exactly what you are looking for, referring to the research you have done.
When registering with Edward Taub, you will automatically be put onto our property alert system which will mean that you will be the first to know via text or email about new properties coming on.
If time is at a premium for you, we also provide a service where for a 1% fee, we will take all the headache and stress out of buying your new home and in addition to offering our own properties, we will search the market including other Estate Agents to source properties that suit your requirements, we will also negotiate the purchase price and monitor the sale right the way through the process to completion.
When viewing a property, you should always do so with an open mind as it is extremely unlikely that you will find somebody who has decorated their property the same as you would. Therefore, you should always consider size, location and price first as décor can always be changed.
Obviously, in a competitive buyers’ market you should always view a property as early as you can. We always like to accompany you on viewings, as your feedback is important to us finding you the right property and we are more than happy to drive you to appointments if that helps in arranging a viewing.
Making an Offer
Although there is no legal obligation from either side at this point and offers are always made subject to contract, you should always ensure that the level of offer you are making is one that you are prepared to proceed with, as if it is accepted, solicitors will need to be instructed and contracts issued, which costs time and money to all parties.
You should also be clear when making an offer of any special conditions, such as what you expect to be included in the purchase price.
Once your offer has been accepted, we will prepare a memorandum of sale which will be issued to all parties to confirm the details of the sale. This will also be sent to the solicitors and form the basis of the agreement between the seller and the buyer. Now is the time to ensure that everything is set up to make the transaction as smooth as possible. Therefore, you need to advise your mortgage company, solicitors etc as soon as terms have been agreed. At this stage, until exchange of contracts, neither party is bound by the agreement and therefore, the sooner contracts are exchanged the sooner you will know you have secured your property.
Once your solicitor has received his replies to enquiries and local searches, agreed a draft contract, your survey has been carried out and your mortgage offer has been received, you are now in a position to agree a date for exchange of contracts.
The day of completion can be a very anxious day, waiting for the news that your mortgage lender has transferred the money to your solicitor to enable you to complete. But don’t panic, it will happen. Thousands of completions take place each week and your solicitor will know exactly what needs to be done so leave it to them. Once confirmation comes through that everything has been concluded, it is time to pick up the keys and move in to your new home.