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Your property will be valued and priced to suit the current market conditions and your personal requirements. Once you have become a property seller with Big Red House and all the necessary steps have been taken the marketing of your property will begin. Once an offer is received on your property we will relay this to you and discuss the next steps.
Ideally you will have arranged a mortgage before you find a house you want to buy. This will prevent delays. However, if you haven't already done so, arrange a mortgage as soon as possible or once your bid has been accepted. If you require assistance with this please speak to an advisor or CLICK HERE to visit the financial services section of our website where full mortgage support is provided.
Some lenders will issue mortgage in principle agreements stating that, subject to valuation and status, you are a guaranteed a loan up to a certain amount. A mortgage in principle will show the seller that you are serious and should facilitate the whole process for you.
If you haven't found a solicitor before you make the offer, you must find one straight after. You need a solicitor to deal with the legal aspects of buying and selling property. If you require assistance with this please speak to an advisor or CLICK HERE to visit our conveyancing section where we can provide you with a low cost fixed fee conveyancing service.
The property you have just made an offer on may look as safe as houses, but you don't know what problems may be lurking behind the walls. You need a surveyors report to point out any problems. Your mortgage lender will arrange for a qualified RICS assured surveyor to do a brief survey, called a valuation, which you pay for. Provided the lender is satisfied and the property offers enough security for a loan, you will be offered a mortgage.
There are three types of survey. It is in your interests to get the most thorough one you can afford.
The compulsory mortgage valuation will tell the lender that if you default on the payments it will be able to sell the property and get its money back. It won't spot major faults. In some cases nowadays, lenders do not even visit the property and do automated valuations based on area and house price data.
A homebuyers survey should reveal any serious defects. It can save you money because if it uncovers any major faults you can ask the seller to rectify them or reduce the price so you can afford to get them fixed.
A full building survey goes into detail about the condition of the property and any remedial action the surveyor thinks will be necessary. The older and more expensive the property, the more important it is to have a full survey.
However, even the full building survey will not tell you everything you need to know. The surveyor won't start taking up floorboards and won't necessarily have access to the roof. Much of the report represents the surveyor's views on the probable condition of the home and things which might go wrong.
This is the legal term for transfer of ownership of a property. It is undertaken by your solicitor and the seller's solicitor and involves ensuring the seller has the legal right to sell the property, checking that no-one has right of way through it and that there are no land disputes.
The buyer's solicitor makes a local authority search. This will provide details of who owns or is responsible for the roads or sewers and whether there are any road-widening proposals near the property. Separate enquiries may have to be made to the relevant water company.
As mentioned above please CLICK HERE to see details of our online fixed fee conveyancing service
The two most important stages in conveyancing are the exchange of contracts between the buyer and seller's solicitors and completion.
After exchange, a date will be fixed for completion – it usually takes place within two to four weeks. It can be done sooner, even on the same day but solicitors prefer a gap. You will need to have the balance of the funds for the purchase of your new home paid to your solicitor ready for completion. This means that you need to give them any deposit beyond 10% and have the mortgage company ready to pay the balance. At completion, the deal has been done and a transfer of ownership has taken place. You get the keys to your new home.
The whole process of buying a home is made even more complex because you are often a single link in a chain of buyers and sellers. While you are just trying to buy or sell one property from or to one other person, a whole network of deals is being done around you, and your deal cannot proceed unless all the other transactions succeed as well.
If you are selling your current home and buying a new one, you need to make sure that you are exchanging contracts on your purchase and sale at the same time. Otherwise you may find you've committed to buying a home without having sold one, or have sold your home without having one to move to.
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