ElliotLeigh Step By Step Guide To Buying
1. ARRANGE A MORTGAGE
Before you start searching for a property it is a good idea to arrange a mortgage in principle. This will give you an idea of how much you can spend on a property and puts you in a better position as a buyer.
2. LET US KNOW YOUR REQUIEMENTS
Call us, email us or come to our office so we can match you to a property with your specific requirements. You can also register your interest in a particular property you have seen.
3. PROPERTY VIEWINGS
We will always accompany you on a property viewing, including evenings and weekends, we can answer any questions you may have.
4. MAKING AN OFFER
Once you have found the property right for you, make an offer to us which will put forward to the vendor both verbally and in writing. You may need to provide evidence of your mortgage in principle.
5. HAVING AN OFFER ACCEPTED
Once the offer has been accepted by the vendor we will need your solicitor details, we will then:
a. Prepare and memorandum of sale
b. Write to all parties confirming the agreed price
As soon as we have provided a memorandum your solicitor will commence the conveyancing process. We will assist wherever we can and keep you up to date every step of the way.
7. MORGAGE OFFER
The mortgage company will arrange for a surveyor to come to the property and ascertain the property’s value and note any major structural issues with the property. Once the report is received a formal offer will be sent to you and your solicitor by the mortgage company.
8. STRUCTURAL SURVEY
A survey is of prime importance before you exchange contracts. This will highlight any issues regarding the property.
9. EXCHANGE OF CONTRACTS
Contracts are exchanged once all enquires have been confirmed and agreed. Once the contract has been signed a deposit (usually 10% of the purchase price) will be transferred or paid in the form of a banker's draft from your solicitor to the seller's solicitor. Upon exchange of contracts the completion date will be set.
Upon completion the remaining balance (normally 90%) will be transferred from your solicitor to the seller’s solicitor. Once the outstanding balance has been transferred we will release the keys.