From Viewing to Offer
Calculate the Cost of Moving
You should budget for:
- Deposit - The amount of deposit you are able to put down will determine how good a deal you will be able to get on your mortgage.You will be expected to put down anywhere from 10%-40%.If you have a smaller deposit the Government’s Help To Buy scheme may be able to get you on the housing ladder with just a 5% deposit.
- Mortgage Arrangement Fee -you should expect to pay about £1,000 for this and it may not be refundable if your purchase falls through.
- Valuation Fee - payable to your mortgage company to cover the cost of a valuation on their behalf to check the property.You should budget a few hundred pounds for this.
- Legal Fees - you’ll need a solicitor to deal with the legal side of the transaction for you.They will also require payment to cover the searches that they carry out against the property.If you would like some recommendations for local solicitors, we’d be happy to assist.
- Stamp Duty- If you are purchasing for more than £125,000, then you’ll have to pay stamp duty (or if you are buying as a second home, then you’ll have to pay stamp duty regardless of the purchase price).Use HM Revenue’s Stamp Duty Calculator to work out what your stamp duty is likely to be.
- Survey/Homebuyers Report- your mortgage lender will carry out their own valuation and you’ll be provided a copy of this.However, you may wish to get your own survey or Homebuyers Report carried out by and independent surveyor.If you would like a recommendation, we can help.
- Removal Costs
- Home Repairs/Furniture- make sure you budget for any furniture that you will need and also allow a contingency in case of any repairs which may crop up during your first few months in your new home.
Find Out How Much You Can Borrow
If you are having a mortgage then you will be able to use online calculators from different mortgage lenders to give you an idea of how much you can borrow and what the likely repayments are going to be.
But if you want to be taken seriously by sellers and estate agents once you start your property search, then you’ll need to get yourself approved formally for a mortgage.You’ll need to arrange to meet with either your local bank/building society or a broker.They will then assess your incomeand run a credit check and offer you a decision in principle (DIP) or agreement in principal (AIP).
We don’t have an in house mortgage advisor, but we do work closely with an independent mortgage broker who has access to a wide range of lenders so if you would like us to make a referral for you, then do let us know.
Ready To Start your Search?
You’ll find properties on the major property portals including rightmove and zoopla but don’t underestimate the importance of your local estate agents.
They will be able to take your requirements and send you details of properties specifically catered to your needs, let you know as soon as properties come onto the market so you don’t miss out and also make suggestions of properties that might not look suitable at first, but could be just what you are looking for. So make sure you call in and see us!
Want to Arrange a Viewing?
Call or e-mail us to book an appointment to view.We will need to take details of who you are as well as anyone else who will be attending the appointments with you or on your behalf.
If the property is empty, then chances are we will be accompanying the appointments.We carry out the majority of appointments during the working day Monday-Friday.We do also have limited availability on Saturdays but you may need to book well in advance.
If the seller wishes to do their own viewings, then we’ll need to agree a mutually convenient appointment which we’ll try and do as quickly as we can.
When attending the viewing, you may find other prospective buyers present.We do try and avoid this where we can but it can happen if there is a lot of interest in a property or other people do not turn up at their designated time.
Please don’t feel put off if there are other people there, you can always arrange a second viewing appointment (or third or fourth if needed) if you want to take a further look round before making a decision.
What happens if there is a problem on the day of the viewing?
If you can’t make the appointment, please call or e-mail us to let us know and we’ll rearrange for another time. If you think you might be later, then call or e-mail to advise what time you think you will be able to get to the property.If we are accompanying the viewing then during busy periods we do work to a tight schedule so it may be that we may need to rearrange your appointment if we cannot wait at the property for you.
Following your viewing, the estate agent will contact you for feedback.If you are interested in the property, use this opportunity to ask any questions that you may have such as what the seller is willing to leave in the property or ask about the background to the sale and whether there have been offers made before. As this information will help you decide whether the property is the right one for you and what sort of offer to put forward.
Making an Offer
If you’ve viewed the property and want to put an offer forward, then contact the estate agent (or seller if its being sold privately) and let them know. Having an AIP/DIP will show that you are a serious buyer and will put you in a better position.If your first offer is rejected, then don’t despair as you should be given an opportunity to increase and most sellers will be willing to negotiate.
If you are dependent on the sale of your own property, make sure you know the background of your purchaser and any chain below them.The estate agent will verify this information but it would be helpful if you could provide a few basics at the time you offer.
If there has been a lot of interest in the property and there are several offers received at the same time, you may be asked to put in your best offer.Make sure you don’t get carried away if this situation arises and that you only offer a figure that you can afford.
There will be properties you see for sale which are being sold by a management company.In these instances, the management company need to ensure they are getting the best possible price for the property so you may find it harder to negotiate with them.It is also a condition of sale of these sorts of properties that they remain on the market even after an offer has been accepted.So if you offer on a property where there is a sale going ahead, then the current buyer will be asked if they wish to increase and if they don’t you may be asked to put in a best and final offer.If a sale is agreed to you, it would be on the same basis i.e. someone else could come forward with a higher offer at any time before you exchange contracts.
From Offer to Completion
My offer has been accepted, now what?
You will need to provide the name of the solicitor who be acting for you.If there is an estate agent involved, they will then issue the Memorandum of Sale. You will receive a copy of this, as will the seller and solicitors for both parties.
Your solicitor will write to you to confirm instructions, and so will the seller’s solicitor.The seller’s solicitor will also send out forms to the seller namely a Property Information Form and Fixtures Fitting and Contents List, which ask the seller questions about the property and what contents will be left. The seller’s solicitor will also obtain the title deeds for the property so they can send initial paperwork to your solicitor.
Do I need to instruct a survey?
Your mortgage lender will carry out their own valuation and you’ll be provided a copy of this.However, if you are purchasing a mortgage of you want some further peace of mind, you may wish to get your own survey or Homebuyers Report carried out by an independent surveyor. If you would like a recommendation, we can help.
When do I complete my mortgage application?
If the seller is going to be purchasing another property, then it may be prudent to wait until your seller has found somewhere to purchase first.
Once you know there is a complete chain, you should now arrange a further appointment with your bank/building society/mortgage broker to complete your mortgage application and pay for the mortgage valuation. You may have a choice of whether to pay the mortgage arrangement fee now or to include it as part of the amount borrowed on your mortgage.
After the mortgage application has been submitted, the estate/agent seller will receive a call from the mortgage company’s chosen surveyor to arrange an appointment to visit the property and carry out the mortgage valuation.
Following the mortgage valuation, a copy of the report will be sent to you. If there are any issues which are raised on the survey, then depending on the severity, the mortgage company may either refuse to borrow on the property, agree to borrow a smaller amount on the basis that works are required (a retention) or agree to borrow the full amount on the basis that you provide them with further information about a certain aspect of the property.