Buying a property is a big step and it can sometimes be difficult to understand the process and steps involved in getting started. Check out our step-by-step guide below to get an understanding on the process of buying a property.
Speaking to a financial advisor or visiting a high street bank would be a good starting point. They’ll be able to advise on how much a lender is likely to approve once you’ve informed them of your circumstances. Obtaining a mortgage in principle will put you in a stable buying position. Agents and vendors will want to know your position as a purchaser when you make an offer. If you don’t have your finances or a MIP ready when making an offer, the vendor may be hesitant on accepting your offer.
Hawkes work with an independent mortgage advisor, Prime Mortgages – offering free and impartial financial advice to all those seeking to secure a mortgage at competitive rates. Pop in to our office on Stoke Newington High Street or call us on 020 7241 6563 to find out more.
London’s property market is dynamic and moves extremely fast. You should try to be as flexible as possible when allowing time for viewing properties – if you’re not available for viewings, you might miss out on your ideal property! Our agents are dedicated to making sure applicants don’t miss out on viewings of their ideal home. We accompany all of our viewings to make sure no question goes unanswered.
We understand that it may be difficult for you to make arrangements for viewings during working hours, so we’ll compromise to accommodate later viewing after working hours.
If you’ve seen a property you are happy to progress with you should contact either your negotiator or our office in order for us to guide you on the next steps are. If your offer is subject to any conditions you should make sure we are made aware of these.
When both parties mutually agree an offer we’ll have a memorandum of sale drawn up and sent out to all parties. A memorandum of sale will outline the specifics of the agreed sale, including the agreed purchase price.
Instructing a solicitor to act on your behalf is an important part of the sales process. They’ll undertake the duty of completing all necessary legal work during the process, and can ultimately have a major influence on the success and speed of which your purchase progresses.
Be sure to instruct your mortgage provide of the good news too!
If you’ll be purchasing a property via a mortgage, it’ll be necessary for a surveyor to carry out an evaluation. During the visit the surveyor will evaluate the condition of the building and determine its market price. Once complete, all information taken in to account will be filed in to a report, which will be sent back to the mortgage lender and you once complete.
Upon your mortgagee receiving the surveyors report, they’ll then issue a formal mortgage offer – which you’ll need to sign and have returned without delay.
At this stage in the process, neither party is yet under any legal obligation.
On the day of completion the remaining money (purchase price minus any deposits paid) will be transferred securely between buyer and seller through the solicitors. Your solicitor will call you to confirm once the money has cleared, whereby we’ll then be instructed to release keys to you. Congratulations on your new home!