How to buy a House or Flat
A step by step Guide
How to buy a House or Flat: a step by step Guide
How to buy a House or Flat: a complete step by step Guide!
If you are about to climb the property ladder, follow this guide to successfully have the keys of your next house.
1 – BUDGET
Before starting your Property Search, budget yourself. In this step, you have to consider not only the price to purchase the property but also Stamp Duties, solicitor and surveyor fees, ground rent and service charges if you are thinking about buying a flat.
If you need a mortgage, it’s also crucial finding the right product for you. Please, contact us at 020 77 23 23 24 or email to [email protected], if you wish one of our mortgage consultants to get in touch with you.
It’s always better to start you property market journey with a mortgage agreed in principle, in order for you to know exactly how much money you can borrow.
2 – LET’S START THE JOURNEY.
Now the finance is in place, let’s start with looking for your next house. Give a look to our portfolio of properties or contact us. Our property consultants will assist you in screening our opportunities and shortlisting the properties matching your criteria.
Once we understand your requirements, we will propose you the property matching your criteria. If the property you are looking for is not with us yet, we will try to find exactly what you’re looking for and we can call you, email and text you everything some new properties are available. Of course, we will do it only with your permission.
3 – VIEWING TIME
When it comes down to arrange a viewing you will see how flexible we are. The life in London is always busy and for this reason, we always try to work around your clock and to arrange viewings at your convenient time. Our office is open from Monday to Saturday and we arrange appointments (with the vendor’s consent) also after office hours.
The first impression is crucial but we also recommend a second viewing, preferably at a different time of the day, to have a better understanding of the characteristics of the property.
During the viewing, check also if the area if the one you are looking to live into. Transport links, local amenities, quality life, schools, the age of the property and also the type of neighbors are living there are important information and your property consultant will describe the area and answer your questions, in order to prepare all the details that might guide your decision.
4 – OFFER
You have found the property you wish to purchase and are ready to put down an offer. Our team will assist you in negotiating the terms and presenting it to the vendor. At this stage we might ask for some documents, such as proof of funds or a letter from the bank confirming your mortgage has been agreed.
Once the offer is accepted, it is time to start instructing the solicitor. Please note that both vendor and buyer are not legally obliged until the contracts are exchanged.
5 – THE OFFER’S BEEN ACCEPTED
Once the offer has been accepted, it will be the right time to instruct the solicitors. When you choose your solicitor, ask for referrals from your friends and ask for different quotes from solicitors.
We will prepare a memorandum of sale to be sent to all the parties to confirm the conditions of the offer. We will also ask the parties to confirm the documents and the solicitors will start exchanging crucial information, such as the details of the vendor and the buyer, details for the mortgage and of the property and the will do some local searches.
6 – SURVEY AND MORTGAGE OFFER
The mortgage lender will arrange for a surveyor to carry out a survey to understand the value of the property and check if there are any structural damages.
Once the mortgage valuation report is received, the lender will send a formal mortgage offer to your solicitor and you to sign it.
7 – EXCHANGE THE CONTRACTS
Exchanging the contracts is the final step of the legal process after which the buyer and vendor cannot pull out anymore.
The buyer and seller contracts must be signed by both parties and provided to the respective solicitors.
In this step, completion, the date of completion is usually set. Normally it’s two weeks after the exchange date, in order to let the seller to arranging for the removal of her belongings. Once the agreed price is paid, the vendor will inform the agency, in order to give the keys to the new owner.
8 – TIME TO MOVE OUT
You are now ready to start a new chapter of your life in a new house. Organising your moving out in advance will reduce stress and make it easier.
The Internet is now an important element of our life. Then, plan in advance to start your contract with a provider and also an installation date, in order to avoid to be in the new property without any connection.
9 – CELEBRATE
Now it is the time to celebrate. Welcome to a new thrilling chapter of your life!
The old house has been sold and you settled in the new one. Congratulations!
A new chapter of your life is now yours to be written.
If you have questions about how to buy a house or flat, just get in touch with us. Or let’s grab a coffee together in our office!