First do your research and decide on your budget. It might be worth checking your credit score before you approach a lender. If you will be buying with a mortgage approach a mortgage lender or a broker before you start looking. Your seller will require proof you have sufficient funds for the deposit and have a mortgage offer in principle. This informs you how much you can borrow. There will be a time limit on this offer in principle and bear in mind mortgage rates will change during the period of your offer. If you are selling your current property to fund the new purchase, your property should be under offer so you can move quickly if required. We will also speak to your agent to check the chain. If you are a cash buyer we will require proof you have the funds in place.
LOOKING FOR A PROPERTY
At Stennett Solicitors and Estate Agents we take time to understand your requirements. We will then register your criteria on our database. Once registered we will send you properties that match your criteria as soon as they come on the market. It is advisable to view as many properties as you can that matches your criteria and once you find a property, visit it more than once. If you intend to do works to the property, take your builder with you. MAKING AN OFFER Proof of finance in place as outlined above will be required before the offer is put to the seller. We will also advise the seller of any chain, whether long or short. Once accepted and agreed by all parties we will send out the Memorandum of Sale to the solicitors giving details of the sale. SALES PROGRESSION
Our team is very pro-active in keeping in touch with the parties and their solicitors for frequent updates. At Stennett Properties our legal and estate agency teams work closely together in making sure the transaction progresses as quickly and smoothly as possible.
Your lender will carry out a survey to value the property. The aim is to see if the price you offered is right in respect of the loan you have applied for. You might want to have a Homebuyers Report which looks at the overall condition of the property. Some issues might be minor and some may need you to consider going back to the seller to re-negotiate the price offered. Once the lender receives a satisfactory valuation report a mortgage offer will be made. At this point we will agree projected exchange and completion dates. Until exchange of contracts, a legally binding agreement does not exist and either side can withdraw.
Once all the enquires raised are answered and all parties are happy to proceed, a date for exchange of contracts will be set. You will at exchange of contracts be legally bound to complete the sale. Completion can also take place on the same date as exchange but more often it will be a few weeks after exchange. On completion when the seller’s solicitor has cleared funds they will instruct us to release the keys to you. You will be called to collect the keys. Your solicitor will then carry out the post completion work, including registering the title at the Land Registry Deeds.
Stennett Properties is the trading name of Stennett Properties Ltd registered in England and Wales no: 9200914 and whose registered address is: 4 Winchmore Hill Road, Southgate, London, N14 6PT. Authorised and regulated by the Solicitors Regulation Authority no. 564879