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THE BUYING PROCESS
Buying a home is easy providing you know what to do
Here's some pointers to help you along the way
It All Starts With A Viewing
The buying process begins with viewing properties which are of interest to you
Once you’ve found a home which measures up to your requirements you need to consider how much to offer
Make An Offer
Many things need to be taken into account when making an offer
- Are some essential repairs needed
- Is the property sensibly priced
- Is it a high demand property which many buyers may bid for
Properties are priced usually with a prefix eg: Offers Around, Offers Over, OIR or in the case of auction properties Bids Over. Ultimately there is no set rule. Just keep an eye out for the price prefix.
If a property attracts many buyers, it may well achieve its asking price or even more.
Once your offer or bid is "on the table", the sales negotiator will contact the owner for a response. Your offer may be accepted immediately or the owner may indicate what offer he/she is willing to accept. Negotiations will continue until your offer is accepted or the owner and/or you decide not to proceed further.
Once your offer has been accepted if you don't have cash, you will need to quickly arrange a mortgage.
At Dowen we will not proceed further until we have proof of cash or proof of your mortgage
Get It Surveyed
If you are a cash buyer you may well decide to commission a Private Survey. Dowen can assist you with this. See I Need A Survey on the home page of this website
Once you have applied for your mortgage the lender will initially obtain various references, eg: from your landlord, current mortgage lender, employer, etc, then appoint an independent surveyor to inspect the property. The surveyor will produce a report and in most instances the lender will provide you a copy of the report.
The surveyor may recommend that additional inspections are needed, eg: for damp proofing, wall ties, electrics, etc. Dowens will assist in obtaining such reports on properties being sold by ourselves
Instruct Solicitors
When buying or selling a property you will need a solicitor to carry out the conveyancing. This, in layman's terms, being the legal work required to transfer the property from the seller's name to the buyer's name
There are many solicitors practicing in most areas. You may already have a family solicitor or prefer Dowen to recommend one.
Dowen will write to your solicitor on your behalf advising them of the details of your purchase along with the seller's name and solicitor
Conveyancing involves a considerable amount of work by the solicitors concerned.
The following gives a brief outline of what is involved.
- Take instructions from you the client
- Obtain proof of client ID
- Obtain the deeds from the seller or the seller's bank/building society. This allows the solicitor to confirm that the property actually belongs to the seller
- Prepare an enquiry form, part of which confirms what is included in the sale, eg carpets & light fittings. This form will also question the seller about any known defects in the property that you should be made aware of.
- Check on the property's legal boundaries
- Obtain from the seller's solicitor a draft contract setting out the terms of your purchase
- Unless the property is being sold with a HIP, carry out a local search. (You will often be asked to pay for this in advance of completion of the sale) Searches allows the solicitor to check for any up and coming events which may affect the value of the property, eg: the construction nearby of a new road or unpleasant development, say an abattoir:
- Dealing with the financial aspects of the sale, ie: briefly, the buyers solicitor collects any deposit from the buyer and obtains mortgage funds from the buyer's lender. The seller's solicitor will ensure that the seller's mortgage and any charges are cleared from the proceeds of the sale
- Liaising with all parties to agree an amicable completion date that suits you and the seller
Exchange Contracts
- Once your mortgage has been offered, your solicitor should have a draft contract ready for you to sign. When you have signed the contract, your solicitor will send it to the seller's solicitor, in exchange for the contract the seller has signed. This is the point of no return, both you and the seller are legally committed to the deal.
- If exchange of contracts and completion occur on different days, you may be asked to pay a deposit. Your buildings and life insurance should also be placed into force.
- A completion date will be agreed. Often this can be on the same day as contracts are exchanged.
Complete the Sale
On completion day if you have not already paid a deposit you will now need to do so, along with your solicitor's fee. Your solicitor will obtain any mortgage monies from your lender and transfer this and your deposit to the seller's solicitor.
Once the sellers solicitor confirms that funds have been received the sale is completed and you can collect the keys to your new home. Often these will be held by Dowen, but ensure you check before the completion date what arrangements have been made for the keys.
As soon as you know your completion date make sure you book a removal firm, if you need one, and arrange for telephone, broadband and TV transfer or a totally new connection.
Move In
Simultaneously with moving in try to arrange for :
METERS TO BE READ in your new home and previous home if you are moving out. Advise the utilities
MAIL TO BE REDIRECTED
ADVISE The Local Authority & Water Company, etc that you have moved in (and moved out)
WRITE TO/E-MAIL ALL THOSE who you have regular contact with, eg: friends, relatives, bank, etc. to advise of your new address
