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I am in the process ofsearching for a bargain property and it quickly became apparent just howstressful the whole ordeal actually is! My partner who has a bit more time thanme is doing most of the property searching and then we are narrowing down theproperty hopefuls together. She is very knowledgeable in property but when itcomes down the actual process from putting in an offer to handing over thedeposit and getting the mortgage she knows very little. This made me thinkabout all the first time buyers and sellers who literally go in blind or relyheavily on their broker/advisor or parents. But what about all those people outthere that don't know the process??
I try my hardest to know asmuch as I can when it comes to me handing over my own money, not just because Iam a bit tight! But because I like to know what I am getting into and what Ican expect, I want to know the process.
So I have composed a simplesteps guide for those people.
If anyone else has experiencesor anything I may have missed please contact me!
FirstStep
1. FirstlyI would write down all your priorities and what you want out of buying/sellingyou home.
2. Registerwith your local estate agents, and look on the property websites to find allthe potential properties that you like.
3. Iwould also think about getting a few quotes from some solicitors and conveyancers.
4. Withall your properties listed, get viewings arranged.
5. Narrowthe properties you have seen to the best 2 or 3.
6. Withthe 2 or 3 properties you have, research the vendors (seller) and propertyfurther. Position they are in (no chain, offer accepted on another need and tosell this property etc), years left on lease, ground rent, etc.
7. Nowis the time to research your mortgage, your mortgage broker/advisor. Now fromthe information you have gained you will need to get a pre-mortgage arrangementsorted (also know as a decision in principle, application in principle). Thiswill give you a kind of ?pre YES? to having a mortgage based on some basic infothe lender will ask you will also be pre credit scored at this point. (Rememberit is not a guarantee, just a preliminary yes).
8. Nowis this time to put an offer in the property you like.
SECOND STEP
9. Hopefullyyour offer will be accepted, contact your mortgage broker/advisor, lender,he/she will proceed on getting the full mortgage sorted for you. You want toalso contact your solicitors so they can carry out all the searches on theproperty and start contract negotiations.
10. Now is a good time to get a survey done on theproperty, a very basic one is called a homebuyers, and more in depth one iscalled a full structural survey. A full structural survey is worth while for anolder property.
11. Also at this point is where your chosenmortgage lender carries out their valuation to see if it suitable to have aloan secured to it.
THIRD STEP
12. Nearly there! At this point your solicitorwill have the contracts ready to exchange with the other sellers solicitors,you should have a mortgage offer at this stage too. A 10% deposit (of the purchase price) isnormally paid into your solicitors account and your solicitor will forward iton to the seller. More importantly if you pull out at this stage you will loseyour money. You will have a date to which you can complete on too.
FOURTHSTEP
13. Between exchange and completion (3rdad 4th steps) your chosen mortgage lender will transfer the mortgagefunds into your solicitors account, this will be sent to the sellers solicitorsaccount on the completion day. Your solicitor will also prep the paper work foryou to become the new owner.
14. Your solicitor will now pay the stamp duty onyour behalf.
15. Your mortgage is now in place
16. Your mortgage advisor/brokers work isnow complete (your fee to them should normally be made to them).
ALL DONE!!
Moreuseful information see get finance.co.uk
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