House Buying Process in England and Wales by Your Move

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House Buying Process in England and Wales by Your Move

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House Buying Process in England and Wales by Your Move

  1. 1. House Buying Process in England and Wales by Your Move HOUSE BUYING PROCESS IN ENGLAND AND WALES
  2. 2. House Buying Process in England and Wales by Your Move Step 1 : How Much Can I Borrow? Speak to a Financial Adviser to establish how much you can borrow. For expert mortgage advice Visit www.your-move.co.uk/mortgages/ or Call 0800 056 4508
  3. 3. House Buying Process in England and Wales by Your Move Step 2 : Start Searching for a Property. Look at online estate agents and register your requirements to receive property alerts. Visit estate agents, and look in the local press. Search houses for sale and register for property alerts with Your Move
  4. 4. House Buying Process in England and Wales by Your Move Step 3 : Make an Offer. When you find a property you want, make an offer to the estate agent.
  5. 5. House Buying Process in England and Wales by Your Move Step 4 : Decide on a conveyancer. Conveyancing is the term used to describe the legal process you must go through when buying or selling a home. Conveyancing can be done by a solicitor or a licensed conveyancer. Find out what their fees are and what other legal costs are involved and when these are payable. Find a conveyancer with Your Move
  6. 6. House Buying Process in England and Wales by Your Move Step 5 : Offer Accepted. If both parties are ready to proceed with the sale and purchase, you should now appoint your conveyancer . Find a conveyancer with Your Move
  7. 7. House Buying Process in England and Wales by Your Move Step 6 : Sale Agreed. Once the estate agent has confirmation of both parties conveyancers details, they can confirm that the Sale is Agreed, Subject to Contract. You will receive a Memorandum of Sale to confirm this. At this stage you are not legally bound - both the buyer and seller can withdraw from the sale/purchase without any penalty.
  8. 8. House Buying Process in England and Wales by Your Move Step 7 : Apply for a Mortgage. Complete your mortgage application form, with the help of a Financial Advisor. For expert mortgage advice Visit www.your-move.co.uk/mortgages/ or Call 0800 056 4508
  9. 9. House Buying Process in England and Wales by Your Move Step 8 : Book Mortgage Survey. Your mortgage lender will want to carry out a valuation of the property. The lender will normally arrange this for you, through an independent company. You may want to arrange a more detailed structural survey for your own benefit, particularly if the property you are buying is older. The surveyor will send you a copy of the survey. If it indicates that work needs doing on the property you may want to discuss this with your estate agent. For advice on which type of survey is right for you, phone 0800 169 9661
  10. 10. House Buying Process in England and Wales by Your Move Step 9 : Draft Contracts are Prepared The sellers conveyancer will obtain the title deeds from the seller and will then draft a contract and send it to the buyers conveyancer.
  11. 11. House Buying Process in England and Wales by Your Move Step 10 : Confirm Details About Property Your conveyancer will make enquiries about the property to the sellers conveyancer. He/she will enquire about boundaries, any disputes, alterations to the property etc. These enquiries will also confirm what exactly is included in the sale..
  12. 12. House Buying Process in England and Wales by Your Move Step 11 : Conveyancer Performs Searches Your conveyancer will perform a Land Registry Search and Local Authority searches to check for planning history, potential developments, roads, mining and drainage at or around the property.
  13. 13. House Buying Process in England and Wales by Your Move Step 12 : Confirm Mortgage Offer You should receive your mortgage offer about now, together with the terms and conditions of your mortgage. You need this before you can exchange contracts.
  14. 14. House Buying Process in England and Wales by Your Move Step 13 : Arrange Insurance You should now get quotes for buildings and contents insurance. You will need the insurance to be effective from exchange of contracts.
  15. 15. House Buying Process in England and Wales by Your Move Step 14 : Signing Of Contracts Both the buyer and seller must sign the contract before exchange. Your conveyancer will advise you when to do this.
  16. 16. House Buying Process in England and Wales by Your Move Step 15 : Agree Dates for Moving Conveyancers for both parties will agree a date for exchange of contracts and Completion (moving day). At this stage, it is an idea to obtain quotes from removal companies and provisionally book a date.
  17. 17. House Buying Process in England and Wales by Your Move Step 16 : Exchange of Contracts Once the contracts are signed, the buyers deposit (normally 5 - 10% of the property price) is sent to the sellers conveyancer, along with the signed contract. This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale/purchase and cannot withdraw without suffering a loss.
  18. 18. House Buying Process in England and Wales by Your Move Step 17 : Completion The buyers conveyancer pays the balance of the purchase price, electronically, to the sellers conveyancer. This is known as completion. For advice, phone 0845 300 8406 Find properties for sale

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