We want to make buying a property as simple as possible. The process may sound complex, but we take away all the stress and manage all the paperwork for you.
Here's an overview of what happens:
- First, we'll work with you to set your mortgage budget
- You start the exciting bit ‐ viewing properties
- We help you make and secure an offer on the place you want
- You instruct a solicitor to handle the legal side of things
- We finalise and submit your mortgage application to your chosen lender
- They will survey the property to make sure the mortgage you want is reasonable
- Once they are happy with the valuation, they'll make you an official mortgage offer
- Your solicitor completes the legal process so you can exchange contracts and pay your deposit
That's it! The home is now yours and it's time to collect the keys.
Let's take a look at the process in more detail
Before you start looking for a property, it's important to speak to one of our advisers. We'll use our expertise to help you work out how much you can borrow, set a budget, and decide what types of properties you will be able to get a mortgage for. It is important to speak to one of our advisers about an Agreement in Principle.
Next, it's time to register with estate agents, getting a property valuation (if you're already a homeowner) and start viewings. You'll be able to really focus your search because you'll know exactly what your finances will cover.
The property market moves fast, so once you've found a place you like, put in an offer as soon as you can. You'll likely then negotiate with the seller on price. When your offer is accepted, the estate agent may ask you for a deposit.
Next, we'll help you find a property solicitor or licensed conveyancer. They'll handle all the legal paperwork for you, and it's a good idea to use a professional who knows the area you want to move to. Later in the process they'll also manage the exchange of contracts, deposit payment and money transfers from the lender to the seller. They're experts so you can relax knowing it's all in safe hands.
There's now a further opportunity to fine-tune the details of your mortgage application. We do all this for you, and submit the application on your behalf.
The lender will then survey the property to make sure that it's suitable for the mortgage. We recommend that you arrange a separate valuation too. This will give you peace of mind that the lender has made a fair assessment. There are two options available for this: a Homebuyer's Report or the more comprehensive Building Survey. If that sounds complicated, don't worry ‐ we can recommend independent surveyors you can trust.
You'll get a mortgage offer once the lender is happy with everything. This will be sent to you and your solicitor so together you can check it over carefully before signing. Send it back to the lender and your mortgage is in place.
It's time to exchange contracts with the seller. You'll pay a 10 per cent non-returnable deposit and now you're committed to buying. If you pull out after that, you won't get the deposit back and may have to pay extra costs. As soon as you exchange contracts, it's your responsibility to insure the property so you must have buildings insurance cover.
It can take anything from a few days to a few weeks to complete the sale once you've exchanged contracts. In this time the remaining money (usually the 90 per cent not covered by the deposit) is transferred from your solicitor to the buyer's. On completion day, a few legal details are tied up, you get the keys, and the place is yours.
Top tip: Be prepared. Make sure you arrange insurance early in the process, because you can't exchange without it. We can help you with this and recommend providers.
