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Buying Guide

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1. DECIDE YOUR BUDGET

Buying a property usually involves a substantial long term financial commitment so it is important to give proper consideration to what you can afford.

It is important you choose the right mortgage and do not commit and then realise that you do not have any money for other important living or lifestyle expenses.

Take extra time to consider everything you spend money on throughout the year.
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2. GETTING A MORTGAGE

For most people, buying a property is dependent on a mortgage- put simply, a loan secured against a property.

It is important to secure an ‘agreement in principle’ before you start your property search. This is a letter from a lender that confirms they are willing to offer a mortgage subject to certain conditions. Once you have this, you are in both a stronger buying and negotiating position.

You are normally required to pay a deposit of at least 5% of the property value and usually more. The higher your deposit in relation to the property value, the more competitive your mortgage rate is likely to be.

For further advice, Cavender can put you in touch with a mortgage broker who will be able to discuss this with you and help you decide what mortgage suits your requirements.
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3. FINDING YOUR PERFECT PROPERTY

You now need to consider what aspects of a property are most important to you.

Consider how many bedrooms you need, your desired location, parking requirements, garden etc.

It is very common for buyers to need to make compromises during their search, so, it is important to know your list of ‘must haves’.

Register your details with Cavender and we will ensure you are kept completely up to date with all new instructions that will be of interest to you.
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4. CONVEYANCING- THE LEGAL PROCESS

In brief, your conveyancer will:
  • Establish the property boundaries and who owns them, along with other questions such as what fixtures and fittings are included.
  • Obtain copies of guarantees for the property, planning permissions and building regulations certificates.
  • Check the seller is the owner and report on the title for you.
  • Carry out searches and plans on the local authority and local area.
  • Pay stamp duty on the property (Government tax).
  • Register the property title in your name.
  • Liaise with your lender to deal with the formalities that are associated with your new mortgage.
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5. WHAT HAPPENS NEXT?

Exchanging contracts is the stage of the legal process that is contractually binding.

Once exchange of contracts has taken place neither the buyer or seller can withdraw without large financial penalty.

Also, at this stage the date of completing your sale is fixed.
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6. PREPARING FOR THE BIG DAY

Moving home is regarded as one of the most stressful things you can do. Getting organised in advance and planning ahead will help reduce stress levels.

There are a few things to consider that will help you once you have moved:
  • Remember to take meter readings before you move out.
  • Set up a redirection on your mail. This can take Royal Mail a couple of weeks to action so do this in advance.
  • Transfer your internet connection with plenty of notice. When you move into your next property it is likely you will need an internet connection to download information on your new home, such as instruction manuals to work the appliances and the heating system.
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7. COMPLETION

Congratulations! You now own a new home.

Once the completion money has been received by the sellers’ solicitor from your solicitor, we can release the keys to you and give you your move in gift at the same time.
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