Surveys & Valuations
Once your offer is accepted, it’s time to navigate the Property Purchase Process, including surveys and valuations. Notify your mortgage lender as they will conduct a valuation to ensure the property’s value aligns with the funds being advanced. Simultaneously, instruct a surveyor to perform a comprehensive survey. If issues arise, assess the cost of addressing them and leverage this information to renegotiate the sale price. Alternatively, inform the seller of necessary repairs before contract exchange.
Solicitors
With your offer accepted, it’s crucial to appoint a solicitor or conveyancer as a key step in the Property Purchase Process. They will oversee the contract, manage financial aspects, and facilitate the exchange of deeds. Your solicitor will conduct essential searches, review lease terms, and inform you about Stamp Duty obligations. The seller will also engage a solicitor, and both legal teams will maintain regular communication to ensure a smooth purchase process.
Exchange & Completion
When the mortgage offer is secured, the contract is deemed satisfactory, and buildings insurance is arranged, both parties will agree on an exchange date. You’ll sign the contract with your solicitor, and at this juncture, you’ll provide a deposit, setting the completion date. This is a point of no return, as withdrawing could lead to legal repercussions and potential loss of your deposit. Typically, completion occurs approximately a week to 10 days after exchange, although same-day completion is also possible. It’s at this stage that the final paperwork is completed, and the property legally becomes yours.
Time Scale
The entire Property Purchase Process usually spans six weeks to three months. As you navigate this process, remember not to feel pressured or rush into decisions by external parties; take your time to ensure you’re making an informed choice.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
