The Buying Process Made Simple
Buying a property in England and Wales can be a lengthy, involved and quite complex procedure, so it helps to be prepared before you start. We have drawn up this step-by-step guide to familiarise you with the process of purchasing property so that your move goes as smoothly and quickly as possible.
1. Decide on your must haves
Make a list of the things your next property must have. This should be a list of all the things you need in a property rather than a list of the things you would like. This will save time and money, as it will quickly rule out any property that does not fit your criteria.
Questions to consider when drawing up this list are:
What area do you need to live in?
What transport links must there be?
What size accommodation do you need and how many bedrooms are required?
How close do you need to be to schools and shops?
Must you have a garden, a garage or off street parking?
2. Sort out your finances
Being in a position to act quickly can save you money on your move and also ensure that you don’t miss out to another buyer. So have your mortgage at least agreed in principal before you start your search. You will also need funds available to cover solicitor and estate agency fees, stamp duty if applicable, mortgage fees and deposit and any removal services. You may also want to have some money set aside as contingency.
Whilst arranging all of this may sound like a headache, we can provide you with recommendations and rough approximations to help with your budgeting plans.
3. Place your property on the market
To help avoid a situation where you lose a property you have fallen in love with because you weren’t in a position to move you need to get your property valued and onto the market as soon as possible. Using an established local estate agency can help with this process and ensure your home sells as quickly as possible at the best price in the current market.
Here at Jonathan Waters we have over 165 years combined estate agency experience. From effective marketing to accurate pricing we will ensure your home is highly visible to motivated buyers. When selling your property, our team of competent and qualified staff will offer you complete support, every step of the way.
4. Find your dream home
Having decided on your must haves, sorted out your finances and putting your existing property on the market it is then time to start searching for your new home.
Here at Jonathan Waters we have an easy to use property web site that allows you to search for properties in a specified budget. You can also pop in to one of our two local offices where we will happily go through our property listings to help find your dream home.
5. Put in an offer
Once you have found the right property for you, it is time to make an offer. This can be the full asking price or anything below this. The success of your offer will largely depend upon your position and the speed with which you can move.
5. Agreeing the sale
Once your offer has been accepted, the “For Sale” sign outside your new home turns to “Sold – subject to contract” or SSTC. This is the point where your solicitors are instructed to commence with checking out the legal issues and your mortgage advisor starts the process of arranging the funds for your chosen property.
6. Conveyancing
This is the term given to the legal process of transferring property ownership. It is not something you will need to get too involved in, since it is handled by your solicitors. As they are drawing up the contracts they will contact you from time to time with any queries that come up.
When the contracts have been drawn up and signed, the mortgage offer is in place and your solicitor has your deposit they will then exchange contracts and set a completion date.
7. Exchange of contracts
This is the point at which your purchase becomes legally binding to both you and the seller. It turns the sold – subject to contract to sold and means that from this point on you can safely make real moving in plans, such as arranging removals and measuring up for carpets, curtains and furniture.
8. Completion
This is the point at which you can actually move in to your new home. All monies must change hands and the title deeds to the property become yours. On completion day once we have received the call from the vendor’s solicitor confirming the transfer of these funds, you can call in to our office and pick up the keys to your new home. We cannot release keys until this call has been received so please be patient!
Then begins the fun of settling in.
For more advice on any aspect of the buying process, just ask Jonathan Waters Estate Agents.
With a huge choice of houses, bungalows and flats available for sale around Ipswich and the surrounding villages, Jonathan Waters may well have your next dream home.
So, whether you are buying a property for the first time, looking for a buy-to-let investment opportunity or simply wanting to move house, contact us with your requirements and we will assist you every step of the way.
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