Because, for many of us, buying a new home is not a regular transaction, the process can seem confusing and complicated. However, if you follow the steps that we’ve laid out for you below you should find the process as easy as ABC…
To make life easier we’ve added all of the terms that you are likely to come across during the property buying and selling process to the glossary or you can download a complete copy of these terms by clicking here.
I Need A Mortgage – How Much Can I Afford? Whether you are a first time buyer or have a home to sell, if you are going to be dependent on a mortgage you need to know how much you will be able to borrow and how much the deposit on your new home will be. The best way to find out this information is to get a mortgage agreed in principle with a lender. This will not tie you into anything and you can always choose a different provider later, but it will ensure that you know how much you can afford to borrow right at the start of the moving process.
You should also find out about the other costs you will incur when buying and selling a property so that there are no nasty surprises at the end of the process. These costs are detailed on the following pages
Find a New Home: Once you know the price range that you can afford and what your total costs will be you can start the search for your new home. This is the exciting bit! When you have found your dream home and are ready to “make an offer” your estate agent will ask you who your lawyer is. This is where we come in.
Instruct a Lawyer*: You will need a lawyer to take care of all of the legal aspects of buying your new home, and, if you are selling as well we can take care of that too. Our team specialises in conveyancing, which is what the property buying and selling process is called.
Before we can act on your behalf, to comply with money laundering regulations, we have to see proof of your identity, click here for more information on what we will need to see. We will also need you to provide us with evidence of the source of any funds which are not coming by way of mortgage or from the sale of an existing property. Click here for more information on what we will need from you.
Also, if you are purchasing your property in joint names, we will need to know how you wish to hold the property. The options when purchasing a property in joint names are explained on our Joint Property Ownership page.
Make an Offer: Now that you have found a property you want to buy and have a lawyer to take care of the legal work you can discuss your offer with the estate agent. Once your offer has been accepted, if you are not a cash buyer, you will need to arrange a mortgage.
Arranging Your Mortgage: There is a lot of choice nowadays when it comes to arranging your mortgage: which lender to choose, how to repay it, how the interest is calculated and so on. You should do plenty of research online before choosing a lender to meet with. For more details on arranging your mortgage click here. Your lender will also require a valuation and survey of the property you intend to purchase before formally offering you a mortgage on the property.
Arranging Your Valuation and Survey: A valuation confirms to your lender that your new home is worth what you’re paying for it and a survey checks the condition of the property. Your lender will organise these but you will need to pay for them. For more information on your valuation and survey click here.
Completing the Legal Work: The conveyancing process can now begin and your lawyer will step in to transfer the property from the seller to you officially. There are a number of important steps in this process, all of which are explained in The Buying and Selling Process.
Moving house is one of the most important things you will do in your lifetime and we appreciate that normally you will be keen to move as quickly as possible. Our aim is to make everything as “painless” as possible and we will keep you regularly updated on how your transaction progresses.
To help us give you the best possible service please click here to fill in our brief questionnaire. We will then be able to give you an estimate of the costs involved in your move and ensure you can proceed as quickly as possible.
We have put together a Guide to Moving Home, a PDF copy of which you can download by clicking here. The Guide covers everything you need to know about the buying and selling process. Alternatively contact us here or email movinghome@tsplegal.com to request your free, no obligation, quotation.
*The term Lawyer is used to define anyone involved in the conveyancing process including Solicitors and Licensed Conveyancers.
