Buying a home is one of life’s biggest decisions.
But when you buy your home through us, you can have the peace of mind of knowing you have our team of trustworthy experts with you every step of the way.
We’ve created this brief guide to buying a home in West Bridgford, Vale of Belvoir or Nottingham.
Let’s get started.
Know Your Budget
Talk to our friendly, independent mortgage advisers to determine what you can afford. Secure a mortgage in principle before starting the property search process to ensure you are in the strongest negotiating position – generally, the bigger your deposit, the better the deal. You will need proof of ID, evidence of your earnings, bank statements, and proof of your address within the last three months.
Finding Your Perfect Property
Consider what is most important to you – location, number of bedrooms, reception rooms, parking, south-facing garden, etc. Do you want to take on a refurbishment project?
We can discuss areas with you, property prices, local schools’ performance, public transport links and other local amenities to aid you with your search.
Making an Offer and Understanding Surveys
Once you’ve found the perfect place, make an offer. At this point, it’s essential to make it clear whether your offer is subject to a satisfactory survey or not. Once accepted, it’s time to progress your mortgage offer.
Your lender will arrange for a valuation to be done on the property. If you do not need a mortgage, you will not need a survey, though buying a property without one is not advisable.
If you are buying an older property that needs repairs or just for your own peace of mind, you could consider getting a more detailed survey than the basic lender’s valuation.
The lender will use the surveyor’s valuation report and other information you provided to calculate how much to lend you through a mortgage secured on the property.
Instructing a Solicitor
Your solicitor (often referred to as a conveyancer) will:
Obtain the seller’s responses to questions, such as who owns the boundaries, whether they have had any disputes with neighbours, and what fixtures and fittings are included.
Check copies of any guarantees on the property, details of planning permissions, and building regulation certificates.
Check the seller is the property owner and prepare a Report on Title for you.
Check local authority searches and plans for the local area.
Arrange to pay stamp duty and land tax on the property.
Arrange registration of the title in your name.
Our sales progressors will work closely with the solicitors to streamline the process.
It can take between eight and 16 weeks from the day your offer is accepted to get all the paperwork completed and queries answered, even where there is no chain.
Exchanging Contracts
In England and Wales, the exchange of contracts is the last stage of the legal process, after which a completion date is agreed upon, and you cannot withdraw without losing your deposit and facing legal action from the seller.
You must have buildings insurance cover in place at this stage, and you should also consider other protection, such as life insurance that covers your mortgage commitments. It is important to ensure your money is transferred on time for exchange and completion (your solicitor handles this).
The solicitor will also send you a completion statement. Read it carefully – it should reflect their original quotation.
Completion Day – Hurray!
Organisation is key to keeping your moving day as smooth and stress-free as possible:
Use a good removal firm – speak to us for a recommendation. Consider what level of service you want – having the removal company pack for you can be a great help.
Check out the best value utility contracts for your new property well in advance and read the meters in both properties on moving day.
Redirect post well beforehand – this is essential to protect yourself from identity theft.
With all of the above done, it’s time to sit back and enjoy your new home.