House Buying Process
10 Steps to buying a property
1. What price range should I be looking in?
The first thing you should do before buying a property is to book an appointment with a Hemmings Homes financial specialist to learn how much you can afford so you know what property price you should be looking at. Hemmings Homes have a team of Financial specialist who can offer whole of market mortgage advice and have access to special rates not normally available on the high street. Hemmings Homes financial consultants will let you know how much you can afford to borrow and walk you through thousands of available mortgage products to find the one which suite you best and take care of the whole application process right through to completion.
2. Consider all the costs involved in buying.
It is very important you consider all the costs involved in buying a property. Hemmings Homes have a team of financial consultants who can help you take note of all the costs involved in buying a property. They will help you understand if Buildings Land Tax is applicable for the property you are buying. You may also want to consider legal costs, the hire of a removal company and any lenders fee’s or financial fee’s which may be involved with the purchase. We have professional Financial Consultants who are ready to help you calculate the costs involved when buying a home.
3. Start your search for your dream home.
Now you know what you can afford it’s time to start looking for your dream home. There are many different ways to find properties ‘For Sale’. You can register for property alerts on all the leading property portals and estate agent websites. If you know what area, you are looking in you can drive round and look for estate agent ‘For Sale’ boards. You can also visit estate agent offices and look in their shop windows or go inside and have a chat with them and get some advice.
4. The viewing stage.
When you have found a property or multiple properties that you would like to take a closer look at it, it’s time to start making appointments to view. Once inside a property you can get a better feel for size and the condition of the property. It is recommended that you view more than one property so you can compare and make a decision on whether its right move for you and ticks all the correct boxes. Once you have decided on your preferred option we would recommend that you book a second viewing to make sure you are happy to make an offer.
5. Request the Home Report.
If you viewed the property and loved it, it’s time to request the Home Report from the seller or the agent acting on behalf of the seller. A Home Report (which is provided free of charge to the buyer) contains three elements: the single survey which assesses the condition of the property and informs you of the market value of the property; the energy report which gives the property an energy efficiency rating; and the property questionnaire which gives an overview of other useful information such as the property’s Council Tax band, energy suppliers and any alterations that have been made.
6. Note your interest/Placing an offer.
When you have decided that you are interested in a property you can do one of two things, or both.
• If you note interest in the property, it means that if anyone else notes interest or places an offer you need to be informed of this so you can act accordingly.
• Place an offer – An offer can be made either verbally by yourself (the buyer) or by your solicitor, or you can make your offer in writing via a solicitor.
• If the seller accepts your offer, their solicitor will send a qualified acceptance letter to the buyer's solicitor.
• Please note this is the best stage to agree/negotiate on possible entry dates and to also confirm if there are any special conditions included in your offer, or if your offer includes any items of furniture etc.
7. The conveyancing stage.
Once the offer has been accepted your appointed solicitor along with the seller’s solicitor will take care of all the complicated legal matters including land searches and signing of missives.
8. Complete your Mortgage Application.
Now you have had an offer accepted it’s time to let your Hemmings Homes financial specialist know to complete your mortgage application and to obtain a mortgage offer. Which basically means the lender has confirmed your loan. At this stage your financial consultant will offer advice on various insurance products such as life/critical illness cover, building & contents insurance, and any other products that they feel might benefit you.
9. Concluding Missives.
The solicitors must agree on the written negotiations of the sale - the 'missives'. This can only be done once a mortgage offer is received. When the missives are agreed, this is known as 'conclusion of missives'. Both parties are now legally bound to the sale/purchase. The seller's solicitor will also draw up the disposition (a document transferring legal ownership). The buyer's solicitor will draw up the Standard Security (the deed securing the loan). The buyer must sign this.
The full purchase price will be paid to the seller’s solicitor. Once the money is received, the seller’s solicitor will tell the estate agent to release the keys to the property. You are now a home owner, and the hard work begins!