Buyers Guide

Step 01 Determine your budget

Buying a property is likely to be one of the largest transactions you ever make, so it is important that your calculations are correct from the start.

Before you begin your property search, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. Once a purchase has been agreed, you will have further meetings with a financial advisor to finalise your mortgage application. Take into consideration your income, any savings you wish to use and if appropriate, any cash you plan to use from the sale of your existing property (equity).

It is important to factor the essential services and taxes involved in buying property into your budget calculations. The most common include - stamp duty, conveyancing, searches, land registry and surveys.

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Step 02 Select the right mortgage

By deciding on a mortgage first you will give yourself the confidence and understanding of your budget that you require to put you in a strong negotiating position when you find a property you want.

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Step 03 Choosing your next home

Not sure what you are looking for? Ask yourself what you need, what you would like and what would be a bonus. Think about where you want to live and what you need from that area such as local amenities, transport links and schools. You may prefer new build properties with the convenience of no chains and low maintenance. Knowing in advance what you would be prepared to compromise on is difficult but by doing so often ensures that good homes are not missed.

Online search tools have made the process of finding property easier than ever, however you may not be aware that some of the best properties with desirable locations, price or size sell before they are listed on the larger property portals.

Register with City Fox either by calling into our Office at 190 Mile End Road, London, E1 4LJ or by telephoning us on 020 77915333, or complete our online registration form to receive new properties updates.

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Step 04 Viewing a property

Contact our office to arrange a mutually convenient time to view the property. We would always recommend taking a look at the property from outside before arranging a viewing.

After the viewing providing feedback to your estate agent will help them gain a stronger understanding of your wants and needs in order to find the best property for you.

Although we always look to be flexible to your schedule viewing diaries tend to get booked very quickly especially at evenings and weekends. Contact your estate agent a few days prior to your preferred viewing date and time to avoid disappointment

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Step 05 Making an offer

Congratulations - you've found a property you want to buy. The next step is to reach an agreement with the seller on the price. Think about this carefully. Give consideration to how the property compares with others you have seen, how well it meets your requirements, your budget, competition from other interested buyers, and consider what would happen if your offer is not accepted.

There is a common misconception that you should not pay the asking price but this depends on the property. There are many examples of property selling at or above the asking price where there has been interest from lots of buyers.

When your offer is accepted we will do the following:

  • Ask you to confirm your solicitor's and mortgage broker's details
  • Prepare the memorandum of sale
  • Write to the parties concerned confirming the agreed price
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Step 06 Arrange Conveyancing

Conveyancing is the process by which the legal transfer of property from one person to another is made. The buyer or their solicitor/ conveyancer examines the legal ocumentation for the property and raises questions in order to approve the contract of the sale.

After your offer has been accepted, you and the seller of the property will exchange details of your solicitors/ conveyancers who will then contact each other to start the process. They are there to advise and guide you through the process, explaining the paperwork and forms and making sure that your purchase is as it should be.

As part of the conveyancing process your Solicitor will do the following:

  • Raise  enquiries on receipt of the draft contract from the seller's solicitor
  • Request local searches
  • May raise enquiries on local searches
  • Liaise with mortgage lender
  • Agree on a date for exchange of contracts.
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Step 07 Arrange a Survey

There are three main types of survey.

If you require a mortgage then your bank will normally insist on Mortgage Valuation to establish that the property is good security for the loan.

A surveyor will conduct a survey on behalf of the mortgage lender and will advise on the property's value for mortgage purposes.

The surveyor will report to the mortgage lender, if the survey is approved by the lender a mortgage offer will be issued to your solicitor.

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Step 08 Finalise Mortgage & Insurance Requirements

You will receive a Mortgage Offer from your lender in which the final details of the loan you are receiving are stated. You and your solicitor/conveyancer should check this carefully. You may also be required to arrange life assurance to cover the loan and building insurance as you exchange contracts.

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Step 09 Exchange of Contracts

Exchange of contracts occurs when all of the enquiries have been answered, your mortgage offer has been issued, the contract has been signed by both parties, the deposit (usually 10% of the purchase price) has been paid and your solicitor is satisfied you are ready to proceed.

The completion date is also agreed at exchange of contracts and both parties are now legally committed to the transaction.

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Step 10 The day of completion

This is the day the balance of the monies are transferred via the banking system through both parties acting solicitors and the day on which you will get the keys to the property you have bought.

Congratulations!! You have now the new owner of the property.

The above is intended to serve as a guide and help you through the process. We do understand that buying a house, though exciting, can be daunting. If you would like to arrange a time to speak with one of the experienced estate agents at City Fox then please contact our office and we will be happy to get you started and find the right property for you.

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