Once you have decided to buy your home, the home-buying process in England and Wales involves: The maximum price you can afford to spend on a home will be the combination of the amount you can borrow from a mortgage lender and the amount you can raise yourself.
You need to decide whether you want to borrow as much as you can, or buy a cheaper home and have more flexibility in your finances. It may be tempting to borrow as much as possible when initial cost is manageable, but remember that you could get into difficulties and lose your home if you cant keep up your repayments.
When you are deciding how much you can afford, don’t forget to take account of the costs involved in buying a home such as conveyancing, stamp duty, searches and surveys etc. Also don’t forget to take account of your normal living costs each month as these effect the mortgage repayments you can afford. Bear in mind once you are a home owner you will have to pay maintaining cost as well as paying Council Tax and other utilities bills.
The amount that lenders will be willing to lend you will vary. Many lenders now calculate how much they are willing to lend by taking into account your other financial commitments, as well as your income. Others may use a more traditional standard lending limit, such as four times of your income, the exact amount will depend on the lender.
It is important to know specifically what your requirements are and that you have set a realistic budget you can afford. This allows our experienced Sales Advisors to use your criteria to advise you on the most suitable properties for you.
Our Sales Advisors will need as much information as possible in order to be of more assistance, so it is recommended that you are as specific as possible about what you are looking for.
If you are new to the area and would like to have more information about local schools, transport and shops, our Sales Advisors will be happy to advise you accordingly throughout your property search, using their extensive knowledge of the area and its surroundings.
Once you have worked out your price range, the next step is to find a property. You will probably already have an idea which sort of property you want. But its easy to get carried away when you begin to look at the properties, so its useful to make a checklist of what you want.
It is a good idea to use your checklist to note how each property measures up to your list of preferences. You will probably have to compromise on some details – but if you have to make any major compromises, be certain you can live with it.
You may be particularly interested in looking at newly built properties, existing properties, or both. For new property, builders often advertise new developments through local newspapers or estate agents. If the development is large enough, there may be a “show home” and temporary office on site.
It is worthwhile visiting local estate agents in person to explain what you want and what you can afford. Agents will be able to give you details of any suitable properties they may currently have on offer. We at Dwelling Estates we will register your details and you will be assigned your personal Sales Advisor who will be sending you details of any other properties that came available on the market after you left, your Sales Advisor will arrange for you to visit any properties you are interested in, and will pass on any offer you make to the vendor.
We at Dwelling Estates are aware that securing a mortgage can be a time-consuming process. That is why we can arrange in-house Mortgage Advisors who can advise you on a wide range of mortgages and help you in finding the one that best suits you. They will also assist you in securing an Agreement in Principle, which can significantly speed up your mortgage application.
After you have identified a property you like, you will be ready to view it in person. This allows you to form a better opinion on how suitable it is for you.
Viewings are arranged through your Sales Advisor and will accompany you if you feel you may need further advice.
You don’t have to offer the asking price. You may want to look at what similar properties in the area have actually sold for and base your offer on this. You can take advice from our Sales Advisor who can guide you what other similar properties have sold for. An offer is sent to the vendor by us on your behalf, both verbally and in writing, and we then await a decision.
If your offer is accepted this will usually be subject to contract. This means that the price or the terms of the offer could change. This could be because your survey finds a fault with the property and you want to reduce your offer or because someone else is interested in the property and the vendor want to increase the price. Offers are not legally binding unless they are signed.
As part of the mortgage application process your lender will send a qualified valuer out to assess the value of the home. This is to make sure that the property is worth what you have offered.
You will normally have to pay for the valuation and you won’t get this money back if you decide not to proceed with the property or if the lender decides the property isn’t worth what you’ve offered. If the valuation is less than you have offered you may have to reduce your offer, increase the amount of the deposit you pay or withdraw from the sale.
If the valuation identifies a fault with the property the lender may not agree to the mortgage.
On top of the lender’s survey many people also get a more detailed survey carried out before purchasing a property.
Theses reports may find problems with the property and will give you an idea of what, if any, repairs are needed in the near future. If a lot of repairs are needed you may want to
Whether you get a homebuyer’s report or a full survey is up to you. A structural survey can be expensive but is much more detailed and will give you a much better idea of any problems in the property. A homebuyer’s report will detect any visible structural problems and give you a good idea of the general condition of the property.
At Dwelling Estates we have panel of conveyancing solicitors which we have been using for years and are trusted. Using our panel of solicitors allows us to keep everything in one place while being easier to monitor, which often helps simplify the transaction.
They offer a No Sale, No Fee service and our conveyancing panel are open extended hours, including Saturdays, so that they are always available to those with busy schedules and to those who require further help and advice.
Once your offer is accepted, you will need to instruct your chosen solicitor to proceed. At this stage you will also need to instruct your Mortgage Advisor to proceed with your mortgage application.
Both parties’ solicitors will then exchange. Your solicitor will make preliminary enquiries and will make a Land Registry search, which checks the title ownership of the property.
A search with the Local Authority will uncover any possible planning consent and any underlying local issues. This will be taken care of by your solicitor.
The vendor’s solicitors will need to clarify anything that arises from the searches.
Your contract will be approved by your solicitor once they are satisfied with the results from the searches, survey and preliminary enquiries.
Your solicitor will send you your mortgage agreement, which you will need to sign and return to them. The mortgage will then be in place and the contracts will be ready to exchange.
A Your deposit will be paid to your solicitor via a banker’s draft as soon as both contracts are exchanged and signed by both parties.
This makes the transaction legally binding and allows you to set completion dates.
The completion date agreed by both parties is the day you are able to move into your new home.
Your solicitor will transfer all outstanding payment balances to the seller’s solicitor.
You will then receive confirmation of completion from your solicitor and they will inform you that your new home is ready to move in to.
You are now relief from all the hard work and you can celebrate with your friends and family in your new home.