- Obtaining Your Mortgage
- Making an Offer
- Obtaining a Survey
- Instructing a Solicitor
- Exchange of Contacts
At Oyster Properties we are confident we can help you find your ideal home. Buying a property is one of the most stressful things you may have to go through in your life which is why we pride ourselves on our duty of care to you, the purchaser. We have vast experience in finding people flats and houses in the North/North London area and will ‘hold your hand’ every single step of the way, making this as stress free as it possibly can be.
Register your details online or pop in and see us and we can search for your ideal home straight away.
Once you’ve found your ideal home we will guide you every single step of the way and answer any questions you may have.
OBTAINING YOUR MORTGAGE
Many buyers will have their mortgage arranged by the time they have offered on a property or have an AIP (agreement in principle) this can save you time and money. This means that once your offer has been accepted by the vendor we can get the buying process underway. If you do not have a mortgage arranged and your offer has been accepted then this is the time to do it.
We have very strong links with a number of Independent Financial Advisers and recommended Mortgage Brokers who will be happy to advise. Please contact either one of our offices for more information.
MAKING AN OFFER
Once you have offered on your property it will be submitted to the vendor in a timely manner. This will either be accepted/declined or negotiated. Once the offer has been agreed by both sides it becomes ‘subject to contract’. You still reserve the right to pull out of the purchase if any problems arise from the survey or for any other reason before exchange of contract.
OBTAINING A SURVEY
A survey needs to be paid for and instructed once you have an offer agreed and once you have an AIP. A qualified surveyor will have a look at your chosen property and compile a report. Copies of this will get sent to the mortgage company and your solicitor and it will highlight any potential problems.
INSTRUCTING A SOLICITOR
A solicitor is usually appointed at the time the offer has been agreed. Some purchasers will even instruct one whilst their property search is on-going. A solicitor will check all the legalities of the sale e.g. lease details, land registry etc, this is also referred to as conveyancing.
Once your sale has been agreed memorandum of sales letters then get sent to the purchaser, the seller and both of their solicitors.
Your solicitor will then apply for local authority searches which will inform you of any proposals which may affect your property. They will then advise you of anything that may be out of the ordinary. Your solicitor will also take a look at your mortgage offer and make sure you fully understand all of the implications.
The sellers’ solicitor will send the contract and the fixtures and fittings list to your solicitor who will in turn forward it on to you. You will then sign the contract and this will then, via your solicitor, be forwarded to the sellers’ solicitor. You should at this point have your funds available for the deposit, stamp duty and legal fees. Your solicitor will also arrange for you to sign the transfer and any mortgage deed.
Final searches and final accounts will be prepared by your solicitor and they will request any monies required from you. You are then ready to exchange contracts.
EXCHANGE OF CONTRACTS
At this point the transaction becomes legally binding on both parties and you will not be able to withdraw from the sale without incurring financial penalties. You will also be required to put down your agreed deposit in cleared funds and your legal costs should be in place, a completion date is usually agreed at this time. If you are involved in a chain (the agent should have advised you of this) you must all agree the same date for moving. This is not normally a weekend or a public holiday.
This is when the transaction is finalised – the day you actually move. It can generally take place between 7 to 28 days from the point of exchange, depending on the requirements of the chain and their respective conveyancers/solicitors. The remaining monies will be transferred at this time and your solicitor will arrange payment of stamp duty and register the purchase with land registry. The deeds will then be returned to your bank or building society for safe keeping.
Keys to the property will only be released once confirmation is given that the final transaction has taken place, this will always be by the sellers solicitor. The keys are usually available to pick up mid-afternoon, the agent will advise you of this.
Oyster Properties are also able to assist with removal arrangements and can recommend some local firms should you require it.