The first step is to get an agreement in principle, this is something we can do for you! This agreement in principle, also known as an AIP, helps you set your buying budget by showing the amount lenders are willing to give you.
Once you know your budget you can start your property search. At this stage you can look at your desired area, what you want from the property and find properties to suit you. Make sure to book viewings for properties you like to get the full feel of the property.
When you find a property, you like you can then put forward an offer. This should be based on how much you are willing to spend on the property. The estate agent should then contact you shortly after to let you know if your offer has been accepted or not.
If your offer has been accepted our mortgage advisers can put in your mortgage application, meaning we will inform the bank of the detail for your desired mortgage. We will find you the best lender for you and your needs. Throughout the application additional documents to prove your earnings and outgoings may be required.
The lender will complete a valuation on the property you are buying, this can either be physical, meaning they go to the property, or desktop, meaning it is completed online. The final valuation figure will be the amount the bank feels the property is worth and what their lending figures will be based on.
Once the lender is happy with your application they will produce a mortgage offer, confirming the final details of your mortgage. This document will normally be valid for up to 6 months from when the offer was produced.
If you have not already you will need to instruct your solicitors who can then begin the legal proceedings of the purchase. They will need you to complete a questionnaire regarding the purchase and will require both ID documents and proof of your deposit. This will also be the best time to complete a more in-depth survey of the house, if you choose to get one.
Your acting solicitor will create a legal report, consisting of the results of the solicitors' searches and enquiries. They simply outline all the legal conditions surrounding the purchase. The three main searches they will require are local authority, environmental and water and drainage.
Once you have accepted the legal findings, you will then exchange contracts. This is a swap of documentation, which makes the purchase legally binding. This means the sale is legally confirmed at the set purchase price, with neither party being able to withdraw without major monetary consequence.
The final stage of the purchase is completion. This is when all the funds have been transferred to the seller and the property is now your own. At this point you can pick up the keys and move into your new home.
