Buyer's Guide
Buying a property can be a nerve wracking time. To try and help simplify the process, we have compiled this step by step guide.
STEP 1 – Establish your budget
If you have a property to sell, the first thing you need to do when considering moving is to find out the value of your current property. Please click Request a valuation at the bottom of this page to arrange a free valuation.
STEP 2 – Budget planning
The next step (or first step if you have nothing to sell) is to find out how much you are able to borrow, and how much it will cost each month. This calculation provides a guide to monthly payments and does not guarantee eligibility for a mortgage. Please contact us for a personalised Key Facts Illustration. This will help you to know exactly the price range that you should be looking in. It is vitally important that you do this before you start looking at properties, as if you don’t you may be falling in love with dreams which you cannot afford, or worse still, you may be disheartened by looking at properties which do not fulfil your needs when you may be able to afford more than you think.
You can find out how much you can borrow by speaking to an Elephant & Castle Mortgage Solutions advisor in confidence. To arrange an appointment please phone us on 02476 697 699 or click the request a mortgage appointment button at the bottom of this page. Ask your mortgage broker for a mortgage certificate, which you can use to show agents that you are serious.
STEP 3 – Finding the right areas
Once you know your budget, speak to friends, family members and estate agents about what areas you may be able to find suitable properties in. Once you have an idea of this, have a drive around the areas and see if you like them. Pick your favourite areas and find out about the local schools, transport links and other local amenities which maybe important to you.
STEP 4 – Registering with estate agents
Phone, or visit estate agents and let them know your requirements, budget and areas you are interested in. You may think that the estate agent is asking a lot of questions, this is to help them to help you better. The more information you give to an estate agent, the more they will be able to assist you in your search. Remember, as a buyer, you don’t have to pay an estate agent for their advice and help. They want to help you for FREE, so the more you help them, the more they can help you.
STEP 5 – Collecting details
Once you have registered with an estate agent, they will keep you up to date with new instructions which may be of interest to you. Look at the details, visit the agent’s website and look at the information available online. All of the properties on our website include details of local schools etc. Decide on which properties you would like to view.
STEP 6 – Viewing properties
When you have decided to view some properties, let the agents know that you would like to view. It is always helpful to have a selection of days and times when you are available. Ask if the agent will be accompanying the viewings.
When you view the property, look at things like the space available, the location, size of garden etc. and make a list of “For and Against” for each home. It is highly unlikely that you will ever find a property which ticks every single box, so you may have to decide on things you are prepared to compromise on.
STEP 7 – Making an offer
Once you have found a property that you are interested in, it is time to make an offer. Look at your list of “For and Against” and decide on the maximum you are prepared to pay. Remember almost everything is negotiable, so don’t be put off making an offer. But do bear in mind, if you start too low, and don’t have a valid reason, you risk offending the owners and they may increase their minimum acceptable level for you. The estate agent will be able to advise you if they think your offer is too low.
Again, the estate agent will need to take a lot of information about you and your financial situation. This is not to be nosey, but is to help build a stronger case to put to the owners. The more you are able to tell the agents, the more likely you are to get an offer accepted. Showing the agent your Mortgage Certificate will also help. If you do not have a mortgage certificate, one of our Elephant & Castle Mortgage Solutions advisors may be able to arrange one for you.
STEP 8 – Legal work
Once an offer has been accepted, you will need to arrange for a solicitor or licensed conveyancer to carry out the legal work for you. Elephant & Castle Estate Agents can arrange a quotation for you by visiting our conveyancing page.
Do bear in mind when choosing a conveyancer; solicitors who do more than just property work are more likely to be out of the office on other cases when you need to speak to them.
STEP 9 – Exchange of contracts
Once you exchange contracts, you are then legally obliged to complete the transaction. Neither you nor the seller can pull out after this step. Usually you will have paid a deposit (around 10% of the total purchase price) and agreed a completion date.
STEP 10 – Completion
This is when you can collect the keys to your new home and move in. Usually this happens just after lunchtime, but can happen at any time of day. The estate agent will ring you as soon as they get a call from the seller’s solicitor to say that the funds have been received and they can release the keys.
Congratulations on buying your new home.
