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6th September 2016
Buying a property can be a daunting experience. This guide will help you through the process, from offer to completion. Confused by the jargon? Check out our ‘jargon buster’ guide.
Be wary of using the cheapest solicitor that you can find…often there is a reason that they are so cheap and this can add to frustrations and delays further down the line. Ask us for advice on solicitors, we can suggest a variety of solicitors to suit your needs, and your budget!
The sale can now begin. Your solicitor will not be able to start working on your behalf until you formally instruct them, provide them with ID, sign their terms of business and pay some money up front. You will need to pay for searches, which is an important step in the buying process – these should be around £300 - £400.
You will need to meet with your mortgage advisor or bank to start the financial process. Should you wish to meet with our own independent mortgage consultant this can be arranged. The service is free and Graham Griffin is able to access the whole of the market, potentially saving you a lot of money.
Your chosen mortgage provider will organise a mortgage valuation of the property, this is to ensure the property compares with the amount of loan you have requested and the price you have agreed to pay. They will contact us directly to organise this.
You can also request a more in-depth survey of the property, which you can either organise through your lender or with an independent surveyor, please ask us for any suggestions. At this point, you need to ensure your deposit is accessible and you are aware of any time limits on the release of funds.
If it’s coming as a gift, you will need to obtain a letter to confirm this from the source of the gift.
This can vary greatly, depending on the number of parties in the chain and the positions of the buyers and sellers in that chain. Generally, with a fairly straight forward sale, it can be completed in around 12 weeks.
None of these timings can be guaranteed and will depend entirely on the circumstances of all involved. We will update you weekly on this process and you will always be able to contact us should you have any questions. Start to do some research into removal companies, check out available dates and costs. Towards the end of the buying process, you will make a provisional date for moving in and firm this up once you have exchanged.
If you would like to re-visit your new home for measuring up or to show excited family members, we can arrange the viewing for you. Generally, buyers will want to visit once or twice during the process.
Who insures the property between exchange and completion
The buyer will almost certainly be responsible for the buildings insurance for the period between exchange and completion. You should make sure that the contracts state who has to arrange this.
Once all of the searches have been completed, the legal enquiries have been satisfied and you are happy there are no works planned or existing issues that could affect the property, you will be in a position to exchange contracts.
You will need to make sure that your deposit it transferred, so talk to your solicitor to make arrangements for this. Your solicitor will check how long your mortgage company needs to transfer the mortgage funds, this will determine the length of time between exchange of contracts and completion.
If the sellers are going in or out of a rented property, usually an overlap of about 2 weeks is enough time. If you are leaving rented accommodation, it is strongly recommended that you do not give notice until you have exchanged contracts.
Once you exchange contracts on the sale or purchase, it is legally binding. Don’t worry though, you will be fully informed of the impending exchange and will have time to work out the best dates, we will speak with everyone involved to make sure that we all agree on a completion date. We will go over the planned completion day before the actual moving day and be in regular contact on the day.
The day has arrived! You are ready to move into your new home.
We will contact you as soon as we know that the money has been transferred (this is usually around lunchtime) and the solicitor has called us to let us know that we can hand over the keys. You can make your way to our office, where we can hand them over to you.