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Buying property tips: Buying process

The Buying Process Choice Homes have produced a simplified guide to buying your next property listed below. Firstly get an idea of the location you wish to move to and the type of property you want to buy. By doing this you can narrow down your search criteria and make you house hunting much more effective. View as many properties as you can and once you have found a property you would like to make an offer on contact the seller and your solicitor.

In addition your solicitor will deal with the legal side of buying a property so it is essential to find one who deals specifically in property law.

If a mortgage is required Choice Homes suggest you thoroughly research the range of mortgage options available to you either through an independent financial advisor or through your bank or building society. The mortgage lender will then ask for a valuation of the property to be carried out. For further information please refer to Choice Homes guide to mortgages.

Ask an independent advisor or your local bank or building society to suggest a suitable mortgage.
If you require a mortgage, the mortgage lender will ask you to carry out a valuation of the property.
The mortgage lender evaluates the property survey/valuation and agrees/declines to loan you the money.

Professional Advice
Buying a house is a legal minefield and it is best to find a solicitor who specialises in property law and administration. Obtain a solicitor before you make an offer, once an offer has been accepted your solicitor will deal with all the legal paperwork.

Your solicitor will contact the seller's solicitor to initiate contact negotiations.
Have a survey carried out and send the results to your solicitor.
The solicitor will now carry out a local authority search and find out if any alterations have been made. This is the time to negotiate on fixtures & fittings.
The solicitor finalises the contract details with the seller's solicitor, and confirms mortgage details with your lender.
Pay a deposit to your solicitor which is held until the exchange date.
The solicitor exchanges contracts with the seller's solicitor and sends over the deposit for the property. A date for completion is agreed.
The solicitor makes sure your mortgage funds are available for the completion date.
The solicitor prepares the transfer deed which is signed by you and the seller and lodged with the seller's solicitor until the completion date.
The mortgage lender transfers money to your solicitors account in time for the completion.
The solicitor transfers the money to the sellers solicitor on the completion date in return for the transfer deed, land registry certificate and house keys. The sale is complete.
The solicitor arranges for the transfer deed to be stamped, pays the stamp duty and sends the transfer deed to the land registry to record you as the new owner.
The solicitor passes the title deed to your mortgage lender as security for the loan.

Useful links
Selling your home
First time buyers
In-depth mortgage guide
Property news



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