Rooftops Buying Guide
It is always advisable to arrange your finances and, if required, have a mortgage agreed in principle before you start your search for a property. This will confirm how much money you will have to fund the purchase and give you an idea of the price range you are looking for.
Finding the right property
Once you have an idea of your price range, you should register your interest with an agent. We have offices throughout the area and can start searching immediately for the type of property you require. It is usually best to sit down with an advisor and go through the specifics you are looking for.
This in turn leads to viewing the right properties, getting the right answers to any questions asked, and maximizing the time you have to look for a property.
When you find the right property for you the next step is to put in an offer to the seller, via the agent. This should be done both verbally and in writing and you should state any special conditions when doing this. The agent may ask you to demonstrate that you are able to proceed with evidence of a mortgage agreement or otherwise.
If your offer is accepted Rooftops carry out the following for you:
- Prepare a memorandum of sale
- Write to all parties to confirm the agreed price
- Ask you to confirm your solicitor's and mortgage broker's details
You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage broker to proceed with your application.
Hire a solicitor or conveyancer
Once you have agreed an offer on your house, you need to get a solicitor or conveyancer to handle the legal work to transfer ownership of the property to you.
The solicitor or conveyancer will do the searches, such as with the local authority and Environment Agency, to ensure there are not any major problems with the property.
As part of the conveyancing process your solicitor will do the following:
- Raise any enquiries on receipt of the draft contract from the seller's solicitor
- Request their own local searches
- Agree on a date for exchange of contracts
We will assist your solicitor and negotiate throughout the process, keeping you informed every step of the way.
Survey / Offer
Decide if you want a survey
Your mortgage lender will require a valuation by a surveyor, to ensure that the property is a good enough to lend against. This is not a proper survey, and will only look very superficially at the property.
You can usually either get the valuation upgraded to a full survey, or you can commission a separate survey. This should tell you everything you need to know about the property, and alert you to any potential problems you will face once you move in. Unless you are very experienced with property, it is usually worth getting this done.
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property's value.
After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned.
There are no legal obligations until contracts are signed.
When you exchange contracts with the seller you become legally committed to buying the property and they are legally committed to selling it to you.
If you pull out after this without due reason, your 10% deposit can be forfeit.
You should only exchange contracts after you have received the surveyors report, and any necessary action has been taken.
Before you exchange contracts, you need to agree a completion date with the seller, about four weeks after the exchange.
You can only exchange contracts after the solicitor/conveyancer is satisfied with the searches, a formal mortgage offer has been received, and arrangements made for the 10% deposit.
You need to ensure that you have buildings insurance for the property from the date of exchange, as you are responsible for it from then on.
Exchange of contracts occurs when all enquiries have been confirmed and agreed.
Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker's draft from your solicitor to the seller's solicitor.
The completion date is then set by mutual agreement.
Complete The Sale
Completion is when you pay for the property and take ownership of it, and takes place at a certain time of day - often midday.
On the day of completion, the money is transferred and the deeds of the property are transferred, between each side's conveyancer.