I would like to take this opportunity to welcome you to this guide for purchasing property in Medway. This guide will supply you with all of the relevant information as well as helpful hints and tips that you may require when purchasing your property.
The aim of this guide is to help you successfully navigate the tricky seas of the competitive property market in the UK.
1. The best place to start is to find out how much you can afford to spend on a home before you start looking for one.
This is the first step in the financing process.
Mortgage calculators are available online and can provide you with an estimate of how much money you will be able to borrow.
This is where the help of an independent mortgage broker would be handy, as they will be able to assess your affordability and find the best possible mortgage for you and your circumstances.
We have a partnership with a local firm in Reeds Financial and Keeran in our team is a broker – click here to book an appointment.
Remember that you will be required to pay a deposit that is at least equal to 10% of the value of the home, and that the larger the deposit you make, the better the mortgage offer you will be able to secure.
2. Begin your search for a home
Once you have determined what your budget is for your new home, you can begin your search.
You can look through the most common property websites which are Zoopla, Rightmove, On The Market. It would also be an idea to speak to a few local estate agents like us, or another way is to look at buying a property through auction.
We would say it is important to see as many properties as you can, and don’t be afraid to ask as many questions about the state of the property, its location, or any other concerns you may have about the property.
3. Making an offer
This is the stage that you would place your offer in to buy the house, it may be useful to get a survey done before putting your offer on a house forward.
The reason to do this is that the surveyor will potentially look into the house in more depth which will assist you in determining the true value of the property and ensuring that you are not paying more than what the property is worth. Depending on the type of survey they may highlight works which need to be done and you can use this knowledge in putting together an offer.
4. Beginning the legal procedure
When you have located the home that you wish to purchase, the next step is to begin the legal process otherwise known as conveyancing.
In this step, you will select a conveyancer or solicitor to perform the legal process on your behalf. A bit of advice from us is not to select the cheapest, or fixed fee solicitors and make sure you look at the reviews. We can provide you with a quote.
What they will do is investigate the property by doing searches, examine the title papers, raise enquiries for the seller and their solicitor to answer and they make the contract for you to sign before they hand it to you. The legal process can take many weeks, we would usually expect this process to take around 3 months. Just to let you know that you will be required to pay various expenditures, such as searches which solicitors will ask you to pay upfront along with stamp duty tax, in addition to paying legal fees.
5. Exchange of contracts
You will be able to exchange contracts once all of the legal work has been finished and you are happy with the property. At this point, both you and the seller are legally obligated to complete the sale of the property. Just prior to exchange, you will be required to provide a deposit.
This stage is usually agreed once the exchange of contracts has taken place. This is when the transaction has been finalised and you become the official owner of the property, the sale has been completed.
This often occurs a few days after the exchange of contracts, and at this point you'll be required to make the last payment towards the purchase price of the property. This usually includes the legal fees and stamp duty.
After the funds have been transferred to the seller's solicitor, the conveyancer/solicitor will give permission to the estate agent to hand over the keys to your new property. You may meet the agent at the property or at their office.
7. Moving in:
Congratulations! It is time to move into your new home.
From this point you will be responsible for making arrangements for the connection of any utilities, changing your address with any organisations that require it, as well as coordinating any necessary repairs or decorating. Another tip just prior to completion you will want to arrange your buildings and contents cover.
In conclusion, purchasing a home can be a challenging process; nevertheless, if one is equipped with adequate knowledge and assistance, the process can also be an exciting and gratifying experience. We will say that this could be a very stressful period but at the same time can be extremely exciting. Our aim is to help you with the process as much as possible.
This guide has given you an overview of the purchasing process; nevertheless, if you have any questions or concerns about the procedure, you shouldn't be afraid to seek the assistance of an expert, hopefully us. We will be happy to assist.