Buying a Property Through Shepherds
Things to do Prior to Viewing
Before you head out searching for a new home there are a few things you can do to make the process easier. We advise you take advantage of our free market appraisal service if you are selling; one of our experts will visit your property to give you a guide on how much your property could be worth.
Once you have an idea on the value of your home, the next step is to speak to a mortgage advisor to establish how much you could borrow. If you don’t need to sell a property head straight over to your financial advisor. Ask your advisor to arrange for an Application in Principal (AIP or DIP) and keep this handy for the negotiation stage.
The Buying Experience with Shepherds
Those often ask, “should I sell or find first?”
The truth is, there is no right or wrong way around. Our experience tells us it depends on your circumstances, we recommend getting your property onto the market before you find. Once sold, you are in the best position to secure a purchase.
Worried about not finding?
If you are worried about not finding, then honesty is the best policy. Advise your agent to keep the buyer updated and most of the time they will wait. In the event they can’t its highly likely you will find another buyer and keeping your options open will maximise this possibility.
Want to find first?
Should you wish to find first, it is advisable to have your property prepped and photographed ready to make available. This will reduce the time it takes to bring your property to the market and can heighten your chances of securing your chosen property.
The Viewing Stage
1 You’re ready to start viewing
With your property under offer and armed with your AIP, you will be ready to start viewing. Worth noting, not everything is what it seems online so we would advise viewing as many properties that fall within your wish list. You may just find your ideal home in the least expected location.
2 Just viewed a home or investment?
Just viewed your dream home or spotted a perfect investment opportunity? Then begin negotiating. Don’t be afraid to suggest an offer but be mindful, if you really want something you’re better off securing it before somebody else does.
3 Want to find first?
Asents must adhered to Anti-Money laundering regulations and will need to take copies of your photo ID, proof of address and proof of funds. To find out more about AMLR please visit www.gov.uk
After Agreeing the Purchase
Once your offer has been accepted and you have complied with anti-money laundering regulations you can initiate the purchase process.
Firstly…
You should complete your mortgage application, your broker will go into further detail about your finances and payment will be needed for your chosen mortgage product. This part is vital as it shows financial commitment from you. A mortgage valuation will follow, further enhancing your commitment to the purchase. You may also be asked to pay for a personal structural survey at this point.
Buying cash?
It’s advisable you have a survey arranged at this point, once again showing your commitment to buy but also offering you peace of mind over the condition of property.
Next…
You need to appoint a solicitor / conveyancer to deal with the legal process of the purchase. They will, Send out draft contracts (for selling), apply for searches, check over the contract, check for defects on the title register, respond (for selling) and raise enquiries, liaise with your lender, handle deposit money, execute the legal exchange of contracts and process the completion.
Sale Progression
By now you should have a mortgage offer and the solicitors will be dealing with the paperwork. However it’s vital to keep in contact with your estate agent and solicitor to ensure the process doesn’t have unnecessary delays. Remember the solicitor is appointed by you and should be happy to take your calls or emails for updates.
1 Checking Over Everything
Once the solicitor has checked over everything (this will take a number of weeks) they will arrange for you to visit their office to go through the contracts. Following this visit, your solicitor will need you to transfer the deposit money, sign the contract and agree on a completion date. Without any of these you will not be able to offer an exchange of contracts.
2 The Exchange
The exchange will only happen when everybody in your chain is ready. Once you have exchanged contracts your purchase is now legally binding and it’s time to start packing.
3 The Completion
Completion, for the majority of property transactions is the day you collect keys and move into your new home. Normally the keys are left with the agent who sold you the property and takes place around 12pm. It is a good idea to think about the logistics of moving / removal firms at this point, especially if the date falls around holiday times. Please remember keys will not be released unless the solicitors have confirmed money has been received.
And that’s it, all very simple in theory, but there are many variables that can change the course of a property transaction and patience is crucial.
