The Buying Process

FIND OUT HOW MUCH YOU CAN BORROW
Speak to a Financial Adviser to establish how much you can borrow. Also look into the different types of mortgage and what is best for you.

START SEARCHING FOR A PROPERTY
Visit estate agents for property details. You can also register your requirements with agents and be put on their mailing lists. They should then send out details of relevant properties to you. You can also search for properties in the local property press.

ARRANGE VIEWINGS
When you find a property that you are interested in, contact the estate agent to arrange a viewing. Either the estate agent or the seller will show you around the property.

MAKE AN OFFER
When you find the property you want, make an offer to the estate agent. If your offer is rejected you can revise it and make another one. Your offer will be put in writing and sent to the seller.

OFFER ACCEPTED
Agree on any fixtures and fittings to be included in the sale. This normally covers curtains and carpets. It may also include anything else in the property which the seller wishes to leave or which the buyer expects to be included.

INSTRUCT YOUR CONVEYANCER
If both parties are ready to proceed with the sale and purchase, you should now appoint your conveyancer . Ensure you are clear what the fees are and when these are payable. You will normally be asked to pay a fee upfront for the searches.

SALE AGREED
Once the estate agent has confirmation of both parties' conveyancer's details, they can confirm that the Sale is Agreed, Subject to Contract. You will receive a Memorandum of Sale to confirm this. At this stage you are not legally bound - both the buyer and seller can withdraw from the sale/purchase without any penalty.

APPLY FOR YOUR MORTGAGE
Complete your mortgage application form, with the help of a Financial Adviser. At this stage you should also apply for any protection plans you will need to cover your mortgage eg. life assurance, income protection etc.

DRAFT CONTRACTS ARE PREPARED
The seller's conveyancer will obtain the title deeds from the seller and will then draft a contract and send it to the buyer's conveyancer.

CONFIRM MORTGAGE OFFER
You should receive your mortgage offer about now, together with the terms and conditions of your mortgage. You need this before you can exchange contracts.

SIGNING OF CONTRACTS
Both the buyer and seller must sign the contract before exchange. Your conveyancer will advise you when to do this.

AGREE DATES FOR MOVING
Conveyancers for both parties will agree a date for exchange of contracts and Completion (moving day). At this stage, it is an idea to obtain quotes from removal companies and provisionally book a date.

EXCHANGE OF CONTRACTS
Once the contracts are signed, the buyer's deposit (normally 5 - 10% of the property price) is sent to the seller's conveyancer, along with the signed contract. This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale/purchase and cannot withdraw without suffering a loss.

ORGANISE REMOVALS
You should now confirm your removal firm booking.

COMPLETION
The buyer's conveyancer pays the balance of the purchase price, electronically, to the seller's conveyancer. This is known as COMPLETION. Once the money is received by the seller's conveyancer, they will inform the estate agent that the keys to the property can be released. The buyer can now move in.