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How Much Can I Borrow?
If you do need a mortgage, then there will be
affordability criteria which will determine how much you can borrow. This is based on your household income, your debts and your outgoings as well as your credit rating. For an estimated guide on what you can borrow, try using an online mortgage calculator.
When I Have Found A Property, What Do I Do?
When you have found “the one”, place your offer with the relevant agent and provide all your information including how you are going to buy the property. If your offer is accepted, you’ll need to instruct your solicitor to take care of the legalities involved with buying that property. If you have not yet appointed a conveyancer the estate agent might provide multiple quotes of local solicitors to give you some options. You could opt to go with someone local to your area, but you aren’t limited to staying local. The work carried out by solicitors can be conducted from anywhere.
What Can I Do To Speed Things Up?
Buying a new home can be a protracted exercise, but there are things you can do to help speed the process along. Make sure you and your solicitor are prompt with your communications. Having your finances and legal documentation sorted as you hunt for a new home will certainly help.
What Surveys/Searches Do I Need?
This will depend on the type of property you are buying, the condition and age and the location.
Your conveyancer/solicitor will be able to advise you but as a minimum you should consider a basic valuation or a more indepth report if the property condition requires a Local Authority Search, Environmental Search and Water and Drainage Search. If the property you are buying is a new build, then consider utilising the services of a snagging company.
What Are Exchange & Completion And When Do They Happen?
Exchange and completion can happen simultaneously, or with a gap in between. This will be determined by your own timeline.
Exchange is where you exchange contracts and pay the deposit. At this point you are legally obligated to buy the property or forfeit your deposit if you decide to pull out. Completion is where the transaction is completed, all moneys are transferred, the solicitors and estate agents are paid and the property is officially yours. The seller’s estate agent will be given authorisation to release the keys to you and you can move in and enjoy your new home.
To see our Home Buyer Guide in full, please visit our website lovelle.co.uk
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