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Buying a house is likely to be the biggest investment you will ever make so, naturally, it is important that things run smoothly.
So, you have found the house you want and you have made an offer - what should you do next?
Talk to the BBH team about our 'stress-free' conveyancing service designed to take the worry out of house buying.
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Preliminaries |
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When you have decided on the house you want to buy and your verbal offer has been accepted, this is the time to talk to us. At this stage do not write to the sellers or their agents and do not pay them any money or you may be commiting yourself to buying before you are ready.
Once you have instructed us, the BBH team will set to work on your behalf.
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Contract |
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We will contact the sellers solicitor to obtain the contract papers, liase with them and sort out any queries that may arise.
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Enquiries |
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We will raise a number of enquiries on the property:
The seller will provide us with a list of the items included in the sale (e.g. carpets, curtains, garden shed, etc) which will be checked with you and can then be included in the contract.
We will also establish that no-one else is living in the house other than the sellers. If there are, we will ask the sellers's solicitor to confirm that they will move out upon completion of the purchase.
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Searches |
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All the necessary searches will be carried out, including Local Authority searches and local planning checks relating to the property.
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Survey |
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As part of your mortgage application a Valuation Survey will be carried out. Because the information obtained from this is limited and as the sellers are not obliged to point out any defects, we recommend that a more detailed survey of the property is undertaken. If required, the BBH team will appoint a surveyor to do this, review the report you receive and advise you on what action needs to be taken.
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Repairs |
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If the property is in need of repair then you may be required to undertake this as a condition of your mortgage offer. You could be asked to carry out the repairs within a specified time after receiving your mortgage advance or the building society may hold either part or the entire advance until the work is carried out to their satisfaction. If necessary the BBH team will negotiate a possible reduction in the purchase price to reflect the cost of the work and access needed to the property for repairs to be done.
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Mortgage Problems |
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Although your mortgage application will be dealt with as swiftly as possible, delays can sometimes be experienced. However the BBH team will assist with any queries that may arise.
Once the preliminary stages are complete - searches and surveys carried out, mortgage offer confirmed, negotiations completed and approved contracts drawn up - contracts can be exchanged.
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Exchange Contracts |
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Both you and the seller will have been sent copies of the contract. Once these have been signed, contracts will be exchanged with the seller's solicitor along with a deposit for the house you are buying (usually 10% of the purchase price).
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Deposit |
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If you are selling one house and buying another we can usually use the sale deposit of one house for the purchase deposit the other. Obviously, if you are trading up you may need to provide more money or get the seller to agree a deposit. If you are a first time buyer you may need to borrow to cover the deposit.
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Completion Date |
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When contracts are exchanged, the completion date is also agreed. This is the day when the balance of the purchase money is paid and the house becomes yours. Completion is generally 4 weeks after the exchange of contracts but this can be changed if all parties agree. It is also possible that you will become involved in a 'chain' where the sellers cannot move until the house they are buying is vacated. In this case the BBH team will do it's best to help speed things up, although sometimes delays are out of our control.
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Insurance |
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You will be required to insure your new property. Unless this insurance has been arranged by your lender you must make certain that a policy is in place by the time contracts are exchanged.
Between the exchange of contracts and completion day the BBH team will finalise all the paperwork, mortgage deeds, etc. If any documents are sent to you be sure to sign and return them promptly to help the process go smoothly. You should also use this time to make arrangements for the transfer of utilities (gas, electricity, water and telephone).
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