Guide for Buyers
Before you start looking at property
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It is very easy to do some online research to find out what sort of property you are likely to be able to buy in an area that suits you. If you don’t know an area well, make sure that you visit it at different times of day, on different days of the week to give you a real taste of what it would be like to live there. Schools, transport or parking might be particularly important to you and it is worth spending some time on these things before you start actively looking.
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It is also a good idea to let us know if you have any “absolutely essential” requirements. Many of our buyers end up living in properties that don’t fit their initial requirements just because we showed them something and they “fell” for it but if there is a “must have”, please let us know. It is not helpful to see properties which are well beyond your budget – you are only going to be disappointed when you see the ones you can afford. So, if you need a mortgage it is a good idea to find out how much money you will able to borrow before you start looking. That, together with your deposit, will dictate which properties are within your price range and we will show you properties where we think the seller would consider an offer from you. |
Viewing properties
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Some sellers make their properties look very appealing and others will not be looking their best. It can be difficult to look past the superficial furnishings and presentation. If a property is unlived in, it might feel cold and unappealing now and a well loved, immaculately furnished home is immediately more attractive.
| We have keys to most of the properties so we can show you at a time to suit you but some sellers prefer to be there and we need to make an appointment with them. We will always come with you anyway.
Ideally, viewings should be conducted during daylight hours but that is not always possible during the winter. In which case you should come back for another look in daylight if you are thinking about making an offer. Do make notes when you are going round – it is easy to get properties confused if you are seeing a number at the same time. But please don’t take photographs without the owner’s permission. |
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Before you make an offer
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It is a good idea to have already chosen which solicitor you will be using to handle the purchase for you. They will explain the conveyancing process and give you an estimate of the costs involved. Having a solicitor ready to act means that you can act quickly and efficiently when you do get an offer accepted. We can recommend several local solicitors who know the area and the various departments at the local authority which can be helpful.
Ideally you will already have an offer of a mortgage agreed “in principal”. If you have not already arranged this we can put you in touch with an independent financial advisor who can provide unbiased advice on a wide range of mortgage products and is not tied in with one or more particular lender. Holbrook Property Finance can be contacted on 020 8334 6500 or info@holbrookpropertyfinance.co.uk
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When you make your offer you need to be sure that you have the funds available. We are obliged to give this information to the seller, together with your estimated time-scale for “exchange” (when you sign the contracts) and completion (when you pay for the property). The seller will need to have this information to help them make a decision about whether or not to accept your offer. If your offer is refused we are almost always able to tell you why your offer has been refused and it is up to you to decide whether to change the terms of your offer (e.g. price or timescale). There is often a great deal of going backwards and forwards at this point and at times it can be a very frustrating process. |
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If you really want the property, keep trying and we will respond to you as quickly as we can. Please remember it is not our decision and some sellers do not always respond as quickly as you would like.
Once you have had an offer accepted we will send a Memorandum of Sale to you, the sellers and both sets of solicitors which outlines the terms that have been agreed. Your solicitor will probably ask you for funds to pay for the local authority searches straight away so you need to be ready to transfer the money to them. If the seller has agreed to take the property off the market for a period of time you will need to show that you are committed to the process and your solicitor’s response is key to this. Unfortunately many buyers have lost properties because they, or their solicitor, did not act quickly enough.
What happens now?
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Your solicitor will make contact with the seller’s solicitor to confirm they have been instructed to act by you. The seller’s solicitor will send a draft contract pack to your solicitor who will apply for a local authority searches and prepare “preliminary enquiries” in response to the information they have been sent. Most of these enquiries are standard but there are often additional questions relating to any alterations to a property, guarantees that might exist and fixtures or fittings that may be left in the property. We ask all sellers to have this information ready it is not always easy to anticipate what information will be asked for. While this is going on, your lender will want to conduct a survey of the property. You will be asked to pay for this and if you have not already done so, you will also need to complete the rest of your mortgage application and provide the necessary documents (e.g. payslips, bank statements and ID). The quicker you supply this information, the quicker your mortgage application will be processed.
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Exchange of contracts. Completion. |
