Buying Process

Whether this is your first home purchase or whether you are moving up or down the property ladder you will need to get the finances in order. Remember it is not just about saving for the deposit, you need to think about other costs such as solicitor’s fees, Land and Buildings Transaction Tax (LBTT) and removal costs.

It is advisable to talk to a mortgage broker as they can advise on the best mortgage and insurance options open to you. They will be able to assist you in getting a mortgage arranged in principle.

This will not only help with advising you on how much you can afford but will also put you a step ahead when you find the perfect property.

We can put you in touch with a local mortgage broker that we highly recommend.

Now you have started your search you should register your details on property portals such as Rightmove, Zoopla and S1 Homes as they will send you email alerts when new properties have come on in your area.

Register your details with New Door and we can advise you of the properties that we have on the market, but we can also match properties to your needs, some of which you might not have considered.

When viewing properties, remember that their décor may not be to your taste but this can be easily changed.

If you haven’t already done so, you should request a copy of the home report and instruct a solicitor. Read through the home report carefully as the report will not only give you the valuation of the property, it will also advise you on the property’s condition, highlighting any possible expensive problems that you may wish to consider before purchasing the property. For example, new roof, dampness or ongoing maintenance.

Any issues highlighted in relation to the property’s condition, construction type or changes to the structure of the property, may affect the lenders ability to offer a mortgage in its entirety or may even impose special conditions on the mortgage offer. If you have any questions regarding the home report just ask.

If you decide that this is the home for you then you should advise your solicitor to ‘Note Interest’ in the property. This means that if the property should go to a closing date or any further offers submitted your solicitor will be notified of these.

Either you or your solicitor can offer on the property you wish to purchase. If a closing date has been set then your solicitor will submit an offer prior to the specified day and time, this should be your full and final offer. Using a local solicitor as they may be able to assist you in relation to pricing and marketability of the local market.

Remember your lender will not lend over the home report valuation and if you bid over this amount you will be required to have the extra monies available.

The vendor will then decide which offer they wish to accept. It may be that the vendor does not accept the highest offer they may take your personal circumstances into account such as first time buyer, current property already sold or on the market, flexibility on moving dates or whether a mortgage is required or not.

Once your offer has been accepted your solicitor will then forward a principle offer to the estate agent who will then forward this to the vendor’s solicitor. This is the start of the conveyancing process and the legal work begins.

Unless you are a cash buyer this is the time to formally apply for a mortgage on the property with your financial advisor or lender.

Your lender will request a copy of the home report and a copy of the mortgage valuation from the surveyor.

This is the legal term for the transfer of ownership of a property from one party to another. It is at this stage that the solicitors will start negotiating the missives, which are the terms of the contract between the vendor and the purchaser.

Once the title examination has been completed, which includes satisfactory replies to searches and enquiries, the mortgage offer has been obtained and the missives negotiated to the satisfaction of both the purchaser and vendor, the missives will then be concluded.

You are now legally bound to complete the purchase of your new home.

Completion is the formal process of transferring the balance of monies due from the purchaser’s solicitor to the seller’s solicitor.

This process will be dependent on your circumstances and any other parties involved in the buying chain.

Once confirmation that the monies have been transferred and received, you will be able to collect the keys and you will be the legal owner of your new home.

Congratulations! You are now the proud owners of your lovely new home.

You will receive a welcome pack which will provide you with everything you need to know, from the location of gas and electricity meters, mains water stopcocks, local authority details, waste collection day etc.

Disclaimer: This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and New Door accept no liability if you rely on the content of this guide and do not obtain professional advice.