To make an offer you need to contact the sales agent you have be liaising with. They will then take the offer to the seller and explain your personal circumstances such as your ability to proceed and whether you are in a chain free process.
Then the seller will either accept or reject the offer or negotiations will begin. Don’t worry if your first offer gets rejected as another higher offer can be made after.
The best idea is that if you know you will be requiring a mortgage when buying a property, start looking into it early so you have plenty of time to seek the best financial advice.
By doing this you can then get a mortgage certificate from the lender who you have provisionally arranged to provide the required mortgage funds. This then can be advantageous as you can demonstrate to the seller that you are a trusted buyer with the necessary funds available.
If you are a couple who is married then you can become joint tenants. This means you’ll both own the whole of the property jointly.
If you are friends then the best option is to hold the property as tenants in common. This means you have to come to an agreement in regards to who will own what proportion of the property or whether you will just split it equally. It is recommended that is decided along with the expert advice of a solicitor.
The difference between these is that, if one of the tenants was to pass away, as joint tenants the ownership will automatically pass to the other. However, as tenants in common, the remaining proportion will not pass to whoever is specified in the deceased’s will.
If you are arranging a mortgage, then your lender will appoint a Valuer to inspect the property. However, this will often not consider the condition of the property in detail, so you should not rely on this report alone.
Depending on the age and condition of the property, it might be best to get a full survey completed. Check out our dedicated page to learn more. The benefits of getting this done is that it spots potential problems before the exchange of contracts. Once this has happened the seller is then not liable and instead, you as the buyer would have to pay for the repairs.
Do remember that there are other costs associated with buying a house. Consider what the solicitors fees may be as these can vary quite widely. Also think about the mortgage costs as an arrangement fee will be includes based on the amount you borrow. And finally, don’t forget Stamp Duty which is tax paid on all property sales over £125,000.
The typical, straight forward transaction tends to vary between 8-12 weeks of the purchase being agreed. However, there are many factors that can affect this timeline. For example, you are likely to have a quick completion If the seller has already left the property and your mortgage is secured. But if the seller happens to still be in the property you are to expect a longer completion date.
Because of this variation we always suggest to never commit to delivery of goods or taking time off work until a definitive completion date is confirmed by the solicitor.
Dependant on what stage you are at, it is possible to pull out of the purchase. If you have not currently exchanged the contracts then either party are able to withdraw from the process. But once these contracts have been signed nobody is able to pull out. If this was to happen it would be a breach of the contract and would allow for the seller to keep your deposit.
If your surveyor discovers a problem with the property you are in the process of buying, you have a few options before you finalise exchanging contracts. If the issue is substantial enough it may cause you to pull out of the purchase, however if it’s something that can be fixed here are your options. Firstly, you can request that the seller corrects the problem at their own expense or alternatively you could request a price reduction that will cover the cost of resolving the problem.
Once both parties have signed the contracts then your solicitor and the seller’s solicitor will consult both parties and agree a completion date.
It’s slightly different if you require a mortgage as after the contracts are signed, the mortgage will be requested from the lender by your solicitor. The mortgage lender will then let your solicitor know when the funds will be released, and your solicitor and the seller’s solicitor will consult both parties and agree a completion date.
When selling a property, the seller is able to remove most items, including carpets and light fittings. To make sure it is clear what you are buying, a list of fixtures and fittings will be provided by the seller. On this it’ll explain which items are going to be removed or kept in line with the house price they’ve set. Make sure to give this a thorough read prior to signing the contract.
It is recommended that you should organise home and contents insurance just before you sign the contract, with a starting date that begins from the exchange of contracts.
Another insurance to look into is mortgage protection. Have a look at this once you have completed your mortgage application. This insurance protects your family so they are not left to meet your mortgage payments in the case of illness or death.
Your solicitor will perform searches of Land Registry and Local Authority information. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
