Buying Guide

I've found the property I want to buy, what should I do now?

Check you have the finances to buy the property
You may need to arrange a mortgage, in which case check that you can borrow the amount you need. It is best to talk to your bank or building society about borrowing money or, even better, speak to an independent financial advisor who will have access to all of the various types of loan and lenders, and will give you independent advice on the matter. You may be using funds from the sale of another property, so you may need to seek advice from your existing mortgage provider or seek legal advice. If you have finances available in savings account, bank account or similar, make sure you are aware of any notice you may need to give to access or withdraw the money.

Submit your offer to purchase the property
The offer may be for the exact asking price, or higher or lower than it. The owner of the property may accept your offer, decline the offer, or come back to you with a counter offer. The agent will be able to assist you in the submitting of offers.

Offer accepted
Once the current owners of the property have accepted your offer to purchase the property, solicitors or conveyancers will be instructed to proceed with the sale of the property.

Arrange a survey
If you require a mortgage, the lender will ask to have a valuation done on the property. The mortgage company will usually arrange this with the estate agent. It is always advisable to have an independent survey done of the property you are purchasing, to highlight any major structural defects or potential problems with the property. There are several types of survey available, and a surveyor should be able to advise you which is most appropriate for your needs. We recommend that you use a surveyor who is an RICS member.

Exchange contracts
This is the point you commit to buying the property. At this time you will normally be required to pay a deposit, and the completion date will be agreed.

Completion
This is when the money is passed from you via your solicitor to the seller's solicitor and ownership of the property is transferred to you. Your solicitor will advise you on the day of completion when the sale has been completed, and should instruct you when and where to collect the keys to your new property. We have also compiled some useful moving tips.

How much will it cost me to move?
Moving home can be a costly process, so it is best to be prepared and understand the costs involved:

• Solicitors fees - if you are selling your own property you will have fees for the sale of this and fees for the purchase of your new property
• Estate agent fees if you are selling a property
• Removal van
• Property price, including deposit if required
• Connection fees for services/supplies at new property (they soon add up!)
• Stamp Duty