Choosing the right mortgage may be a time consuming process and therefore it is advisable, where possible; to get a mortgage agreed in principle before any property search can commence. Should you require assistance in finding an independent mortgage broker for free mortgage advice, appropriate details can be obtained by clicking here.
There are number of ways to register your details including: direct email, over the telephone, in person (visiting our office) or through online portals. It is important to include as much information as possible, so that we can understand what sort of property you are looking for. For immediate assistance, you can call Lexingtons on 020 7435 7775 or register with us, here.
3. Finding the right property to buyBefore searching for a property, Lexingtons will provide you with free and independent advice to assist you in finding the right property that meets your search criteria. Our advice will take into consideration: your budget, the price differences in various locations, the different types of properties available and the prevailing market conditions.
Viewings are usually accompanied by a member of Lexingtons and can be arranged at a mutually convenient time. Our knowledgeable staff will be on hand to answer any questions and advise where necessary.
When you have found a suitable property and are considering making an offer, we will be able to guide you through the sale process from offer to completion.
Please note that all offers are “subject to contract” and therefore neither party is legally bound until the sale contract is actually signed.
6. Instructing the solicitorOnce the offer has been accepted and agreed by the vendor, you will be required to instruct a solicitor, who will handle all legalities on your behalf. These will include: local authority searches, land registry searches, enquiries from any managing agents, liaising with your mortgage company and looking through any title deeds, as well as any other legal formalities.
If you require a mortgage from a bank or a building society, the lender will usually insist that a survey is carried out on the premises to make sure that the property is worth the price you are paying for it and that there are no defects or problems with the property, before the lending company approves your mortgage or loan. After the survey has been completed, assuming that there are no problems, your bank or building society will write to your solicitor with a formal mortgage or loan offer.
Only when your solicitor is satisfied with the answers received to any questions raised from the seller’s solicitor, together with the results from all the various searches (as per clause 6 above) and only after receiving a formal mortgage offer from your bank or building society, you will be able to exchange contracts for the purchase of the property that you are buying. At this stage you are usually required to pay 10% of the purchase price to your solicitor.
At the time of exchange of contracts, both your solicitor and the vendor’s solicitor will agree a time to complete the sale. This is usually 28 days after exchange of contracts and it allows the vendor to make arrangements to relocate. On completion you are required to pay the balance of the agreed purchase price plus any solicitor’s fees and taxes (stamp duty) that maybe applicable.
Call us on 0207 435 7775 or Click here to contact us.
Lexingtons have a thorough understanding of the local market and we focus wholly on Belsize Park, Hampstead, Swiss Cottage, Primrose Hill, South Hampstead, West Hampstead, Golders Green, St Johns Wood and surrounding areas.
Click below to see some recent testimonials.
If you've not moved before or just want to check on the procedure, have a look at our guide.
