Property Buying Process


1. Choosing the right mortgage

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.

2. Registering your details with Lexingtons

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 buy

Before 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.

4. Viewings

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.

5. Making an offer

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.

Lexingtons Estate Agents6. Instructing the solicitor

Once 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.

7. Organising a survey

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.

8. Exchanging contracts

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.

9. Final step, completion of contracts

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.

Completion of Contracts

Call us on 0207 435 7775 or Click here to contact us.

Latest News

Belsize Park News - June/July 16

12/07/16

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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.

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Property Buying Process

If you've not moved before or just want to check on the procedure, have a look at our guide.

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