Buying a property can seem like navigating a maze blindfolded but fear not! We’re here to make this journey as smooth (and perhaps a little more entertaining) as possible. Here’s a step-by-step guide to help you through the process:
1. Choosing the Right Mortgage
Before you start picturing yourself lounging in your new home, let’s tackle the financial hurdle first. Getting a mortgage agreed in principle can save you time and energy, making your property search much smoother. Think of it as the golden ticket that lets you into property wonderland! If you need some expert guidance, our independent mortgage brokers are just a click away – here.
2. Registering Your Details with Lexingtons
Now that you’ve got your finances in order, it’s time to tell us what you’re looking for! You can register your details via email, over the phone, in person at our office, or through our online portal. More information means we can better assist you. Call us at 020 7435 7775 or register here. Let’s make sure we find that perfect nest for you!
3. Finding the Right Property to Buy
With your wishlist in hand, we’ll provide you with free and independent advice to help locate the ideal property that matches your criteria. We’ll consider your budget, location preferences, property types, and the ever-changing market conditions. It’s like property matchmaking- swipe right on your dream home.
4. Viewings
Time to step into reality! Our knowledgeable team will accompany you on viewings, ensuring you get to see the properties that tickle your fancy. We’ll be there to answer questions and share insights.
5. Making an Offer
Found the perfect property? Fantastic! We’ll be with you every step of the way as you make your offer. Just keep in mind that all offers are “subject to contract,” meaning the sale isn’t legally binding until the solicitors have signed the final agreement.
6. Instructing the Solicitor
Once your offer is accepted it’s time to bring in the legal eagle. Your solicitor will handle all the nitty-gritty legal details, including local authority searches and liaising with your mortgage company.
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. Once the survey is complete and everything checks out, your lender will send a formal mortgage offer to your solicitor. The adventure continues!
8. Exchanging Contracts
Once your solicitor has received satisfactory answers to their inquiries and a formal mortgage offer, it’s time to exchange contracts! This is when you’ll typically pay a 10% deposit and agree a date to complete the sale.
9. Final Step: Completion of Contracts
The typical completion date is often 28 days after the exchange date. This gives the seller time to pack their bags and you time to plan your new life (perhaps a housewarming party!). On completion day, you’ll settle the remaining purchase price, solicitor fees, and any stamp duty. Voilà, you’re officially a property owner!
Each step brings you closer to your new home sweet home.
If you have any questions or need assistance, don’t hesitate to reach out.
Happy house hunting!
