Before you begin the search for your ideal property it is recommended that you get your finances in order. FSL can recommend leading mortgage advisors in the area who can search the Whole of Market of available mortgages to find the best deal for you. This will determine how much you can afford which will influence your property search.
Buying a property can be a stressful process, however FSL are here to help you through the process with our simple step by step guide.
1. ARRANGE YOUR MORTGAGE
2. DEFINE YOUR PROPERTY CRITERIA
Decide what you are looking for in a property – whether you need parking and a garden, how many bedrooms you need, if it’s a flat, whether you want it to be freehold or leasehold – and pick an area on which to focus your search. Consider what you want out of the location – are local schools, transport links and shops important to you?
3. REGISTER YOUR INTEREST
Register your interest with FSL. Once we have a clear understanding of your requirements we will provide a shortlist of suitable properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available.
4. VIEW SUITABLE PROPERTIES
The most important part of the house hunting process is a property viewing. You are unlikely to find the home you want straight away, so don’t despair and don’t be tempted into edging over your budget. This is probably going to be your biggest financial outlay, so it is worth waiting until you find the right place. Once you have viewed a property, if you believe the property has potential, arrange for a second viewing to see how it feels the second time around.
5. MAKE AN OFFER
Once you have identified a suitable property we will put forward your offer to the vendor (seller) both verbally and in writing. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle and proof of funds for the deposit).
Note that there are no legal obligations on either side at this stage until contracts are signed.
6. INSTRUCT A SOLICITOR
The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor. It is a good idea to use a solicitor who specialises in conveyancing.
FSL have a selection of tried and tested solicitors that are experts in conveyancing who operate at competitive rates and who we would be happy to recommend.
7. ACCEPTANCE OF YOUR OFFER
Once your offer is accepted we will prepare a Memorandum of Sale which is sent to all parties including your solicitor and the vendors solicitor confirming the agreed price and any special conditions.
You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage advisor to proceed with your mortgage application.
8. MORTGAGE SURVEY
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property’s value.
9. EXCHANGE OF CONTRACTS
After your solicitor or conveyancer has completed all the necessary checks you’ll be asked to sign a contract legally committing you to the purchase. At this point you will need to pay a deposit for the property. At this point you will usually agree a date to complete the sale.
This is when the property finally becomes yours. When your solicitor tells you that the sale is completed we will arrange for you to pick up the keys. Finally you can move in.