So you’ve found your dream house! This is only the beginning of a long and sometimes stressful journey into home ownership. This week we talk about what happens when your offer has been accepted your mortgage agreed via The Finance Roome and you have decided on a conveyancing solicitor.
We will start the ball rolling by lodging your mortgage application. This might involve a visit to our offices at the airport here in Gloucestershire, or might be done wholly over the phone. Your Solicitor too will make contact with the legal team who are acting for the owner (vendor) of the property you are hoping to buy with a request for all the paperwork – the contract pack. He or she might also request a sum of money (typically £300/400) upfront in order to apply for the searches on the property. Click here to discover more about them.
Your mortgage Lender will instruct a Surveyor to go and visit the house you are purchasing. His job is to check out the property for physical defects and to ensure you are paying the right price of course! He will return his findings to the Lender. There several types of survey from the very basic which provides minimal information regarding the property itself and merely confirms that it is suitable security for the mortgage loan, to a full structural survey which is incredibly detailed and takes several hours at least to carry out. More information can be found here. The costs of course reflect this. Which you choose depends very much on the type of property involved; older and clearly needing work demands a more in-depth report whereas a new or almost new property that has been well maintained might not.
Once your Solicitor has all the information to hand she will ask you to visit her to sign contracts – you will also by now have agreed which fixtures and fittings are to be left in the property (this can be a challenge in itself!) and also a date that you want to move in. The vendor will also sign their contracts and the legal teams will then “exchange” them. By signing a contract you agree to the terms of the sale and to buy the property. You and the seller must follow the terms of the contract or face going to Court! At this point you usually need to pay a deposit of at least 5% of the value of the property or the sum agreed at the outset with the vendor.
Once the legal tasks are complete your Solicitor will arrange for your mortgage company to pay the remainder of the monies across to the seller’s Solicitor. Once this is done “completion” occurs and you can move in!
However the process doesn’t end here, oh no….. Make sure you log on next week to discover what needs to happen once you actually move in. Now is the time to think about insurance and making a Will – we are here to help! Just call us on 01242 226353 or email firstname.lastname@example.org