Guide to Buying Property

Before embarking on your property search, the crucial first step is determining your budget and understanding your financial capacity. Certain sellers may necessitate financial qualification, before allowing property viewings. Before submitting an offer, you'll be required to demonstrate your financial readiness.

For those seeking a mortgage, this involves obtaining an Agreement in Principle (AIP) from a mortgage adviser, along with proof of funds for the deposit. Securing an AIP involves an initial appointment with a mortgage adviser, who they assesses factors like your income, spending habits, and credit score to estimate the amount a mortgage lender might be willing to lend you.

In partnership with Mortgages, renowned for their expert Mortgage advisers in the North East, we ensure you have the support needed for this crucial step. Furthermore, we can provide a comprehensive cost breakdown for your entire move, encompassing solicitors/conveyancing costs, stamp duty, and any other potential expenses. Explore our guide to mortgages for further details.

Discovering the essential features of your dream home—whether it's the number of bedrooms, proximity to local schools, or the convenience of a garage or driveway—lays the groundwork for your property exploration. Once you've outlined your requirements and established your budget, your exciting journey begins. Reach out to your local branch, where we'll meticulously gather all your details and property preferences. We'll promptly inform you of any available properties on the market that align with your criteria, and you'll receive timely email updates whenever a new property matching your requirements becomes available. Additionally, take advantage of our user-friendly website and peruse popular property portals like OnTheMarket and Rightmove.

Upon discovering a property that captures your interest, the next step is a viewing. We offer both accompanied and unaccompanied viewings, providing flexibility for you to be guided through a property either by us or the owner. During the viewing, our accompanied viewer or the property owner will be on hand to address any questions you may have. Following the viewing, sharing your feedback becomes pivotal. Your insights serve as a valuable guide for us, deepening our understanding of your needs and expectations, and ensuring that we can refine our search to identify the absolute best property for you.

Fantastic news! You've discovered the property you desire to make your own. Upon reaching a decision, it's crucial to inform us promptly, allowing us to swiftly present your offer to the seller for their consideration. At this stage, presenting proof of funds or evidence of your mortgage in principle becomes necessary. Upon the seller accepting your offer, our assistance extends to helping you secure a conveyancer. This crucial step facilitates the issuance of the memorandum of sale to all involved parties, officially confirming the agreed-upon price and any additional terms. Subsequently, our dedicated team initiates the sales progression process, ensuring regular updates are provided to keep you well-informed.

In the event that your initial offer faces rejection, fret not. You typically have the opportunity to revise and enhance your offer until a mutually beneficial agreement is reached. Your journey to securing your dream property continues with our support and commitment.

Now is the opportune time to reconvene with your Mortgage adviser. They are dedicated to meticulously searching for the ideal mortgage tailored to your needs and preferences, initiating the seamless commencement of your mortgage application. With access to an extensive array of over 12,000 products from more than 90 lenders across the UK, Mortgage is well-equipped to secure the most fitting deal, offering competitive rates and fees tailored precisely to your requirements. Your financial journey is in capable hands as we strive to find the mortgage solution that perfectly aligns with your aspirations.

Upon the acceptance of your offer, the next step involves appointing a conveyancer for the purchase, and potentially, for the sale if you're selling a property. Conveyancing encompasses all the legal aspects required to officially transfer the property into your ownership, including tasks like local searches and dealing with land registry entities.

To ensure you're legally prepared for your move, we offer assistance in connecting you with a panel of solicitors. Our No Sale No Fee conveyancing service comes with a fixed price (excluding disbursements), offering you peace of mind during this crucial stage of the process.

Explore more about our North East Property Conveyancing services [link].

Following your offer acceptance, a property survey will be conducted by a surveyor on behalf of the mortgage lender. This survey serves to identify any structural issues or assess the property's value. The type of survey you choose is a matter of personal preference, with your mortgage adviser guiding you towards the most suitable option. There are three survey types: Basic or Mortgage Valuation, Home Buyers Survey, and Full Structural Building Survey—the latter being the most comprehensive. Once the survey is completed and the mortgage lender approves it, the mortgage valuation report is finalized. Subsequently, a formal mortgage offer is sent to you and your solicitor, requiring your signature before being returned.

Should you have any queries arising from the survey, it's crucial to direct them to your branch. We are committed to working with you and the vendor to address and resolve any concerns. The mortgage lender typically appoints a valuer to assess the property's suitability for lending purposes. However, this assessment does not usually include comments on valuation or structural aspects, allowing you to opt for a private survey report if desired.

Two commonly available private surveys are the Home Buyers Survey and the Building Survey. Some lenders permit combining these with a mortgage valuation to streamline costs. Once the lender receives the mortgage valuation, they will issue a mortgage offer to you and your mortgage adviser. In the case of a more detailed report with queries, inform us promptly for assistance.

Once the conveyancer has meticulously ensured that all legal aspects are in order, the pivotal moment of contract exchange arrives. This occurs once all inquiries have been thoroughly confirmed and agreed upon. At this juncture, you'll be required to submit your deposit to your solicitor. It's crucial to note that once the exchange is completed, you are legally bound to proceed with the property purchase. Both parties will collaboratively decide on a completion date, marking a significant step toward making the property officially yours.

The culmination of the purchase occurs when the remaining amount is successfully transferred to the vendor. Upon the clearance of funds, the keys to your new home will be released.

Congratulations! You are now the proud owner of your new home!