Decide what your prerequisites are. What style of property would you like? How many bedrooms will you need? Do you require outside space? And location, transport links and any other must-haves are also worth consideration.
There are a number of costs to be taken into account when buying a property and it is advisable to budget your finances. Typically this will include:
It is always a good idea to retain a little of your budget as an ’emergency’ fund for any unforeseen costs that may arise. Our staff will be happy to advise you on the likely costs of any of the above.
Once you have registered with Imana Estates we will immediately begin assisting you in the search for your new home, using our database of local properties and in-depth local knowledge. The more specific you can be about your requirements, the more able we are to match you to your ideal future home.
We will arrange viewing appointments at times that suit you, and an agent will meet you at the property to condut the appointment.
Once you have found your ideal home and decide to make an offer, we will need to see some photo ID (a driving license or passport), and proof of funds, whether this is a bank statement showing that you have the cash, or a mortgage agreement from your lender.
Any offer you make on a property will be subject to contract, and is not legally binding, for you or the seller, until the exchange of contracts.
Once your offer has been accepted the agreed sale terms will be confirmed, in writing, to all parties. It is at this stage of the process that the exchange of contracts and completion dates should be agreed.
At this point, you will need a legal representative. If you do not have a solicitor in mind, we are happy to recommend one of our trusted firms.
Your solicitor will begin the conveyancing process and instruct your mortgage advisor to proceed formally with your mortgage application (if applicable). It is usual for your mortgage company to appoint a surveyor but this is usually a very basic inspection and does not protect you in any way. You may choose to instruct a surveyor to carry out a Homebuyers Survey and Valuation Report, or a building survey, even if you are not applying for a mortgage. This will provide a more detailed inspection of the property and highlight any potential problems.
You should be aware that although this stage is commonly referred to as ‘sale agreed’, the terms are not legally binding in England and Wales until the contracts have been signed and exchanged.
When the vendor’s solicitor has obtained the property’s title deeds and any other relevant documentation, they will prepare a draft Contract of Sale. Your solicitor will then examine these papers, including a copy of the home information pack, and raise any queries or concerns about the property.
Once your solicitor has received responses to any enquiries, satisfaction of a local search, confirmation of your mortgage offer and a signed contract and deposit, they may then proceed to Exchange of Contracts.
Subject to completion of formalities, both purchaser and vendor will sign the contract. A deposit, usually 5 – 10% of the purchase price, is forwarded to the vendor’s solicitor. It is at this stage that contracts are formally exchanged and the transaction becomes binding for both the seller and purchaser.
The completion date, agreed by both parties before contracts are exchanged, is normally between two and four weeks after the exchange date.
After the contracts have been formally exchanged, your moving arrangements must begin. If you are selling and buying a property simultaneously, this will involve a considerable amount of organisation and it is advisable to begin arrangements in plenty of time. Issues may include:
Congratulations! You are now a homeowner. You can make arrangements to pick the keys up from our office and get settled in to your new home.