Buying Process

Finding the right mortgage to suit your own circumstances can be daunting. With so many lenders, schemes, and rates available, where do you start? Unless you’re really sure about what you’re doing, seek advice from an independent financial adviser. It will certainly help us to help you if you obtain a mortgage agreement in principle, enabling you to move forward when you find the perfect property.

You should contact Evolve. Register your requirements and budget with us and get on the mailing lists. Once you’re registered, we can then send details of relevant properties to you. You can also keep an eye on the local market by browsing the property portals like Zoopla and Rightmove.

Think about your ideal property and write a list of the ‘Must Haves’, the ‘Nice to Haves’, and most importantly the ‘Definitely Don’t Wants’. This can help you decide which properties to view. This will give you a good list of deal-breakers so nobody’s time is wasted viewing unsuitable properties.

Once you have found your ideal property, you should make an offer to the agent. You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and solicitors’ fees. Once the vendor has accepted your offer, you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we can recommend one to you.

Once you receive an offer acceptance, the wheels are put in motion to lead up to the final exchange of contracts. This is called conveyancing. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible.

This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will liaise with the vendor’s solicitor while carrying out Land Registry and Local Authority searches to establish the boundaries of the property, any restrictive covenants, or any potential developments in the area that may affect your enjoyment of your new home.

Unless you are a cash buyer, this is the time to formally apply for a mortgage on the property with your financial adviser or lender. Your lender will require a visit for mortgage purposes, but this is merely to establish a valuation. You may also choose to undertake a a survey.

When your solicitor has received satisfactory replies to all their searches and enquiries, a copy of the mortgage offer, a signed contract, and the deposit has been paid, they can then proceed to the exchange of contracts. From this point, the seller and buyer are legally committed to proceed. The sales contract is signed by both you and the vendor, and the deposit is transferred or paid by your solicitor to the vendor’s solicitor. At that point, the date is then set for completion. This can be pretty much straight away (called a Sim – simultaneous exchange and completion) or a mutually agreed date in the future.

Completion is the formal process of transferring the balance of monies due from the buyer’s solicitor to the seller’s solicitor. This process will depend on your circumstances and any other parties involved in the buying chain. Once the monies have been received you can collect the keys and you are the legal owner of your new home.

This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property, and Evolve Estate Agents accepts no liability if you rely on the content of this guide and do not obtain professional advice.