Our team of experts are always available to offer advice and answer questions about any of these steps. Give us a call and we’ll be happy to help!
The decision to buy a property is a big one, and the process can seem daunting – especially if you are a first-time buyer. Our guide to buying breaks it down every step of the way – following these steps should make the whole process a smoother one, and could potentially save you a significant sum of money.
Before embarking on the purchase of a property, you’ll need to determine how much you want to spend and how much you can sensibly afford. You’ll need to factor in not just the value of a property but the additional costs that come with it, from surveyor and mortgage broker fees, to the costs involved with moving into a new home, such as removals, redecorating and furnishing. You should book an appointment with your bank or a mortgage broker (who can help you to find the best mortgage for your circumstances from a range of different lenders) to prepare your finances. It’s advisable to have a mortgage agreed in principle to confirm the amount you have for a purchase – this will set the parameters for your property search.
Our team of knowledgeable and experienced Negotiators can help you to find the ideal property for you based on your requirements. Register here to arrange an appointment to discuss your circumstances and requirements, and we will be very happy to help you on your property-buying journey.
Once we have an understanding of what you are looking for, we will provide you with a selection of properties that we think suit your requirements. You’ll receive regular email updates, to let you know of the latest and best properties on the market as they become available. Once you have identified the properties that interest you, let us know and we’ll arrange viewings.
So you’ve identified that dream home, and have decided how much you are willing to offer – we know this can seem like the daunting and most stressful part, but we are always on hand to assist and advise. The next step is to make your offer, which we will submit on your behalf to the seller both verbally and in writing, stating any special conditions of the offer. You may need to demonstrate that you are able to complete a purchase by providing proof that your mortgage is agreed in principle, However, there are no legal obligations to complete until contracts are signed.
Once your offer is accepted it is now time for you to contact your mortgage lender (with whom you ideally have a mortgage in principle), to make a formal mortgage offer in order to complete the purchase. At this stage, Indigo will: Write to both buyer and seller to confirm the agreed price and completion date. Ask you to confirm your lawyer and mortgage lender details. Request your registration card, a form of identification and a recent utility bill confirming your current address. Write to the lawyers of both buyer and seller, advising them of the agreed sale and sharing all the information they need to commence with the purchase/sale.
You will need to instruct a lawyer to complete the legal part of the transfer, and it is a good idea to use an experienced lawyer who specialises in conveyancing. A good and experienced lawyer can make the difference towards a successful property purchase, so it’s wise to shop around and find a firm with a solid and proven reputation.
Once you give your mortgage lender notification that your offer has been accepted, a survey of the property will be arranged on behalf of the lender to identify any issues with the property, such as structural problems, to ensure that the property is safe to lend against. There are varying levels of survey reports, so your lender will discuss the options and varying costs with you.
Once all of the previous steps have been followed, you are ready to complete the transfer of the property. For freehold and flying freehold properties, contracts are passed before the Royal Court on a Friday afternoon. You can attend yourself, or a conveyancer from your legal team can attend through power of attorney on your behalf. If you are purchasing a share transfer property, completion can be Monday to Friday (excluding bank holidays). After completion has taken place, keys will be released to your lawyer. Congratulations, you are now the new owner. Welcome to your new home!
