Here's an easy step-by-step guide to buying your next property...
Buying property can be a complicated process, so here is an easy step-by-step guide which has been designed to walk you through the process of buying a property.
Step 1: Arranging your mortgage
Before you begin your property search, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. This will confirm how much money you will have to fund the purchase, which will ultimately influence your property search. We would be delighted to recommend an independent broker to all of our buyers. If you're a first time buyer, you may also want to consider the governments Help to Buy: Mortgage Guarantee scheme.
Step 2: Finding a property
The first step to finding the right property is to register with Coopers either by calling us or visiting one of our 7 offices where you can discuss your property requirements with one of our local agents. Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. Our agents can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available.
Step 3: Viewings
Coopers trained staff are on hand to accompany viewings where needed and will be able to provide insight on our local area and the property itself.
Step 4: Making an offer
Once you have identified a suitable property we will put your offer forward to the seller both verbally and in writing. We will aim to get as much information from you as possible to put your offer forward to our client in the best light as possible.
Step 5: Offer agreed
Once your offer is accepted we will do the following:
- Prepare a memorandum of sale
- Write to all parties to confirm the agreed price
- Ask you to confirm your solicitor's and mortgage broker's details
You will now need to instruct your solicitor to proceed with the conveyancing process and your mortgage broker to proceed with your application.
Step 6: Conveyancing
As part of the conveyancing process your solicitor will do the following:
- Raise any enquiries on receipt of the draft contract from the seller's solicitor
- Request their own local searches
- Refer to the information already provided in the seller's Home Information Pack
- Agree on a date for exchange of contracts
We will assist your solicitor and negotiate throughout the process, keeping you informed every step of the way.
Step 7: Survey and mortgage offer
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property's value.
After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned.
Step 8: Exchange of contracts
Exchange of contracts occurs when all enquiries have been confirmed and agreed.
Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be telegraphically transferred or paid in the form of a banker's draft from your solicitor to the seller's solicitor.
The completion date is then set by mutual agreement.
Step 9: Completion
Completion is when the funds are transferred from your solicitor to the seller's solicitor's account. We will release the keys once the money has cleared in the seller's account.
Congratulations, you are now the legal owner of your new home!
If there is anything else you need to know, give our team a ring on 01895 625 625