Just Sold - Buying guide

A step-to-step guide on buying a property.

Follow these steps to turn your dreams in to Realty (see what we did there).

Registering

By registering your details with us you could gain a competitive edge over other buyers. You'll be the first to know of any new properties that come available and we can contact you before they go live to market - take advantage and jump the queue.

Finances

If you are planning on borrowing to fund a purchase, it's highly recommended that you obtain your Mortgage in Principle prior to booking any viewings. Speak to your bank/broker about borrowing options and consider whether or not you are in a position to borrow the amount that you require.

Buying and Selling

If your home move will include selling your current property, it's recommended that you consider putting it on the market before looking for a new home. Being ready to sell means you're less likely to miss out on your dream home.

What is my home worth?

Finding your ideal property

It is recommended to create a shortlist of properties that suit your requirements and decide which are the most suitable options. It's not always the case that you'd find the perfect match but you can get quite close. If you approach your property search prioritising your 'needs' rather than your 'wants', then you're opening yourself up to more options and the more properties you view and compare, the quicker you'll discover which type of property is most ideal and what features are most important.

Agreeing a sale

When it comes to putting an offer forward on a property, you will be required to provide evidence of the strength of your position, in order for the seller to make an informed decision and to ascertain just how serious you are about buying their property. This includes being able to prove your finances, as well as any other documentation required. Being ready to proceed makes you much more of an attractive prospect to the seller. Once your offer has been accepted, you will then need to instruct a Conveyancing Solicitor.

Instructing a Conveyancer

A smooth and successful purchase is always the number one aim when buying a property. However, most buyers may not realise that this is down to the experience of the Conveyancer. Make sure to choose the right type of solicitor as all solicitors can undertake work of this kind but only some are successful at it.

We work alongside a panel of seasoned and reputable conveyancing firms, which we would recommend to all Sellers and Buyers. Whether purchasing your home through Just Sold or any other agent, you're welcome to a free quote.

Free Quote

Survey

At the early stages of any sale, the discussion of booking a survey will arise. A survey is a detailed inspection of a property’s condition and is a necessity when purchasing a property. The surveyor will inspect the property and inform you in a report, if there are any minor or major structural problems like unstable walls or subsidence. They will highlight any repairs or alterations needed, such as fixing the roof or chimney chute.

There are many types of surveys and the cost increases dependent on the type:

Condition Report - From £300.
Home Buyers Report - From £350.
Home Condition Survey £400 - £1,000.
Full Buildings Survey - From £500 - £2,000.

Mortgage Valuation

A mortgage valuation is different to a survey, whereas the survey looks at intricate details and issues with the property, the Mortgage valuation will look at a property to assess the property's value. It's a prerequisite by any lender to ascertain the property they're potentially lending on offers sufficient security for the loan amount. Some lenders cover the cost but in most cases you will have to pay for the valuation from a company they suggest. The cost of a mortgage valuation varies depending on the size of the property (from £350).

The Legal Process

Once a sale has been agreed, your agent will send a legal document to all parties called a Memorandum of Sale. This document confirms the offer acceptance and formalises the sale. Your solicitor will perform due diligence on the property and will also carry out money laundering checks to ensure the origin of your deposit.

Once your mortgage valuation has been carried out, your lender will decide whether or not to offer you the funds based on their findings. If successful, you'll receive a mortgage offer. As the sale progresses, your solicitor will raise enquiries and apply for searches. If the results and responses are satisfactory, the sale will progress to the final stages of the conveyancing stage.

Once an exchange and confirmation date has been set, your solicitor and agent will liaise to tie up any loose ends and any last minute issues. Prior to exchanging contracts your solicitor will prompt you to transfer your deposit, which is usually the final stage before exchange of contracts.

Prior to completion, the funds you've agreed to borrow, as well as your deposit will be transferred to the seller in order to make the completion. That is when the agent will be given instructions to release the keys for your new home.

Please note: If you're purchasing a house, you must take out Buildings insurance for the property between exchange and completion, as the property won't be insured during this period.