Alexander Lush Estate Agents ~ Our Guide to Buying a Property

Estate Agents Millbrook, Estate Agents Cawsand, Estate Agents Ramehead, Estate Agents Torpoint, Estate Agents Plymouth

Our Guide to Buying

1. Take mortgage advice Whether you are applying for your first mortgage, re-mortgaging or securing a mortgage for an investment property - speaking to an expert in this field will guide you towards the right lender. We can refer you to our local independent mortgage advisor should you require.

2. Know your Budget Buying a property is likely to be one of the largest transactions you ever make, so it is important that your calculations are correct from the start. Every purchaser works to a budget, whether you are looking to buy a studio flat or a six bedroom country estate.

Take into consideration your income, any savings you wish to use and if appropriate, any cash you plan to use from the sale of your existing property (equity) and any foreseeable life changing events such as parenthood.

If you are planning to use the equity held in your existing property we would always recommend getting an accurate realistic market valuation from a local property expert. Alexander Lush have the experience, knowledge and expertise to provide this information which will include the current condition of your home, demand, similar properties for sale and recent comparable sold evidence

3. Determine your requirements Online search tools have made the process of finding property easier than ever, however you may not be aware that some of the best properties within desirable locations, price or size can sell before they are listed on the larger property portals. Create property email alerts to stay informed of newly listed properties that meet your desired requirements. We also recommend getting to know us at Alexander Lush, we will be happy to keep you up to date with properties that match what you are looking for.

4. Viewings Plan ahead particularly if you are traveling out of area, weekends are often the busiest day of an Estate Agents week and appointments can get booked up in advance.

After the viewing providing feedback to your estate agent will help them gain a stronger understanding of your wants and needs in order to find the best property for you.

5. Make an offer Congratulations - you've found a property you want to buy. The next step is to reach an agreement with the seller on the price. Think about this carefully. Give consideration to how the property compares with others you have seen, how well it meets your requirements, your budget, competition from other interested buyers, and consider what would happen if your offer is not accepted.

There is a common misconception that you should not pay the asking price but this depends on the property. There are many examples of property selling at or above the asking price where there has been interest from lots of buyers. In this situation we will ask buyers to make their best and final offer in a timely fashion

6. Conveyancing Conveyancing is the process by which the legal transfer of property from one person to another is made. The buyer or their solicitor/conveyancer examines the legal documentation for the property and raises questions in order to approve the contract of the sale. We can recommend reputable solicitors who have valuable experience with property transactions in our local marketplace.

After your offer has been accepted, we will write to you and the seller of the property exchanging details of your solicitors/conveyancers who will then contact each other to start the next part of the process. They are there to advise and guide you through the process, explaining the paperwork and forms and making sure that your purchase is as it should be. We know that this stage of the purchase can be stressful. Don't be afraid of asking the team if you have concerns or questions

7. Surveys There are three main types of survey; a Mortgage Valuation, a Homebuyer Report and a Building Survey.

If you require a mortgage then your bank will normally insist on Mortgage Valuation to establish that the property is good security for the loan. Although you probably pay for the Mortgage Valuation you would not normally get a copy of the report and therefore we would always recommend having your own survey done in addition.

• A Homebuyer report is for more conventional residential property built within the past 100 years and includes a detailed visual inspection of all aspects of the property that are available for inspection.

• A Building Survey (also referred to as a full or structural survey) is suited to older properties, or properties which may have different forms of construction or undergone major changes. A detailed inspection of all visible areas of the property is undertaken.

Often a professional survey can help you avoid expense in the future by highlighting defects you may not have spotted but as a minimum it should reassure you that everything is okay with the property.

Estate Agents Millbrook, Estate Agents Cawsand, Estate Agents Ramehead, Estate Agents Torpoint, Estate Agents Plymouth
Estate Agents Millbrook, Estate Agents Cawsand, Estate Agents Ramehead, Estate Agents Torpoint, Estate Agents Plymouth

8. Exchange of Contracts The exchange of contracts is the legally binding part of the process. This is when you hand over a deposit (the normal sum or liability is 10% of the purchase price).

Contracts are exchanged once both you and the seller and your respective solicitors/conveyancers are satisfied that everything is in order, a date for completion is agreed and from this point both parties are legally bound to go through with the transaction.

9. Completion This is the day the balance of the monies is transferred via the banking system and the day on which you will get the keys to the property you have bought. For most people this is the day that they physically move into the property with all their furniture and possessions.

Our top tip: Don't forget to re-direct your post.

The above is intended to serve as a guide and help you through the process. We do understand that buying a house, though exciting, can be daunting. If you would like to arrange a time to speak with one of the experienced estate agents at Alexander Lush then please contact us and we will be happy to get you started.

It's your journey and we're here to help.
Call in for an informal chat and a coffee at any time