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1
FIND OUT HOW MUCH YOU CAN BORROW
Speak to a Financial Adviser/ Mortgage Broker to establish how much you can borrow. Also look into the different types of mortgage and what is best for you. At this stage you will need to complete a mortgage application in principle.
2
APPOINT A SOLICITOR
Find out what their fees are and when these are payable.
3
START SEARCHING FOR A PROPERTY
Visit estate agents for property details. You can also register your requirements with agents and be put on their mailing lists. They should then send out details of relevant properties to you. You can also search for properties in the local property press.
4
ARRANGE VIEWINGS
When you find a property that you are interested in, contact the estate agent to arrange a viewing. Either the estate agent or the seller will show you around the property.
5
INSTRUCT YOUR SOLICITOR TO NOTE YOUR INTEREST
Once you find the property you want, your solicitor needs to note your interest to the estate agent.
6
BOOK MORTGAGE SURVEY
You need to book a survey of the property. You can speak to the estate agent for advice about this. You may want to arrange a more detailed structural survey, particularly if the property you are buying is older. The surveyor will send you a copy of the survey. If it indicates that work needs doing on the property you may want to discuss this with your solicitor.
7
INSTRUCT YOUR SOLICITOR TO MAKE A WRITTEN OFFER
This is a formal conditional offer which should contain the purchase price, the date of entry (the date you intend to move) and extras to be included in the sale.
8
AGREE TERMS OF OFFER
Your solicitor should negotiate with the estate agent the terms of your offer.
9
OFFER ACCEPTED
If the seller accepts a buyer's offer, the seller's solicitor will send a qualified acceptance letter to the buyer's solicitor.
10
APPLY FOR YOUR MORTGAGE
Complete your mortgage application form, with the help of a Financial Advisor/ Mortgage Broker. At this stage you should also apply for any protection plans you will need to cover your mortgage eg. life assurance, income protection etc.
11
SOLICITOR PERFORMS SEARCHES
The seller's solicitor will send the title deeds and certificates relating to the prop-erty to the buyer's solicitor. These certificates should show that the property isn't adversely affected by any local authority plans.
12
CONCLUSION OF THE MISSIVES
The solicitors must agree on the written negotiations of the sale - the 'missives'. This can only be done once a mortgage offer is received, if applicable. When the missives are agreed, this is known as 'conclusion of missives'. Both parties are now legally bound to the sale/purchase.
13
ORGANISE REMOVALS
You should now book a removal company if you wish to use one.
14
ADVISE PEOPLE OF YOUR CHANGE OF ADDRESS
Contact your utilities companies to advise them of your move and to arrange for the meters to be read. Also contact all other organisations you are in contact with to advise them of your new address. You may also want to contact Royal Mail to arrange a mail re-direction.
15
FINAL CONVEYANCING COMPLETED
The seller's solicitor will draw up the disposition (a document transferring legal ownership). The buyer's solicitor will draw up the Standard Security ( the deed securing the loan). The buyer must sign this.
16
COMPLETION
The buyer's conveyancer pays the balance of the purchase price, electronically, to the seller's conveyancer. This is known as COMPLETION. Once the money is received by the seller's conveyancer, they will inform the estate agent that the keys to the property can be released. The buyer can now move in.