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Congratulations – you’ve had your offer on your dream home accepted, but what next?

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Well first things first, you’ll need to appoint a solicitor or conveyancer to manage the overall purchase which includes:

• Communicating with the seller to answer any questions you might have
• Checking copies of any guarantees on the property, details of planning permission, boundaries and building regulation certificates
• Checking the seller really is the owner of the property
• Checking local authority searches and plans for the local area
• Arranging for payment of stamp duty tax on the property
• Arranging registration of title in your name

We recommend you get at least three conveyancers’ quotes well before you start looking for property. Ask friends, family and your estate agent for recommendations and make sure you understand the total cost of employing their services.

Let them know when you would like to exchange contracts and complete. Tell them you will require regular updates of how the purchase is progressing.
Your conveyancer can also advise on property surveys and it’s highly recommended to have a least the basic survey done to give you a good indication of the state of the property and uncover any hidden surprises.

You’ll also need to instruct your lender or financial adviser to move forward with a formal mortgage application process. If you’re working with a financial adviser, they will work between you and the lender to ensure a smooth process and make sure all the necessary documentation is complete.

The lender will carry out an additional survey to ensure that the property meets their lending criteria and is of the value you have agreed to pay.
It can take anywhere between 6 and 12 weeks from the day your offer is accepted to getting all the paperwork completed and queries answered, even where there is no chain.

In England and Wales, Exchange of Contracts is the last stage of the legal process after which you cannot pull out (without losing your deposit and any legal costs you may have incurred).

Credius can offer real value at this stage of the property purchase process by helping you negotiate what can often be a confusing and very stressful period in the sales cycle, to find out more click here for our website.

If you’re looking to borrow money for a property purchase, why not call us today on 020 7562 5858 to book a free consultation, or you can email us at info@credius.com.

Next time – Protecting your future

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