Buying a home
If you are looking for a property to buy then you will know it is likely to be one of the largest purchases you will ever make and for that reason it can seem very daunting. However it does not have to be a long and confusing process, particularly if you buy through a professional and experienced agent.
You may be a first-time buyer who is new to the process, you may be climbing the property ladder and also have a property sell, or you may be buying an investment property. Either way you will be looking for a property which ticks all of the boxes and Aspire would be delighted to help you in your search.
Frequently asked questionsWe have compiled a list of answers to some common questions asked by buyers. Should you have further questions please don't hesitate to get in contact with your local branch.
Before viewing any properties it is important to work out exactly how big your budget is by adding the available deposit to the amount a lender is prepared to lend. It is best to speak to a mortgage advisor and ideally get an agreement in principle from a lender before you start viewing.
The amount you are able to borrow will be linked to your income and the size of your deposit.
The first step is to seek an agreement in principle from a lender, which indicates they would be prepared to lend the amount of money you require in order to go through with a purchase.
In order to make an offer on your chosen property please call us immediately and we will contact the seller. As well as the sum you are offering, the seller will take into consideration your position and ability to proceed. It will then be either rejected, accepted or a period of negotiation will begin. If it is rejected, a prospective buyer can go back with another offer and our professional and experienced team are here to assist both sides in negotiations.
In cases where there is high demand and limited supply, some sellers may opt to invite sealed bids. This allows them to maximise the price they receive for their home, as it encourages multiple prospective buyers to bid as much as they can afford in the race to beat each other.
Each person may be asked to place their best and final offer in an envelope and submit it by a designated deadline. It is worth remembering that sealed bids are not legally binding.
Assuming you have already been given an agreement in principle by a lender, it is time to contact them to confirm their application details and formally submit an application for the required amount. This will be followed by informing the lender you wish for them to instruct a survey.
At the same time, you should appoint a solicitor to act for you throughout the purchase. It is also a shrewd move to invest in a homemover's insurance policy, which protects you in the event of a vendor pulling out of the deal by repaying all of the costs you have incurred to date.
There is no definitive answer to this question, as a plethora of factors can speed up or slow down the process of buying a property. A rough guide is to expect a transaction to take around 12 weeks to go through.
A buyer should certainly never commit to arranging for goods to be delivered or taking time off work until contracts have been exchanged and a solicitor has confirmed the completion date.
There are three main costs associated with purchasing a property. Firstly there are solicitors' fees and these can vary so it is important to always ask for a quote before instructing one to act in the process.
Second are the mortgage costs, these typically include an arrangement fee based on the amount you borrow and a valuation fee.
The third main cost is the stamp duty. Stamp duty has received many changes in recent months and ranges from 2% - 12% .The rate you pay depends on whether you are a first time buyer or not. There are also additional surcharges if you own a second home. To get a full stamp duty quotation for your circumstance please contact us as we would be happy to help.
There is no legal obligation to have a survey carried out on any potential purchase, the decision is yours. A lender will always insist on carrying out a formal valuation to make sure the property is worth what is being paid for it.
There is a small chance that a vendor can go back on their decision to sell a house, although it is relatively uncommon. You can protect yourself by purchasing a homemover's insurance policy that will refund all your costs in the event of this happening.
The exchange of contracts occurs when all parties are happy to proceed with the sale, and as a buyer you are likely to have been advised by your solicitor that there are no remaining issues to resolve. Sale contracts are passed between the seller and the buyer, at which point both are legally committed to the sale. It is possible to take legal action if the other party pulls out after this point.
At the time of exchange, a completion date will be set, often for a week or two later. On this day, your deposit and the lender's sum will be transferred to the vendor's solicitor and you will become the owner of the property.
A solicitor tends to hold on to the deeds of a property for several months after completion, as there will be registration duties to complete. After this, the solicitor will send the deeds to the mortgage lender who will hold them until the date the loan is repaid.