Step By Step Guide for First Time BuyersFebruary 17, 2016
1. The first step is to make an Offer to Purchase on a property. The estate agent will then inform you if offer has been accepted.
2. Instruct Cleaver Fulton Rankin to act on your behalf and inform the estate agent.
3. Make Appointments with Mortgage Advisers to get your Mortgage Approved.
4. Your Lender will arrange for a Valuation of the property to be carried out.
5. We will request Contract and Title documents from the Vendor’s Solicitor.
6. We will review these documents and raise any necessary queries.
7. The Vendor’s Solicitor will provide Vendor’s Replies to Pre-Contract Enquires along with Fixtures and Fittings List, up to date Property Certificate and Searches along with an Energy Performance Certificate for the property and details of any planning approvals or consents required for works carried out to the property.
8. Your Lender will send us a copy of your Mortgage Offer and Valuation Report which we will review. We will also act for your Lender.
9. Once all our queries have been answered we will invite you to attend our office to sign Contract and Mortgage Deeds.
10. At your appointment we will discuss the title deeds and answer any queries you may have.
11. At this stage you need to finalise your Completion Date.
12. We will provide you with details of how to transfer your deposit to our account before completion.
13. We will forward Transfer Deed and Contract to the Vendor’s Solicitor for the Vendor to sign.
14. On the completion date we will send funds to the Vendor’s Solicitors. Once funds are received the Vendor’s Solicitor authorizes release of keys, your purchase is complete.
15. You can now collect your keys from the estate agents and move into your new home!
16. After completion we will attend to registration formalities in the Land Registry and submit your Stamp Duty Land Tax Return to HMRC.
The approximate time from being Sale Agreed on a straight forward purchase from sale being agreed to getting your keys on the Completion date is normally 6-8 weeks. If you have any questions about the process or if would like to instruct us to act on your behalf in purchase please contact a member of our residential property team on 028 90 243141.