Redstones Guide to buying property.
1: Register your requirements.
The first step in the buying process is to register your requirements with us either by calling 0845 226 2833 or register online (click here), we will look forward to hearing from you where we can discuss your requirements and help you to find your ideal property.
Even at this early stage we strongly recommend that you get your mortgage agreed in principle, having to arrange finances after you have found a property will delay the buying process and could result in you losing out to another person who is ready to proceed.
EUREKA FINANCIAL SOLUTIONS is our recommended broker; they have access to every mortgage available on the market, and are able to find the best mortgage deals and rates for you.
3: Starting your search.
With your requirements registered with REDSTONES you will receive a selection of properties that match your criteria.
An early viewing is recommended to secure a property.
We are available at times convenient for you to view after work and at weekends.
Being available means a high percentage of viewings are carried out after work and at weekends.
5: Making an offer.
Once you have found a suitable property, we will put forward your offer to the seller both verbally and in writing, any offer is subject to contracts being signed.
6: Sale agreed.
A solicitor will be required once your offer is accepted and you will need to instruct your solicitor to proceed with the legal paperwork (known as conveyancing) immediately. We have a selection of solicitors that are experts in property transactions who we would be happy to recommend.
At this time you must instruct your mortgage broker to proceed with your mortgage application and make arrangements for a survey.
7: Legal and Surveys.
The seller’s solicitor will draw up a draft contract and send it to your solicitor, who in turn will raises some preliminary enquiries.
Searches are required and your solicitor will either request them from the local authority or use the information provided in the Home Information Pack.
A surveyor, on behalf of the mortgage lender will book a survey to advice on the property’s value and identify any structural problems.
8: Contract approval and mortgage offer.
Your solicitor will approve contracts, providing there are no further enquiries, once results of the local search and answers to preliminary enquiries are received.
The formal mortgage offer will be sent to your solicitor for you to sign. Once returned signed, your mortgage is then in place and you are then ready to exchange contracts.
9: Exchange of contracts.
The contract needs to be signed by you and the seller.
A deposit (usually 10% of the purchase price, but can be less) is transferred to the sellers solicitors.
The date for completion (the day you usually move in) is then set.
This generally takes place a few days to a few weeks after exchange of contracts (but also can take place on the same day or even several months later) depending on each party’s requirements.
The balances of monies are transferred from your solicitor to the sellers’ solicitor’s account.
Congratulations you are now the new owner of your new home!