Buying a property

We’ve got a good variety of properties for sale across East London, all looking for buyers right now. So whether you’re after your first home, or a buy to let investment, you just need to let us know - we do the hard work from there! With a clear understanding of your requirements, we’ll keep you up to date on properties that match your criteria.

We don’t just bring vendors and purchasers together, we have a selection of mortgage advisors on hand who can help with your finances, a team of HIPs suppliers ready to produce one for your property, we carry out any surveys that you may need and can keep you informed through each and every step of your purchase process. Our negotiators will always be close by to answer any queries you may have along the way and to guide you through the process so that everything runs as smoothly as possible.

Here’s our guide to the process of buying a property:

Decide on the basics first.

We have a wide variety of available properties, so before you start your search, it helps to put some thought into exactly what you’re looking for in terms of size, location and price.

You will need to work out what’s most important to you, and take it from there.

If you’re looking at buying to let, think about your tenants and what they would want.

Area

If you’re buying a property, it’s likely you’ll own it for some time, so location is very important. Do you want to be near work? In a leafy neighbourhood or in the hustle and bustle of city life? Do you want local shops, restaurants or bars? Are schools important to you?

Think about transport links, as getting around in your chosen area could be just as important as the area itself. Are you happy to travel to work for more than half an hour? Do you need easy access to a tube or mainline station? If you travel out of London, do you need to be near a main road? Once you’ve got an idea of the desired area, its time to get the finances in place.

Arrange your finances

When the right property comes along, you’ll need to be in a position to act immediately so it is advisable to get your finances, including your mortgage, agreed in principle as early as possible, as having to organise finances after you have found a property can result in losing out to another person who is ready to go.

HomeMoves Direct have mortgage advisors who can help you work out exactly what you can afford and can go through your options with you.

You will also need a solicitor to hand once you have secured a purchase. Again, we can give you free advice and a selection of recommended firms whom we know and trust.

Find that property

Once you have arranged your mortgage and you know the type of property you are looking for, it’s time to get busy and find it! Speak with our team to establish your criteria - budget, location, size etc. As soon as we register your details, we will begin to start the search for your ideal property.

Suitable properties will be discussed with you and for those that appeal, we will arrange a viewing with you as soon as possible. We are available at times to suit you, and are happy to conduct viewings after work and on weekends.

Making an offer

Once you’ve found a suitable property and you want to make your offer, discuss this with the estate agent know as soon as possible so the vendor can be informed with the details.

When making an offer, the vendor will consider your position based on many factors depending on your position at the time. For example:

·         Are you in a chain- i.e, do you have a property that still needs to be sold?

·         If so, have you already found a buyer for your property?

·         Can you prove that you can afford to buy the property? It's advisable to supply a written agreement in principle from your mortgage lender.

·         Can you move in at a time to suit the seller's own timescales?

Once your offer is accepted, we will get the ball rolling by confirming it in writing to you, your solicitor, the seller’s solicitors and the seller. There are no legal obligations on either side until contracts are signed.

Sale agreed

Once your offer has been accepted, your solicitor check out all the legal aspects of the sale. You should instruct your solicitor to proceed immediately.

This is also when you (or your mortgage advisor) will go ahead with your formal mortgage application, to check that your lender is willing to lend on that specific property. At this stage it is a good idea to discuss exchange and completion dates.

Conveyancing

The property needs to be legally transferred from its current owners to you. This process is known as conveyancing. Here are just some of the steps involved.

The seller’s solicitor will:

·         Get copies of the HIP (Home Information Pack) which includes the property’s title      deeds, searches and other relevant documentation e.g. lease

·         Prepare a draft contract of sale

Your solicitor will:

·         Check the HIP and lease for any problems or inconsistencies

·         Check the contracts

 Assuming that there are no problems and your solicitor has your mortgage offer, deposit and a signed contract, they can exchange contracts and set a completion date. It is preferable to use a solicitor who knows the area that you’re buying in and, of course, one who specialises in conveyancing.

Finalising your mortgage

A mortgage valuation will need to be arranged before the mortgage lendor makes you an offer, to check that you’re not borrowing more money than the property is actually worth. As purchasing a property is a huge investment, you may also want a homebuyer survey or building survey. This provides the buyer with a a far more detailed assessment of the property.

Your mortgage lendor will then send you your mortgage offer, which includes details of the terms, to you and to your solicitor.

Exchanging contracts

The formal exchange of contracts agrees the terms of the sale and makes them legally binding on both you and the vendor.

Before the formal exchange, you will need to finalise and sign your mortgage documents, send your deposit to the vendor’s solicitor and then sign your contract

Once the exchange has taken place, a completion date will be set when the money gets transferred, this is when the property legally changes hands. This normally occurs a few weeks after the exchange, but you can exchange and complete on the same day if agreed. The terms of the sale are legally binding, which means that your deposit is non refundable if you change your mind.

Equally, the vendor is then obliged to sell the property to you at the price you had agreed.

Time to Move!

On or just before the day of completion, your solicitor will pay what you owe to the vendor’s solicitor. Once you get the call to confirm that the money has been transferred, the transfer document and title deeds are yours. You can then come and collect your keys to your new property!

Congratulations, you are now the legal owner of your property!