The Taffs Well Estate Agent
Buying a Property?
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The house buying process ……
1. Finances
1st time buyers can skip to step 2. Homeowners, you need to know what that house is worth.
Estimates are usually sufficient at this stage, but for complete accuracy, you might as well use one of our free valuations, which you can order below.
You should also check out
“The house-selling process page”
2. Mortgage advice
The next step is to find out how much you can borrow and what your purchase limit is. We highly recommend getting a decision in principle at this point. It is the initial credit check part of a full mortgage application and shows that you will likely get the mortgage you requested.
Our mortgage advisers can check all of the mortgages in the UK for the best rates.
3. Register for property alerts
We always let our database of applicants know about a property before we put it on the property portals. You can register for property alerts with us by hitting the button below.
We also recommend using Rightmove property search tools to get alerted about properties coming on the market in the areas you are interested in.
4. Property viewings
With a bit of luck and a lot of research hopefully, you will start to see properties that match your desires as well as your budget. The next step is to book viewings with the agents advertising the properties.
We highly recommend studying photographs, floor plans, videos, Google Maps and local social media community pages to get a true feel for an area.
5. Make an offer
When you find a property that you like the next step is to make an offer. If you are already a mortgage customer, a landlord or you are selling a house with us we will actually help you negotiate on your ongoing purchase with a different agent.
If you have seen a property with us and you would like to make an offer, you can also let us know here.
6. Mortgage and solicitors
Now is time to go back to your mortgage adviser to migrate your earlier decision in principle into a full mortgage application.
It’s best to let your mortgage adviser know you are ready for an appointment, then while you are waiting for the appointment you can move on to the next steps
7. Choose a solicitor
Your mortgage adviser will need solicitor details in order to complete your mortgage application.
If you click the link below one of our solicitors will be in touch to give you a quotation. Not only are our solicitors competitive, but we also have a great line of communication with them should anything need chasing up.
8. Complete mortgage application
You can help this stage along by providing any documents that your mortgage adviser needs in a timely matter.
Normally you will have to supply ID, proof of address, 3 months payslips and 3 months bank statements.
Once the lender is happy with your documents they will proceed to survey.
9. Surveys
Almost all lenders will require a basic mortgage valuation in order to provide you with a mortgage offer. We would always advise you to upgrade your basic mortgage valuation to a homebuyer’s report, it will give you a lot more detail with regard to the condition of the property that you are buying.
A full structural survey is normally only required on very old properties or where a homebuyer’s report surveyor advises.
10. Mortgage offer
Providing the surveyor confirms the house is priced correctly and there are no overly concerning items on the home buyer’s report your mortgage company then produces a mortgage offer. It is now official, the bank has now made a formal promise of lending.
If there are maintenance issues with the property our contractors may be able to help, there may also be a need to renegotiate the terms of the purchase.
11. Solicitors
It is now over to your solicitors who will be conducting the various searches and checks that are required. Your solicitors will be talking to your lender’s solicitors and the seller’s solicitors.
When the time comes your solicitor will package everything up and send it to your lender who will then send your mortgage money to your solicitors.
12. Exchange and completion
Exchange and completion are very often completed on the same day. However, it is possible to exchange contracts sometime before the entire purchase is completed. When you exchange contracts you become legally bound to complete the sale and you should have building insurance in place. As soon as the selling solicitor can confirm receipt of funds to the selling agent you will be able to arrange collection of the keys to your new property.
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