Below is our eleven step guide to successfully buying:
Before you begin your property search, it is advisable to arrange your finances and, if required, have a mortgage agreed in principle. This will confirm how much money you will have to fund the purchase, which will ultimately influence your property search. We can recommend financial advisers who have access to the entire market, as well as exclusive deals and rates, to help find you the best mortgage available.
The next step to finding the right property is to register with us either by calling into our office in Temple Fortune Parade, emailing or phoning us. You can then discuss your property requirements with one of our knowledgeable team who will take the time to understand what is important to you and will assist you with your search.
Once we have a clear understanding of your requirements we will notify you of properties that match your criteria. We will also keep you constantly up-to-date when the latest properties become available.
In order to have the best chance of securing a property, we recommend an early viewing. We will accompany you throughout so that we are on hand to answer any questions immediately and advise where necessary.
It is important to instruct an efficient and experienced legal representative to act on your behalf. We will be happy to recommend a legal representative if required.
Once you have identified a suitable property we will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer. You may need to demonstrate, if requested, that you are able to proceed (e.g. provide evidence of your mortgage agreed in principle). There are no legal obligations on either side until contracts are signed.
Once your offer is accepted we will do the following: Ask you to confirm your legal representative's and any finance details and to provide evidence of your ID in order to comply with Money Laundering Regulations. Prepare a memorandum of sale. Write to all parties to confirm the price and any special terms agreed. You will now need to instruct your legal representative to proceed with the conveyancing process and your mortgage lender or broker to proceed with your application.
As part of the conveyancing process your legal representative will do the following: Raise any enquiries on receipt of the draft contract from the seller's legal representative. Request local and other searches and ensure that these and the property title are satisfactory. Ensure that your interests and those of any mortgage lender are protected. Agree on a date for exchange of contracts. Alan Goldin Estates will proactively manage the progress of your purchase, keeping you informed and advising you throughout the process. There are no legal obligations until contracts are signed.
If you are purchasing with the aid of a mortgage, a valuation of the property will be booked by a surveyor on behalf of your mortgage lender to advise them on the property's value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your legal representative which you will need to sign before the funds can be released.
Exchange of contracts occurs when the title has been approved by your legal representative, all enquiries have been confirmed and agreed and any mortgage offer has been secured. Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be electronically transferred or paid in the form of a banker's draft from your legal representative to the seller's legal representative The completion date is then set by mutual agreement.
Completion is when the residual monies (usually 90%) are transferred from your legal representative to the seller's legal representative's account. Alan Goldin Estates will release the keys to you once we have received confirmation that the money has cleared in the seller's legal representative’s account. Congratulations – you now own your new home!
