Buying your home will probably involve the biggest investment you make in your life. Most people buying a home take on a major financial commitment via a mortgage and this means making a choice from what is often a bewildering range of options. Positive action starts with being well informed. If you know what to expect you will be able to handle any problems that arise and that goes for the future as well.
1. Search for Properties
You can search for properties on our website using our search facility, or you can call into our offices in Leeds City Centre and Headingley and take advantage of our touch screens to find a property that meets your needs. Our team is always on hand to help you and keep you informed of the latest properties available for sale, or can help you find the type of properties you are interested in. If you don't find what you are looking for, please call us with your requirements.
We know it's important to organise viewings at times that suit your life. Therefore we offer viewings 6 days a week including evenings to ensure that you can view a property at your convenience. Second viewings are never a problem and we can work with you to ensure that any questions you have about the property are answered as quickly as possible. We advise you view the property during the daytime and spend a good 20 to 30 minutes looking around the property and surrounding area.
3. Selecting a mortgage
Finding your way through the maze of mortgages that are available can be a time consuming task. It's important that you select one that suits your particular needs. We at Parklane have partnered with a leading mortgage and financial service provider who offer a variety of finance and insurance products. Simply arrange an appointment through us and we'll get the ball rolling.
4. The Offer
Once you have found a suitable property you need to make an offer on how much you are willing to pay for the property. It's important not to be over enthusiastic and you must consider how much you can really afford based on mortgage calculations and any equity you have in an existing property. You must also consider all the other costs that will be involved in buying your home such as solicitor's fees, insurance and moving costs. Make an offer that you believe is fair and you can afford to avoid any time wasting at a later date due to a mortgage being turned down etc. Once the vendor has accepted the offer you should instruct you solicitor to start the buying process. Remember at this stage there is still no legal obligation for you to buy the house or for the vendor to sell it to you until both parties sign the contract.
Depending on the type of house you are buying your mortgage lender may require more than just a valuation and homebuyer’s survey. It's important to note that a full structural survey may cost a little more but on older houses it can expose potential problems that you or your mortgage lender were not aware of. Any issues may affect the lenders ability to issue a mortgage and also highlight expensive problems to you before you purchase the house.
You will need to find a solicitor or licensed conveyancer to provide all the legal services required to buy your house.
This is also the time to instruct your mortgage broker to proceed with your mortgage application and make arrangements for a survey and or valuation. Your solicitor should carry out the following
Prepare Draft Contracts
This is drawn up by the vendor's solicitor and sent to your solicitor. It will answer some initial questions regarding the property i.e. what is remaining in the property, where the boundaries are and what is included as part of the sale. Once results of the Land Registry Search and Local Authority Search have come back and any queries regarding the property have been answered, the draft contract is approved by your solicitor.
Local Authority Search
Your solicitor will submit a Local Authority Search to the local council that you will pay a fee for.
This is important as it will highlight any potential issues regarding the property such as planning permission and any other local issues such as potential developments in the area.
The sales contract is signed by both you and the vendor and the deposit is transferred or paid by your solicitor to the vendor's solicitor. The date is then set for completion.
Formal Mortgage Offer
This is important, without a formal mortgage offer you cannot proceed unless you are buying the property as a cash buyer. The offer will be sent to your solicitor for your signature and approval. Once signed you can move forward to exchanging contracts.
This gives you information on the following aspects of the property you are about to buy including:
- A description of the property
- Who owns it
- Mortgage Lender (if any)
- Price stated (if registered since 1st April 2000)
- Rights of way (not public rights of way)
- Any other conditions or restrictions such as restrictive covenants etc.
Once the exchange has taken place then completion generally happens a few days or a couple of weeks later. This is dependent on your circumstances and any other parties involved in the house buying chain. On the date set any monies owed are transferred from your solicitor's account to the vendor's account. Once the monies have been received you can collect the keys and you are the legal owner of your new house.
Make sure that once you know your completion date you book your removal service as soon as possible. At busy periods removal services can be booked up and it's important that you ensure that you can rely on a reputable firm to help you move house.
Make sure that you have all the necessary insurance policies in place for the day that you are moving into your new house. Contents are particularly important and you may want to consider insuring your contents with the removal firms so that any breakages during the move are covered.