Arranging a mortgage
Before getting serious with your property search, it’s a good idea to find out how much you can afford to borrow, this process is called obtaining a mortgage pre-approval. A pre-approval takes into account the credit score of the applicant(s) and should be based upon a review of the applicant(s) income and assets. (Tip: Since many purchases fail due to an inability to secure adequate financing, it is worthwhile seeking a creditable mortgage broker or lender in your local area to undertake the pre-approval process. VitalSpace work alongside carefully selected Independent Financial Advisors and one conversation could give you access to the entire market place covering all the high street lenders. Click here to speak to one of our reputable Independent Financial Advisors.
Start Your Search
Now you have an idea of what you can afford, it’s time to start searching for a house to buy. Estate agents and property portals allow you to register for property update emails which will alert you to new properties. It is also worth contacting estate agents in the area you are looking to move into. It’s always going to be a careful balance between money and time, and of course, the supply of property in your chosen area. You could find your next home in any of a number of places, but without doubt, the easiest place to start looking is the internet. VitalSpace advertise on all the main property portals as well as our own website and encourage all potential purchasers to register your details with us. This will enable us to keep you informed of any new properties coming to the market and send details directly to your inbox so you can book a viewing straight away.
Arrange Some Viewings
Once you’ve found a property you’re interested in, it’s time to book a viewing. VitalSpace offer virtual viewings as well as physical viewings so you can get an idea of whether or not you like a property before taking the time to visit it in person. Simply complete our online viewing request form or contact us to arrange your physical property viewing.
Making A Offer
Once you have found a property that suits your requirements, try and stay calm. When making an offer you should always establish exactly what fixtures and fittings are included within the sale and what isn’t. For example, plumbing and heating installations are almost certainly included, but curtains and carpets may not be. Conditions of your purchase must be outlined at this stage prior to having your offer accepted. In order to submit an offer with VitalSpace, please visit our submit an offer page.
Solicitors / Conveyancing
Once your offer has been accepted, you and the vendor will need to appoint a solicitor to handle the purchase and sale. A solicitors job is to take care of all legal aspects of the transaction, which include local searches, land searches, land registry entries, tile issues and stamp duty. Both parties will be sent a Notification of Sale from the Estate Agent confirming the price agreed, any special conditions negotiated and the names and addresses of both solicitors. Selecting a solicitor is an important decision as choosing a proactive firm who communicate well with all parties during the purchase process is essential. VitalSpace can recommend respected local solicitors to help with your purchase if required.
Survey
If you are purchasing with the aid of a mortgage, a survey is usually arranged on behalf of the lender. If you are a cash purchaser it is always recommended that you instruct an independent survey or inspection yourself. The outcome of the survey determines the next step. VitalSpace can recommend surveyors who can provide full reports.
Stamp Duty
Stamp Duty Land Tax is a tax payable by the purchaser to HMRC. Your solicitor will usually handle this for you and send the payment to HMRC on your behalf. With house prices rising rapidly, more and more homebuyers are having to pay stamp duty land tax. Currently, stamp duty land tax is calculated on a tiered system dependent on the price of property you are purchasing. Visit our Stamp Duty Calculator to establish how much tax is payable on your purchase.
Exchange of contracts
At this stage both you and your solicitor must be happy with the outcome of the survey and be satisfied with all replies to enquires raised. The formal mortgage must be granted so that funds can be drawn to your solicitors bank account when requested. Your solicitor will agree a completion date with all parties and then exchange contracts based on the above.
Completion
We’re nearly there – The mortgage lender now releases the monies to your solicitor who in turn transfers these to the sellers solicitor. All title deeds for your new property are handed over to your solicitor and the property is legal yours. The sellers will have arranged to release keys to their agents and it will now be possible for you to collect these and move into your new home.
