Buying your first home isn’t always easy, but we can help first time buyers get on the ladder by arming you with the knowledge required to fulfil the criteria required at each step go the process.
1. Save for a deposit and ancillary costs associated with a property purchase
2. Receive an offer in principle from a mortgage provider
There are now strict checks when you apply for a mortgage. Lenders will check that you can afford the mortgage and also ‘stress test’ your ability to make your payments if interest rates were to rise or if your circumstances changed, such as possible redundancy or having children.
As part of the mortgage application process you will need to show the lender evidence of any outgoings, and prove your income.
3. Arrange viewings
This is normally the most exciting part of the process. Ensure that you check amenities which are important to you. This might include access to major roads, public transport or schools.
4. Make an offer
Once you have found a property that you would like to buy, you need to advise Sales Angels as quickly as possible. The agent may ask you at this time to provide photographic identification and the offer in principle letter from your mortgage provider. The agent will then put the offer forward to the seller.Should the offer be accepted, both parties will be notified in writing. You will now need to instruct a solicitor to handle the transaction of the property sale and you will also need to instruct a survey.
5. Instructing a Solicitor
Details of your chosen solicitor and surveyor will need to be provided to Sales Angels within 24 hours of the sale being agreed.
Sales Angels will write to the buyers and sellers solicitors advising them of the agreed terms of the sale which will include the price and any negotiations which may have been agreed, such as the inclusion of fixtures and fixings or agreed time scales which both the buyer and seller have committed to.
6. Instructing a Surveyor
It is usual practise for the property to be taken off the market (for a maximum of 7 days) to allow for the survey to take place. If there is a delay in the survey being booked, Sales Angels will place the property back on the market and you may loose the property to another buyershould an acceptable offer be made during this time.There are several different types of Surveys available.
7. Instructing your mortgage company
You will also need to advise your mortgage company that you would like to proceed with the mortgage offer they have made.
8. Exchange of contracts
Once the surveyor had been completed to your satisfaction and the solicitors for the buyer and seller have agreed contractual terms, contracts can be exchanged.At this point both the buyer and seller will become contractually obliged to meet the terms of the sales contract.
Should either party cancel the contracts after exchange, there will normally be financial compensation payable to the opposite party.
9. Sale Completion
It is usual practise for the ‘Completion’ to occur within two weeks of the exchange of contacts although you may exchange and complete on the same if there are no other parties involved with the sale.
10. Move in!
As you can imagine its not quite as simple as achieving step one and plain sailing through to step 10! Being aware of almost all eventualities will help manage your expectation in terms of time scales and costs thus ultimately making the sales process as smooth as possible.
All staff members at Sales Angels fully appreciate how how exciting and daunting the prospect of owning a house can be and are available to answer any question you have on any part of the process!