Know how guide - Buying a property
Step 1A – Check your finances
Before you start house hunting, it’s vital that you work out just how much you can afford to spend on buying your new home. Remember that this not only includes the capital amount available from a mortgage and monthly mortgage payments, but also any mortgage fees, solicitor’s fees and stamp duty as well as costs for valuation and property surveys. It’s also a good idea to check your credit report to make sure your file is free of issues or errors before you apply for a mortgage. Once you have completed this important stage, you can now look to review the various mortgage products available and arrange a ‘mortgage in principle’ putting you in a solid position as you move towards the buying phase.
Step 1B – Do you have a property to sell?
If you have a property to sell, it is vital that you choose the right estate agent who will give you accurate valuation advice based on their knowledge of the local market, coupled with top class marketing packages – including professional photography, floor plans and brochures, online and traditional advertising AND a proactive approach to selling your property backed up by hard evidence. Our clients constantly recommend us as the number one estate agents in Bolton – contact us today for jargon free help, valuation advice based on our knowledge of the property market in Bolton and the surrounding area and of course our award winning marketing packages.
Step 2 – Finding the right property
Whilst this may be seem the most straightforward of steps, you should really put some thought into all of the boxes you would like to tick when looking for the perfect property. Price, location and size are the obvious top three but you may also want to include more detail to help you filter your choices. Here at Edwards, we always recommend that you contact us at the outset and register your needs with one of the team. We can then ensure that as soon as properties of interest arrive we can contact you immediately and arrange an accompanied viewing at your earliest convenience.
Step 3 – Making an offer
Once you have viewed a property and have decided that it meets all of your needs you should notify us as soon as possible so that we can put your initial offer forward, verbally and in writing to the seller. This offer can also include any special conditions, (e.g. include fixtures, fittings and white goods/ exchange contracts within 28 days etc) and can also confirm evidence of your mortgage ‘in principle’ if secured. At this stage there are no legal obligations on either party.
Step 4 – Submit full mortgage application
Once the offer has been accepted in principal by the seller, you should now submit your full mortgage application to your bank or building society or through your independent financial advisor. Once your application has been accepted a lender's survey will be arranged for the property.
Step 5 – Instruct a solicitor or surveyor
Conveyancing, done by your chosen solicitor, encompasses all of the necessary legal work around the sale of a property. It includes local searches, enquiries on receipt of a draft contract from the sellers solicitor and checks around planning and other issues that might affect the property’s value.
Whilst a valuation survey will be undertaken by your chosen lender to approve the value for mortgage purposes, you may want to commission your own survey on the property to identify any issues which may cause problems in the future. Based upon the age and condition of the property you can choose from a basic survey (RICS condition report), a more detailed RICS homebuyers report or an in depth building or structural survey.
Step 6 – Finalise the offer and mortgage
Subject to the survey results, you may at this stage revise your offer if either the lender values the property at a lower price or your survey uncovers problems with the property that will be costly to put right. At this stage it is very important to stay in touch with the seller through your estate agent to ensure that there are no hidden surprises to derail the sale.
If everything has gone to plan, you should now contact your advisor or lender to proceed with setting up the mortgage – once you have received a binding mortgage offer you have now up to seven days to accept and go ahead.
Step 7 – Exchange contracts
Your solicitor will go through the contract with you to check that ALL details are correct and once signed both you and the seller are committed to the sale. A deposit (usually 10% of the purchase price) will be transferred to the seller’s solicitor and the completion date will be then set by mutual agreement.
Step 8 – Completion and final steps
On the agreed day, the remaining balance (usually 90%) is transferred from your solicitor to the sellers solicitor. Once cleared, we will release keys and congratulate you as the legal owner of your new home. It is also at this stage that any outstanding mortgage fees, and your solicitor’s fees (including land registry) need to be settled. If buying a residential home over £125,000 you also have just 30 days to pay Stamp Duty (your solicitor can arrange this for you).
"Nothing was ever too much trouble"
Thank you so much for all your help and advice during the last few months. Your company made us feel cared about and as if we were the only clients you had. Nothing was ever too much trouble and we really appreciate it. It is as though we are leaving friends. Thank you again!
"Extremely professional and friendly service"
From my first call to arrange a viewing to collecting my keys, I received a first class, extremely professional and friendly service from the team at Edwards. They were very accommodating with viewing times, the negotiations were dealt with professionally and I was updated with progress without feeling pressurised. Even after I moved in Edwards remained very helpful. My whole experience of purchasing my new home was stress free. I will be recommending Edwards to friends and family. Thank you - I love my new home!
"We wanted accurate valuation advice"
From start to finish we were very impressed with the level of service we received from the team. We chose Edwards as we wanted accurate valuation advice from an agent with local knowledge. We got this from Alex and then excellent ongoing support right up to completion from the rest of the team.
"Took them four days to find a buyer!"
Excellent, professional and polite staff. Bent over backwards to sell our home. Took them four days to find a buyer! Made the selling of our first home quick, easy and stress free. I couldn't recommend them highly enough!
"Outstanding - the utmost courtesy and professionalism!"
Our experience with the Edwards team in Heaton, Bolton was outstanding. We were supported throughout with the utmost courtesy and professionalism. They were sensitive to all our needs, international and personal. All hurdles were dealt with promptly. Excellent job!
"Sound advice and excellent communication"
I was absolutely delighted to receive a superb, professional service from Edwards. Sound advice and excellent communication made me confident that the marketing and sale of my property was in very good hands. Many thanks to Deidre Golding and her team for bringing that about successfully. I would not hesitate to recommend Edwards to any potential sellers!
"So much easier than we expected"
This was our first purchase and Edwards were very helpful in explaining anything we were unsure about and made the whole process so much easier than we expected. We were kept well informed at every stage of the purchase by Edwards, even when our own solicitor was difficult to get hold of!
"I have no hesitation in recommending Edwards"
All the staff were very helpful and eased what could have been a difficult sale. They were all very professional and I have no hesitation in recommending Edwards to other sellers!
"Several buyers for it within a few days"
Because of the great service we received when buying through them, I didn't hesitate to entrust the sale of my late mother's property to them. Communication was great throughout and they had several buyers for it within a few days. They were able to secure a good price and the whole process was seamless!
"Sold our house very quickly"
Very happy with every aspect of Edwards' services. Helpful, efficient and sold our house very quickly, making the house selling process a lot less stressful!
"The difference in service levels was amazing"
An excellent service from start to finish. Everyone we dealt with was very professional and wanted to do a good job for us. We had been with another Bolton agent and the difference in service levels was amazing!