Buying a property can be quite a challenge. Where to look? How much can we afford and more importantly what is involved? The decisions you make along the way could save you – or cost you - many thousands of pounds. Here’s is Woodlands step by step guide.
Arrange your funds - This is one of the most important stages. 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. Not only will this give you a range to search within it shows you are a confident and serious individual who has come prepared.
Through our partnership with London & Country Mortgages (The UK’s largest fee free mortgage broker) we are certain in being able to help you find the right mortgage deal. As a whole of market mortgage broker, they have flexible opening times (handy if you have a busy lifestyle). In addition, all products come with Buyer’s Protection Insurance to help with costs should your purchase fall through (terms apply).
Take a look at our mortgage page where you can view current best buy products (subject to change), try our online mortgage finder service and even check your eligibility.
Finding the right property - So you know how much you have to spend, now onto working out what and where the right property is. Your next step is register with us, you can also call us on 0208 560 3228 or for more detailed advice visit our office based in Isleworth TW7.
Our staff will be happy to discuss your property requirements, the finer points about our area (even recommend local schools!) and what we may think would make a good purchase for you.
Once we have a clear understanding of your requirements you will receive a selection of properties that match your criteria. We will sign you up to our exclusive Buyers Portal (PropertyFile) which will help manage your viewings and any offers. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available. You can also view all of our properties online and book viewings directly.
Something to Sell (…or Rent) - You may be upsizing or downsizing as part of your purchase so as to provide the source of your purchase funds. In this case it is advisable to ensure your property is being actively marketed so that the timescale of your purchase and sale run together. If your property is not yet on the market (or not getting enough interest) now is a great time to have one of our valuers assess its sale prospects. We will visit you at your home and provide you with an honest appraisal of your home so that your property sells within a realistic time frame.
Alternatively you may wish to let your property out and withdraw some equity. Our excellent Residential Lettings team will happily guide you the process while our mortgage broker will be best placed to source a suitable Buy to Let Mortgage.
Don’t worry if your property is not in the immediate area, as a member of the Guild of Property Professionals we have over 800 partner offices across England & Wales. So to speak literally we have you covered!
Being Prepared - The successful purchase of a property can be reliant on being organised and having the right people on your side. With us at the forefront of your property search you may need help behind the scenes. Our unique Residential Sales Concierge service (in partnership with Goto Group) will act as your helping hand. A member of the team will be on hand to arrange the following during your purchase:
- Instruct Solicitors from a national panel of firms
- Carry out a survey for your purchase (if needed)
- Source removal companies
- Arrange for a locksmith
This will leave you to focus on the things in life which matter the most! Please ask a member of the team for more details.
The Viewing - Once you have seen a property you like contact us to arrange a viewing or make a request via our website. We're open at times to suit you, convenient for viewing after work and at weekends. In order to secure a property we recommend an early viewing. We will chauffeur you to your viewings ensuring you arrive in a relaxed frame of mind and accompany you throughout so that we are on hand to answer any questions immediately and offer advise where necessary.
When viewing a property it is good to have a clear idea of what is important to you. If you are happy to do works then allow for the costs of these within your budget. If, of course you have any questions then ask away, we are also here to work in your interest and sometimes that one question may make your mind up!
Post viewing our Buyers Portal will ask you to post feedback and rate the property (no more aggressive chasing!) and whether you want to make an offer.
We will put your offer forward to the seller both verbally and in writing stating any special conditions of the offer and let you know the outcome. Please note, there are no legal obligations on either side at this stage.
Offer agreed - Your offer has been accepted…congratulations! Time to get the sale moving, at this stage we will prepare the details of sale and write to all parties to confirm the agreed price. At the same time, our Buyers Portal will start tracing the progress of your sale with milestones so you know at all times how things are going.
You will now need to instruct your solicitor to proceed with the conveyancing process, if you have already done so now would be great time to make use of our Sales Concierge Service. Similarly, if you have not instructed your mortgage broker to proceed with your application, now would be a good time.
The Legals - As part of the sale your solicitor will need to inspect the sale contract on your behalf and make sure it is correct. They will typically do the following:
- Raise any enquiries on receipt of the draft contract from the seller's solicitor
- Request their own local searches
- Query any additional relevant items
- Agree on a date for exchange of contracts
We will assist your solicitor and negotiate throughout the process with any information required, keeping you informed every step of the way both via telephone and through our Buyers Portal.
Survey and mortgage offer - If your applying for a mortgage then your mortgage lender will need to have the property surveyed. A survey of the property will be booked by a qualified surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property's value.
After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. Once this has happened your solicitor will then be able to call upon the funds prior to exchange and completion.
Please note at this stage there are no legal obligations until contracts are signed.
Exchange of contracts - The moment of truth! After what may seem like ages you are ready to make good on your promise to buy your next home! With funds agreed and contracts approved, your solicitor will report back to you and then agree dates for exchange and completion of contracts. This is typically the stage where everything happens all at once. We will negotiate the dates so that they are suitable to both you and the seller and then work with the solicitors.
Exchange of contracts occurs when all enquiries have been confirmed and agreed. If you are using our Sales Concierge now is when they will be calling you to book removals and change of locks for your new home.
Completion – This occurs when the residual monies (usually 90%) are transferred from your solicitor to the seller's solicitor's account. We will release the keys to you once the money has cleared in the seller's account. All that is left is for us to set up your utility providers.
Congratulations, you are now the legal owner of your new home!