Buying Guide
Decisions, decisions, decisions – they’ll need to come thick and fast when you’re in the process of buying a property.
It can be a real roller coaster of highs and lows, especially if you’re a first-time buyer. Best advice is to be patient and try to keep a check on your expectations, because it can be a lengthy process, during which times things can go wrong and a little
disappointment is all part of the journey. Whatever happens, Oliver’s always on your side to offer support and guidance every step of the way. The buying process has a number of stages, which are explained below.
Stage One
Register, Mortgage, Solicitor
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Let’s register
Your first job is to register with Oliver’s, preferably in person, where you can discuss your property needs and discuss your budget with our experienced staff, all of whom have a thorough knowledge of the area. As soon as we know what you’re looking for we can provide you with a suitable selection of properties to view.
Pop in, call 020 7284 1222 for an appointment or register online now.
Think about a mortgage
It’s never too early to sort out your finances and arrange a mortgage. The sooner you have a mortgage offer agreed in principle, the better – you don’t want to lose out on a suitable property and be beaten by a competitive bid.
Oliver’s can advise you on mortgage options as well as companies and brokers should you need any help.
Talk to a solicitor
Start considering a solicitor; someone who’s easy to talk to, from a firm who knows the area and has considerable experience in the very latest conveyancing procedures. Oliver’s will be able to put you in touch with someone suitable, if required.
Stage Two
Viewing, Make offer, Proceed
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Start viewing
Be serious about viewings and choose the earliest opportunity or you might miss out. Go for flexible viewing times and ensure your agent can organise these during evenings and weekends, if needed.
At Oliver’s at least half of our viewings take place outside ‘normal’ hours and we’re contactable 7 days a week.
Make an offer
Always make an offer through your agent, who will inform the seller by phone, text, or email. A formal written offer will follow.
Remember, until contracts are signed and exchange takes place, there is no legal obligation on either side.
Offer accepted, what now?
Once your offer is accepted, you should instruct your solicitor to proceed. This is a good time to broach the subject of dates for exchange and completion. Also, talk to your mortgage people and organise a property survey.
Stage Three
Searches & Enquiries
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Searches and Enquiries
Following the acceptance of your offer, a contract is drafted by the vendor’s solicitor and forwarded to your solicitor, who will make the necessary initial enquiries. If required information is not available in the Home Information Pack, your solicitor will undertake suitable searches. A surveyor will be commissioned by the mortgage lender to advise on the property’s suitability and highlight any structural concerns as a basis for negotiations.
Things can move ahead as soon as satisfactory answers from the searches and enquiries have been received and the preliminary contract meets your solicitor’s approval.
At this point, your mortgage company, via your solicitor, should send you a formal mortgage offer. Sign it, return it and you’re almost in business.
Stage Four
Exchange & Completion
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Time to exchange
Exchanging contracts can only happen when all local searches and enquiries have been agreed by both parties. Contracts are then signed by both buyer and seller and a 10% deposit must be presented to the vendor’s solicitor, by banker’s draft or electronic transfer.
Complete success
This final stage should take place shortly after contracts have been exchanged, on a mutually agreed date, depending on the personal circumstances of both buyers and sellers. The remaining 90% of monies is transferred and finally it’s time to call in the removers.
Job done!
Register with us
Pop in, call us on 020 7284 1222 or register online now
