Guide for Buyers

The thought of buying a house is very exciting, which means we can get carried away once we've made the decision to start our search. Before you head out and start viewing, you need to check what you can truly afford. Speaking to our independent mortgage broker and arranging an agreement in principle should be your first step. Once you have your agreement in principle you can go out viewing with confidence. It also puts you in a strong negotiating position, whilst potential sellers know you're a serious proposition as you have started the process of securing your finance.

Once you have established your budget, it is time to start looking for your perfect property. Register your details with Abode either via our website or speak with one of our friendly team who will be happy to guide you through the buying process. You can register for email alerts on all the major property portals including rightmove, Zoopla and On The Market. This will ensure you are kept up to date with all the new instructions being listed in Woodford Green, Buckhurst Hill, Chingford and South Woodford. We will arrange the viewings for you and generally attend the appointment to answer any questions you might have about the property.

Once you have found the right property it is then time to make that all important offer. Having an agreement in principle and a proof of deposit ready will very much help you stand out from the crowd, particularly if there is another interested party who may not be so well prepared. Although there is no legal obligation at this stage if you have any conditions or terms that you want included in the negotiation then this is the time to make us aware.

When an offer is agreed between both the buyer and seller the next stage begins. You will need to instruct a solicitor to act on your behalf. Choosing a good solicitor is crucial at this stage to ensure a smoother transaction.  We have a list of local solicitors that we recommend which we have used for several years.

Your solicitor will legally make sure you purchase the property and will handle the transfer of funds to the vendors solicitor. We will assist the solicitor on a day to day basis and update everyone involved in the sales chain. The solicitor will..

• Apply for local authority searches when they receive the draft contract from the vendors solicitor.
• Report to you whilst highlighting any points within the contract they feel need bringing to your attention.
• Offer the Exchange once a completion date has been agreed by all parties in the chain.

In conjunction with the conveyancing you will need to arrange a survey via your lender. There are three types of survey offered by mortgage lenders, they are; a mortgage valuation, homebuyers report or building survey. The age and condition of the property will generally determine which type of survey you opt for, but we are always on hand if you would like any advice. Once the survey has taken place the mortgage offer will follow, meaning the bank is happy to lend you the funds and you are in now in a position to exchange.

Once your solicitor is happy and you have your mortgage offer the contract will be sent to you for signature. Once you have signed the contract, we recommend returning it to your solicitor by recorded delivery and simultaneously transferring your deposit by way of a bank transfer, so it arrives as cleared funds, this is normally 10% of the purchase price unless otherwise agreed. You cannot exchange without a completion date, so this needs to be agreed with everyone in the chain and is quite often mediated by ourselves. Once exchange has taken place it becomes legally binding, neither party can withdraw from the transaction without facing the possibility of financial consequences.

Your Moving! The mortgage lender transfers the completion monies to your solicitor, in anticipation of completion and you must transfer any funds you've set aside to make up the difference. The morning of completion, your solicitor transfers the full amount to the vendors solicitor. Once received, the vendors solicitor will contact ourselves to say completion has taken place and we can release the keys. At this point we will phone you and arrange for you to pop into the office or we can meet you at the property with the keys.

You should aim to have an agreement on principle (AIP) from your chosen lender before you start your property search. This will help you to understand what properties are in your immediate price range and you will be taken more seriously when you do offer.

Deposit size will vary depending on the lender and the mortgage product you choose. We would suggest speaking to an independent mortgage advisor, we recommend Instant Mortgages who can advise you on the best mortgage to suit you: www.instant-mortgages.com.

Once an offer has been agreed you will need to instruct a solicitor to handle the conveyancing. We can not stress enough how important your choice of solicitor is to the transaction. We would always suggest using a company that has been recommended to you

Although you are not obligated to have a survey it is generally recommended to do so. If you are buying a property with a mortgage, then the lender will carry out a Valuation Survey to ensure that you are paying the correct price for the property. A Homebuyers and Building Survey is more detailed and will highlight problems in the property that may need further investigation. Additional surveys such as timber and damp, electrical or structural surveys can be carried out following this report.

The average purchase will generally take between 6-12 weeks before all parties are ready to exchange. A freehold transaction is usually quicker than a leasehold, but each can vary greatly. We will be on hand to ensure that everything is done to meet your preferred timelines.

Exchange is when your purchase becomes lagally binding. You will lodge a deposit with your solicitor, this is normally 10% of the purchase price, unless otherwise agreed. When you exchange a completion date is agreed throughout the chain and this is the date you will become the legal owner of your new home. Abode will arrange for the collection or delivery of the keys once the completion funds have been received.