Buying Guide & Recommendations

Before you start looking at property

Let us know of your essential requirements. Many buyers do end up living in properties that suited their NEEDS and not always their initial WANTS and also remember those COMPROMISES. Try to avoid seeing properties that are well beyond your budget as you could be setting yourself up for potential disappointed. If you require a mortgage or finance then it is essential to find out how much money you will able to borrow before you start looking. This, together with your deposit, will dictate those properties that are within your price range and will provide you with the confidence to look more realistically and negotiated more effectively. It will allow us to introduce you to properties that may have a degree of flexibility and where your situation may be of benefit to a vendor.

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You begin to View properties

When you view property, please try to look through the cosmetic decorations and staging and concentrate on looking at the home realistically. Remember your NEEDS and budgets.

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We hold keys to many of our properties so we can show you at a time that suits you if the sellers prefer not to be there.

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We do recommend viewing property during daylight hours but that is not always easy during the winter. In which case you should come back for a second look in daylight should you be thinking of making an offer. Do take notes when you view as when seeing a number of properties at the same time can be confusing and it will help you to focus once you are home.

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Preparing you to make that offer

It is advisable to research and choose a solicitor in advance to finding a property as they will explain the conveyance process and costs involved and you will become knowledgeable in advance of buying. Having a solicitor to act immediately, means that you can efficiently and swiftly act when you get an offer accepted. We can assist in obtaing a recommending several solicitors who will be able to ‘quote up front’ who know the area and have good knowledge of the local authority and the departments which will be of help.

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Mortgage

Hopefully you will already have arranged an offer of a mortgage “in principal”, But If you have not already done so then we can put you in touch with an independent financial advisor who can provide an unbiased view on a wide range of mortgage products and is not tied in with one or more lenders.

JF Financial Services can be contacted on 0845-508-8588 justin@jffinancial.co.uk

When you make your offer you will need to be sure that you have the funds available and be in a proceedable position. We will take your offer together with your financial ability and proceedable position; we will check any chain that is below you and if not already done so, qualify you for your mortgage. We will then advise the vendor (owner) of your interest and write to you both confirming the amount and intent subject top contract. If the vendor accepts your offer then we will write to all parties including both solicitors and monitor the sale and purchase through survey to exchange of contracts to completion.

Offer

If you make an offer through us then please remember that it is the vendors decision to accept or reject an offer and not ours, and some sellers do not always respond as quickly as you would like therefore keep in regular contact and try to be patient.

Once you have had an offer accepted though us, we will send out sales Memorandum to you, the vendors and both sets of solicitors that detail the terms and conditions that are agreed. Your solicitor will more than likely ask you for funds to pay for the local authority searches in advance so you need to bear this initial cost in mind. If the vendor agrees to take the property off the market for a period of time then they will require commitment to the process and your solicitor’s swift responses are key to this. Unfortunately buyers have lost properties due to their solicitor not acting quickly enough, setting a timescale from the outset.

What happens next?

Your solicitor or licensed conveyancer will make contact with the seller’s solicitor and confirm they have been instructed to act upon your behalf. The seller’s solicitor will send a draft contract and pack to your solicitor who in turn will apply for local authority searches and prepare “standard preliminary enquiries” in response to the information they receive. Most enquiries are standard but there are additional questions i.e. alterations to a property, guarantees that may exist and fixtures and fittings that may be remaining in the property. Along side this process, your lender will need to undertake a survey of the property. This will need to be paid for in advance and if not already done so, you will need to complete the remainder of your mortgage application and provide necessary documentation (e.g. pay slips, bank statements and ID) also (AML) Anti Money Laundering information of which your solicitor will require the same. The quicker you supply this information, the quicker your mortgage application will be processed.

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Exchange of contracts

Once your mortgage offer is confirmed and you and your solicitor are satisfied that you both have the answers to any outstanding questions, and assuming all are still happy to go proceed, you and the sellers will sign the contract and an “exchange of contracts” for your purchase will happen provided that you have sent your solicitor the deposit money (usually 10%) and in turn they will need to have it as cleared funds in their bank account before finalising exchange. Usually you will sign the documents in advance and both sides solicitors will formalise the exchange and mutually agreed completion date between them once everything is ready.

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The Day of Completion

The date set and included in the contracts for completion has arrived. You need to make sure you have sent the balance of any moneys due, including enough for the stamp duty and any additional fees that have been requested, to your solicitor in adequate time. Your solicitor will “draw down” the mortgage monies from your lender and send it, together with any balance to the other solicitor and once receipt has been verified the property will be YOURS. Your solicitor will, in normal circumstances, complete a form TR1 and will notify the Land Registry that you are the new owner and at the same time will also register details of any mortgage lending. Once we have received confirmation from the seller’s solicitor that completion has taken place, we can then give you the keys and you can move in.

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