5. Make an offer Congratulations - you've found a property you want to buy. The next step is to reach an agreement with the seller on the price. Think about this carefully. Give consideration to how the property compares with others you have seen, how well it meets your requirements, your budget, competition from other interested buyers, and consider what would happen if your offer is not accepted.
There is a common misconception that you should not pay the asking price but this depends on the property. There are many examples of property selling at or above the asking price where there has been interest from lots of buyers. In this situation we will ask buyers to make their best and final offer in a timely fashion
6. Conveyancing Conveyancing is the process by which the legal transfer of property from one person to another is made. The buyer or their solicitor/conveyancer examines the legal documentation for the property and raises questions in order to approve the contract of the sale. We can recommend reputable solicitors who have valuable experience with property transactions in our local marketplace.
After your offer has been accepted, we will write to you and the seller of the property exchanging details of your solicitors/conveyancers who will then contact each other to start the next part of the process. They are there to advise and guide you through the process, explaining the paperwork and forms and making sure that your purchase is as it should be. We know that this stage of the purchase can be stressful. Don't be afraid of asking the team if you have concerns or questions
7. Surveys There are three main types of survey; a Mortgage Valuation, a Homebuyer Report and a Building Survey.
If you require a mortgage then your bank will normally insist on Mortgage Valuation to establish that the property is good security for the loan. Although you probably pay for the Mortgage Valuation you would not normally get a copy of the report and therefore we would always recommend having your own survey done in addition.
• A Homebuyer report is for more conventional residential property built within the past 100 years and includes a detailed visual inspection of all aspects of the property that are available for inspection.
• A Building Survey (also referred to as a full or structural survey) is suited to older properties, or properties which may have different forms of construction or undergone major changes. A detailed inspection of all visible areas of the property is undertaken.
Often a professional survey can help you avoid expense in the future by highlighting defects you may not have spotted but as a minimum it should reassure you that everything is okay with the property.