Below is a step-by-step guide to buying a property:
Step 1 - Get Your Finance In Place
If you are selling your property, it is advisable to get an accurate, up to date valuation from PropertyLine where we will factor in location, condition, demand, your competition and recent comparable evidence. Take into consideration your income, any savings you wish to use and if appropriate, any cash you plan to use from the sale of your existing property.
Speak with your bank, and an independent mortgage advisor to ensure you have explored every avenue in securing the best mortgage product that suits you.
It is important to factor in the essential services and taxes involved in buying a property into your budget calculations. The most common include - stamp duty, conveyancing, searches, land registry and surveys.
Step 2 – Choose a List of Essential Property Features
Now you have a budget in mind, you can start to make a list of must-have property features such as the number of bedrooms required, the driving distance to a school or a workplace and what type of property you require.
Be prepared to compromise! It is very rare that a property will tick every box so, put this list in order of importance.
Our online search tools have made the process of finding property easier than ever, however you may not be aware that some of the best properties with desirable locations, price or size sell before they are listed on the larger property portals. We recommend registering with your local PropertyLine branch to ensure you do not miss out on what you are looking for.
Step 3 - Viewings
Once your agent is up to date with your needs, it's time to get out there and see a range of properties so that you can get a grip on what your money will buy in your chosen area.
We advise you to view as many properties as you can, however, if you find the perfect property early on in your search, don't delay if you like it. The probability is that someone else will like it as well and you may miss the opportunity.
Step 4 – Make an Offer
When you find a suitable property, consult your agent about how to proceed. An offer is about more than just money; you will be asked to provide details of:
- Your buying position
- Proposed timeframes
- Any inclusions (curtains, carpets, etc.,)
- How you propose to fund the purchase
The seller will expect us to obtain all of this information, as it will aid them in their decision-making
Step 5 – Sale Progression
The in-house sales progression team will be with you every step of the way to ease you through the sale process and make it as seamless as possible. They coordinate between you as a buyer, the seller, conveyancers and other estate agents in the chain, with all the experience they have gathered over the years they are extremely proactive and know the process inside out.
Step 6 – Exchange of Contracts
The exchange of contracts is the legally binding part of the process. This is when you hand over a deposit - the normal sum or liability is 10% of the purchase price. Contracts are exchanged once you and the seller and your respective solicitors/conveyancers are satisfied that everything is in order. A date for completion is then agreed and from this point, both parties are legally bound to go through with the transaction.
Step 7 – Completion
This is the day the balance of the monies is transferred via the banking system and the day on which you will get the keys to the property you have bought. For most people this is the day that they physically move into the property with all their furniture and possessions.