"Welcome to the Lourdes property buying guide which we hope will help you to understand the property purchasing process a bit more clearly"
Step 1) Calculate what you can afford
Before you begin to search for your new property, it is imperative that you calculate how much you can afford to spend. If you require finance, you need to contact a lender or mortgage advisor who will guide you to the most appropriate solution based on your circumstances. Once you have received a Mortgage Agreement in Principal, you will know how much you can afford and the budget associated with your property search. Remember that in addition to the actual price of the property there are additional costs associated with buying such as stamp duty, lenders arrangement fee, lenders valuation fee, survey fee, land registry fee, local authority search fee, solicitor fees and removal costs which all need to be considered.
Lourdes can supply details of our reputable in house mortgage advisor to guide you through the process.
Please feel free to use our Mortgage Calculator by clicking here.
Step 2) Choose a solicitor
A solicitor or licensed conveyancer will deal with the legal and administrative work associated with transferring the ownership of the property from the seller to you the new owner. The legal process begins after an offer has been accepted and solicitors' details of both parties have been exchanged by Lourdes. We cannot emphasise enough that choosing an effective solicitor is crucial in ensuring a smooth and stress free experience throughout the entire process.
Lourdes can supply details of our recommended panel of solicitors to guide you through the process.
Step 3) Register with Lourdes Estate Agents
Now you are aware of how much you can comfortably afford to spend, contact Lourdes by phone or email and discuss your requirements with us. Once you are registered, we will notify you via email, SMS, MMS or phone if any suitable properties which meet your criteria come to the market.If you request to view properties with us, we offer flexible arrangements and our negotiators can even offer a pick up/drop off service. Viewings will always be accompanied and any questions answered very quickly. To ensure that our vendors are always up to date, our negotiators will always contact you the following day to ascertain any feedback you may have.
Step 4) Making an offer
Once you have identified a suitable property, the next step is to make a formal offer for the property via your negotiator. To avoid any later confusion, agree what work if any should be carried out on the property prior to completion and also which fixtures & fittings should be included in the offer price such as kitchen appliances, curtains, blinds, carpets etc.
Step 5) Offer is accepted, what’s next?
Once your offer is accepted, Lourdes will produce a memorandum of sale detailing the buyer and sellers details, their chosen solicitors and the conditions of the sale including agreed price. This document is then sent to all parties concerned and the legal process begins. At this point and to avoid any unnecessary delays, you should ensure that your solicitor has everything that’s needed from you to begin conveyancing and you should also complete your lender's application form and provide them with any required documents requested. Your lender will then organise a valuation to be carried out on the property to ensure that the property is being purchased for the correct price. If a mortgage is not required, you do not have to get a valuation survey. If you are buying a property which is older or in need of repairs, you could consider instructing a more detailed survey other than the lenders basic valuation. Following the valuation report, the lender will calculate how much they will allow you to borrow and issue you an official and proceedable mortgage offer for you to buy your property.
Step 6) Exchange of contracts
Once you and your solicitor are happy to proceed and the formal mortgage offer has been received, the contracts of sale can be exchanged. Exchange of contracts means that you are in receipt of the contract which is signed by the seller and the seller is receipt of the contract which is signed by yourself. At this point, you will provide the seller with a non refundable deposit (usually 10% of the purchase price) and both parties are now legally bound by the contract. If you change your mind afterward this stage, it is likely that you will lose your deposit and could be sued for breach of contract. Exchange of contracts is a landmark day for all involved and a completion date will be set which is usually 7 days after exchange takes place. It is now time to book your removals!
Step 7) Completion of contracts
Completion happens when you pay the balance of the purchase price to the sellers or their solicitors’. Once this happens and the funds are cleared, the seller is obliged to vacate and we can hand over the keys to your new property.
Step 8) Post completion
Lourdes can recommend reputable decorators and tradesmen to quote for any potential work which you may require to be carried out on your new property. Please speak with your consultant for more details.