Buying a Home

• Speak to a mortgage broker or bank/building society manager who will calculate the amount of money a lending institution may be prepared to lend you. This will depend on your financial circumstances e.g. multiple of your sole/joint income, amount of deposit etc.
• Decide on the geographical areas, price, size and type of property you are interested in and register with estate agents selling property in that area
• Obtain a solicitor experienced in the conveyancing process

When making an offer to buy property the selling agent will require you to give the following information:

• Full amount of the offer
• Details of your status i.e. First Time Buyer, house to sell, renting etc
• Finances
• Percentage and amount of deposit
• Name of solicitor in accordance with the Estate Agents Act as all offers have to be put in writing.

On acceptance of your offer the selling agent will require full contact details of you and your solicitors in order to send a sales advice notice.

Soon after the sale has been agreed to you it will be necessary to instruct a surveyor on behalf of your bank or building society (either a mortgage valuation or a fuller detailed home buyers report). It will also be necessary to give bank/building society the financial information on your self and once the survey has been carried out they should be in a position to issue an offer of mortgage.

Even if you are a cash buyer it is still advisable to get a survey for your own purposes.

Once your solicitor reports to you that the title is satisfactory and the contract can be signed and also that an offer of loan has been received you will be required to sign a contract and pay a deposit. A completion date is agreed and the contract is released from your solicitor to the vendor's solicitor.

Once your contract has been countersigned by the vendors and a copy has been sent to your solicitor then there is a binding contract.

The solicitor acting for the purchaser prepares the purchase deed and requests the purchase monies from the bank or building society for completion on the agreed date. Once full purchase monies have been given from the purchaser's solicitor to the vendor's solicitor the keys are released and access is given to the property.

Your solicitor will then arrange to get your purchase deed which has been signed by the vendor stamped and registered. Once the legal formalities have been completed the solicitor will send off your title deeds to your bank or building society as security for you loan and the bank or building society will contact you regarding repayments of your loan.