The Buyers Guide

1.The Start – You want to buy a property?

• Type of Property?
• Set a realistic budget
• What is your priority? – area, schools, transport links, entertainment, shops, restaurants

2.The Cost of Moving

Remember there are costs to consider when buying a house. It is always sensible to have a contingency

Associated Costs of buying:

• Sales/Estate Agents Commission
• Legal/Conveyance
• Stamp Duty
• Land Registry
• Survey
• Mortgage
• Local Authority Searches
• Insurance
• Possible Brokers Fee
• Removal Fees
• Rebuilding/Decorating
• Disconnecting/Reconnecting Services

3.The Mortgage

Smith Melzack will require proof that you have funds to purchase a property or awaiting a buyer to purchase your property first.
It is a good idea to have a mortgage agreed in principle before deciding on a new property - it will help to speed up the process.

4.Instructing a Solicitor

Need a property solicitor to take care of legal and administrative details?
We work with independent law firms who specialise in the buying and selling of property in the area. Please ask the office for details

5.Finding and Viewing a Property

There are many ways to find a property:

• Via our website www.smithmelzack.com
• Call, email or pop into the office, tell us what you are looking for
• Register your details
• We will begin the search to find the property for you
• When we find the property, we will set up a viewing at a time that is convenient for you

6.Making an Offer

Now you have found the right property speak to us, we will contact the seller verbally and in writing and manage the negotiation.
Note: Until the contract is signed there is no legal obligation by the vendor or purchaser

The Seller will consider the following:

• Timescale – how quickly/slowly will the sale proceed
• Can the potential buyer afford the property?
• The seller may request evidence from the mortgage lender
• Is there a chain? Is the potential buyer also selling a property? Will this hold up the chain?

7.Finalise the mortgage

• The mortgage lender will request to have their valuer conduct a mortgage valuation of the property
• The questions being asked – is the valuation accurate? What is the basic condition of the property?
• Smith Melzack work closely with local Chartered Surveyors. Please ask the office for details should you wish to also have a private survey
• The Mortgage lender will send the mortgage offer and its terms to the buyer and their solicitor.

8.Exchange and Completion

The offer is accepted, what next?

• The seller’s solicitor will prepare a draft contract of sale, provide copies of the property title deeds or leasehold documentation
• The buyer’s solicitor will review all documents and raise any questions if necessary.
• Prior to exchange all parties will ensure finances are in order

In the event of satisfactory responses being received, a local search will be carried out, a copy of the mortgage documents will be handed over and both the buyer and the seller will sign the contract. The buyer will provide a deposit cheque to the buyer’s solicitor usually between 5-10% of the purchase price.

• The Exchange of Contracts is legally binding between the buyer and the seller. CONGRATULATIONS

The completion date can be any time up to 28 days after the date of exchange a date to be agreed by both parties – this is the point where funds are transferred from the buyer to the seller.

Prior to Completion remember to organise:

• Removal van
• Building/Contents insurance
• Transfer of utilities

We at Smith Melzack are happy to have helped you find your new home