:: Bank of England Base Rate - 0.5%

:: Average Price of Southwest Property £176,894

source - land registry

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the process of purchasing a property

Firstly, you decide where you would like to live and what kind of property you would like to buy. At this point it’s well worth speaking to a professional mortgage adviser who can talk you through the process and let you know the kind of property you can realistically afford. This can also save disappointment later, if you find that dream home is out of financial reach.

Register with several Estate Agents in the area and tell them the kind of property and price you’re able to afford. They should keep you regularly informed of any properties entering the market which may be suitable for you. At this stage it may also be worth finding a suitable solicitor so that they’re ready to act once you have found a property to suit your requirements.

Once you have found your ideal home you should make an offer through the Estate Agent which introduced you to it. The Estate Agent acts on behalf of the vendor (the person selling the property and that person is the agents client, not you). Therefore they should inform the seller in writing that an offer has been made and tell you about the vendors decision.

If your offer is accepted you should instruct your solicitor to act on your behalf and arrange to speak to your mortgage adviser regarding applying for a mortgage on the property. Your solicitor will contact the sellers solicitor and request title deeds to the property and will begin to negotiate regarding contracts.

Providing your mortgage lender has accepted your initial application (has carried out affordability checks, credit scored and underwritten your application) they will contact the agent or vendor to arrange a valuation for mortgage purposes. If you require a home buyers report or full structural survey you should get this done now. If the mortgage valuation is acceptable to the lender they will agree to lend you the required funding to enable you to purchase. You do not usually see a copy of this valuation.

You will receive a copy of the survey if you instructed one. If this survey is acceptable to you (you may wish to send a copy to your solicitor) the purchase can continue. If you have sent a copy to your solicitor you should await for their comments.

Your solicitor will carry out searches, find out about any alterations to the property and negotiate regarding fixtures and fittings. Next your solicitor would usually finalise the details of the contract with the vendors solicitor and confirm the final mortgage details with the lender.

If you’re required to pay a deposit you pay this now. Your solicitor holds this until the exchange of contract date. When the solicitors exchange contracts they send the deposit (if it was required). At this point a completion date is agreed. Once contracts have been exchanged the seller is required to sell and the buyer is legally obliged to purchase.

Your solicitor should ensure funds are available, ready for the completion date. The transfer deed is prepared which both parties sign. It is lodged with the seller’s solicitors until the date of completion. Next the mortgage lender transfers the funds to your solicitors account, ready for completion.

On the date of completion the solicitor transfers the money to the vendors solicitors in return for the transfer deed, land registry certificate and keys. The sale is now completed. The solicitor arranges for the transfer deed to be stamped, pays the stamp duty and forwards the transfer deed to the land registry to record the new owner.

Finally, the solicitor passes the title deed to your mortgage lender as security for the loan and sends you their final bill.