We understand that buying a property is a substantial and long-term financial commitment and at Livin, we are here to guide you through every step of the way. Below is our 9 step guide to successfully buying a property.
Arranging a Mortgage
Before beginning your search we recommend speaking to a bank or an independent mortgage advisor to obtain a clear indication of what is affordable to you. Most advisors will be able to show you what rates are available across the whole of the market and will also be able to provide you with a mortgage agreement in principle.
Having your finances in place may also help you with your property search and when making offers as this will demonstrate to the vendors your seriousness in wishing to purchase.
If you are yet to speak to a mortgage advisor or are interested in obtaining a free comparison on the rates you have been quoted, then please let us know and we can put you in contact with one of our trusted partners.
Register with us and be privy to new properties for sale as they are launched onto the Croydon market. Tell us about your must-haves and your preferences and we’ll send you alerts for any properties for sale that meet your criteria. If you have a property to sell we will be more than happy to assist you with a free valuation so you have an idea of what you can afford.
We also recommend setting up alerts from the major property portals such as Rightmove and Zoopla. Keep your criteria open to avoid missing any alternative options.
Arranging a Viewing
Now that you have an idea of the type and style of property you like and the level you can afford you should go ahead and book some viewings!
We will accompany you at all viewings and as we show you around properties, please ask as many questions as you like; we want to ensure you are able to make informed decisions in your search for your future home!
Making an Offer
Once we’ve helped you find your ideal property, we’ll put your offer forward to the seller both verbally and in the form of an offer letter. All offers are “Subject To Contract” and therefore neither party is legally bound until an exchange of contracts.
At this stage you will be asked to provide proof of identification and show your financial arrangements to satisfy Anti-Money Laundering Regulations.
Choosing a Solicitor
You will need to instruct a solicitor to carry out conveyancing. We suggest choosing a solicitor with an excellent track record rather than opting for the cheapest. We can assist by arranging one of our preferred solicitors to take care of the legal process for you.
We only work with like-minded, proactive solicitors, so you can feel reassured that you’ll be in safe hands with an efficient service at a fair price.
Once your offer has been accepted we will write to all parties confirming the price, any special conditions negotiated, and the names and addresses of both parties’ solicitors. Next, you will need to instruct your solicitor and ask your mortgage broker to proceed with your application.
You will need to provide your solicitor with funds in order to carry out local authority searches. These will highlight matters such as flooding, covenants, boundaries, restrictions, contamination, planning permissions and rights of way. Communication will start between the vendor’s solicitor and your solicitor and your solicitor will begin raising any questions regarding the property.
A survey will be carried out by a surveyor on behalf of the mortgage lender to check for any structural problems and confirm the value of the property. You may also choose to obtain your own independent survey such as a homebuyer’s report or full structural survey.
We can provide contacts for local surveyors to assist you in this regard.
Finally, a formal mortgage offer will be issued when the lender is satisfied.
Exchange of Contracts
Once everybody in the chain has signed the contracts and solicitors have received everything needed, they will then instruct a formal exchange of contracts. All parties will need to agree on a completion date and then the solicitors can exchange on the property, which means everything is legally binding.
On completion day, completion monies will transfer to the vendor’s solicitors from your solicitor. Once they confirm that the transaction is complete, the property legally becomes yours and you can come to our office and collect your keys.