Buying
Buying process
Buying process
Buying a property is a substantial financial commitment and can be daunting. At Bonners & Babingtons, we’re here to support you through the entire process. Below, we’ve outlined the key steps involved in purchasing a property. If you have any questions or need further assistance, feel free to reach out to us. If you’re considering buying for investment purposes, our expert advisers within our Lettings and Management department can assist you.
Do you need to Sell your existing property?
Do you need to Sell your existing property?
If you need to sell your current property before purchasing a new one, the initial step is to list it on the market. After securing a sale, you’ll then be in a position to make an offer on your next property.
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Calculate your finances
Calculate your finances
Take into account all expenses associated with buying and moving, including one-time costs such as mortgage arrangement fees, as well as ongoing monthly expenses like mortgage payments and utilities.
Secure a mortgage agreement in principle to determine your affordability and the minimum deposit required. Why not speak to one of our mortgage advisors? Click the button below to get started.
Moving Costs:
- Deposit: A percentage of the property’s purchase price paid upfront.
- Solicitor’s Fees: Legal fees for conveyancing and property searches.
- Mortgage Arrangement Fees: Charges for setting up your mortgage.
- Survey Costs: Inspection fees to assess the property’s condition.
- Stamp Duty Land Tax (SDLT): Tax levied on property purchases above a certain threshold.
- Removal Costs: Charges for hiring movers or renting a van.
- Furniture and Appliances: Expenses for furnishing your new home.
Monthly Expenses:
- Mortgage Payments: Regular payments to repay your mortgage loan.
- Home Insurance: Coverage for your property against damage or theft.
- Council Tax: Local government tax based on the property’s value.
- Utilities: Monthly bills for gas, electricity, water, and internet.
- Maintenance and Repairs: Budget for ongoing upkeep and unforeseen repairs.
- Service Charges: Fees for communal areas in flats or leasehold properties.
- Ground Rent: Payments to the property owner if you have a leasehold.
Obtaining a Mortgage in Principle
Obtaining a Mortgage in Principle
Securing a mortgage is typically essential for purchasing a property unless you’re a cash buyer. Your mortgage lender assesses your income to determine your affordability and calculates the minimum deposit required. A ‘Mortgage in Principle’ is a conditional offer from a lender indicating the likely loan amount and interest rate. It’s recommended to obtain one early, as many agents require it before accepting offers. This gives you a clear understanding of your purchasing power, aiding informed decisions in your property search.
Viewing Properties
Viewing Properties
Once you’ve established your budget, the next step is to begin searching for a property that meets your criteria. We prioritize understanding your preferences thoroughly to find your ideal property, discussing your priorities and ‘must-have’ features.
You can register with us through various channels, including online forms, phone calls, or in-person visits to our office. This enables us to gather essential information about your preferences.
Based on your criteria, we’ll compile a list of suitable properties and email them to you for review, ensuring access to all potential options. Once you’ve selected properties of interest, we’ll schedule viewings at your convenience. During these viewings, our team will accompany you, providing insights and addressing any concerns.
After the viewings, we’ll gather your feedback to refine our search further. This approach streamlines the property viewing process, ensuring you find a property that aligns perfectly with your needs.
Make an Offer
Make an Offer
After finding a property that meets your requirements, it’s time to make an offer. Once you’ve decided on an offer amount, we will promptly forward it to the seller. Our experienced sales negotiators will work to negotiate a satisfactory outcome for both parties.
Upon the seller’s acceptance of your offer, we’ll need solicitor details from both parties. Then, we’ll issue a Memorandum of Sale outlining the agreed terms, serving as a formal record of the sale process.
Exchange and completion
The seller’s solicitor will draft the Contract of Sale, detailing all transaction terms and conditions. They conduct checks, including searches and title verification, to ensure the property is legally clear. Finalising your mortgage offer is also necessary.
Upon agreement, both parties sign the Contract, and the buyer typically pays a deposit, usually around 10% of the purchase price, to the seller’s solicitor. This step binds both parties to complete the transaction.
The completion date is mutually agreed upon. On this date, your solicitor transfers the remaining purchase funds to the seller’s solicitor. Upon receipt, you gain legal ownership, and can move into your new home.
Register with us
Register with us and sign up for our Property Alert Service to receive notifications as soon as properties matching your requirements become available on the market.