Purchasing a property may seem a daunting experience, but if you are clear as to the steps involved the process is much easier and less stressful.
First explore your mortgage arrangements with a broker or financial adviser who can research the mortgage market for you and provide you with quotations setting out the mortgage costs.
Find a suitable property within your price range to meet your budget.
Make an offer on the property and if it is accepted consult a legal representative.
Obtain quotations from a legal representative, either a solicitor or conveyancer, requesting details of the financial costs of your purchase.
Appoint a solicitor or conveyancer who will deal with the legal formalities and liaise with the vendor's legal representatives. They may also be able to represent the mortage lender completing the mortgage contract.
Mortgage process: the mortage lender will appoint their own surveyor to value the property for their own security purposes, so that it is prudent if you instruct your own surveyor to carry out an independent report for you in your own interests to discover any defects to the property.
Any defects highlighted in the report by the surveyor can be the subject of further negotiations with the vendor/s assuming that you were unaware of these defects at the time of making your initial offer on the property.
Once the solicitors are satisfied with the legal side, contracts can be exchanged and a completion date agreed when you will be able to move into the property.
Upon exchange of contracts a deposit will be required from you, which is usually ten per cent of the purchase price of the property unless this deposit amount is renegotiated by your legal representatives.
