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| | | | | Once you've decided you want to buy and found out how much you can borrow you can start the search for your new home.
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Ask them to send you details of suitable properties.
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Tip! Let estate agents know when you have a mortgage agreed in principle as this puts you in a strong buying position.
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At this point, you should establish what is included in the sale, eg carpets, curtains etc. If you make the offer in writing, head your letter 'subject to survey and contract', which means you are not obliged to proceed until you have had the property surveyed and the contracts for the sale are signed and exchanged. Ask your solicitor for more information about this.
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You may have to pay a holding charge, particularly if you're buying a brand new property.
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Your mortgage lender may need to value the property. For a C&G mortgage, the valuation is purely to help assess whether
the property is suitable security for the loan. Copies of the report are only provided where you have paid the valuation fee.
You should also arrange your own survey, either a home-buyer's survey and
valuation or a building survey to be carried out on your behalf, to assess the condition of the property.
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Home-buyer's survey and valuation
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- Will give you an appraisal of the property's general state of repair
- Carried out by a member of the Royal Institution of Chartered Surveyors (RICS)
- More detailed than a valuation report
- Less comprehensive than a building survey
- The surveyor will not inspect inaccessible parts of the property or areas which are not already exposed
- Extremely detailed report and the most expensive
- The surveyor will cover all accessible parts
- Will provide comprehensive information about the construction, any defects and what repairs are needed
- Normally carried out by a member of the RICS
Most new homes have a National House Building Council (NHBC) Certificate, Zurich Municipal or Premier Guarantee. These warranties cover major defects in new properties. They cover problems such as collapse or serious distortion of floor joists or the roof.
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You may be asked to arrange for a specialist report if specific problems eg woodworm or dry rot are identified when the valuation is carried out.
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The legal term for buying and selling property is conveyancing and most people appoint a solicitor or conveyancer to do this work for them.
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When you make an offer on a property, the seller's estate agent will normally ask for your solicitor's details to pass on to the seller's solicitor.
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- Carries out all the legal work required, including checking the contract and dealing with the local authority and Land Registry etc
- Usually deals with the lender's legal work (ie registering their interest in the property) - most lenders will use your solicitor as it saves you and them money
- Confirms what's included in the sale
- Makes sure buildings insurance is in place at exchange of contracts
- They will carry out a local authority search and will ask about: plans for new roads, planning consents, anything else that could affect the value of the property and details of which mains services are connected. The local authority will charge a fee for providing this information - this cost will be included in your solicitor's bill.
Your solicitor will also ask the seller about the property to determine:
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- whether any alterations have been made
- what fixtures and fittings are included in the price
- who is responsible for the boundaries etc
Tip! Solicitor's charges often vary so you may want to get a few quotes.
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When the contract terms are agreed, the contracts can be exchanged. Once each party has a contract signed by the other, the contracts are binding. The signed contract will include a completion date (the date the property will become yours).
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If you're selling as well as buying, your solicitor will usually co-ordinate things so that completion of your sale and purchase happen on the same day.
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- Your deposit has to be paid to the seller through your solicitor at the point of exchange.
- You need buildings insurance and might want to consider life cover from the point that contracts are exchanged.
On the date of completion, the balance of the purchase money must be paid to the seller's solicitor and this will include any money you borrow from your mortgage lender. When this has happened, you can pick up the keys.
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Most professional removal firms are members of the British Association of Removers so you will be protected by the Association's code of practice.
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Tip! Charges can vary considerably so ask a few firms to give you a quote.
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Things to remember for your move
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- Arrange to take over the phone at your new home. Contact the line operator - you may be able to avoid reconnection charges.
- Redirect your post. For a small charge, the Royal Mail will redirect your post to your new address.
- Settle paper and milk bills.
- Run down your freezer so you can defrost it or, if you don't want to defrost it, turn it up a couple of days before you move to freeze the contents as deeply as possible.
- Read the meters at your old and new home.
- Keep a few essentials handy - mugs, kettle, tea, washing up bowl, vacuum cleaner, bin bags and light bulbs.
Now check that you have let everyone know your new address!
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- Accountant/Financial adviser
- Bank
- Building Society
- Clubs and societies
- Credit card and store card companies
- Dentist
- Doctor/hospital
- DVLA (driving licence)
- DVLC (vehicle licence)
- Electoral register/council tax
- Electricity company
- Employer
- Gas company
- Gym/leisure centre
- Hire Purchase companies
- HM Revenue and Customs
- Insurance/pension companies
- Library
- Loan providers
- Motoring organisations
- National Savings
- Optician
- Premium Bonds
- Schools/colleges
- Subscriptions eg cable/satellite/magazine/Internet
- Telephone company
- Trade Unions and professional bodies
- TV licensing authority
- Vet
- Water company
And don't forget to tell your family and friends!
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Get in touch 
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