SO YOU FOUND A HOUSE TO BUY? NOW WHAT?
You’ve given up your weekends for longer than you were hoping for, been packed into open houses, had to decide to spend more money than you care to think about in just 20 minutes, only to find out 9 other people have also offered on the house you’ve fallen in love with. You’ve offered over asking price… and still lost out.
Next weekend, go again.
6 Offers. That’s the average number of offers on as many different houses a buyer must make in this market before getting an offer accepted… And in a market where you can be priced out in the space of a few months, what you do in the first 72 hrs after getting an offer accepted is vital to getting you moving and reassuring the seller that they have backed the right horse!
Dream home: Found. Now what?
ID & Proof of Address: You’re going to need to supply these to a few people so get a form of photo ID (passport/driving licence) and a form of proof of address (utility bill/bank statement/or driving licence if not already used as ID)
Solicitors: Without one of these, there’s nothing you can do to physically buy the house… and without a reliable one, you could be in for a world of pain. Tried, tested, reliable local solicitors are worth their weight in gold – don’t go cheap, it could cost you the house in the long run. More about a “Power Team” coming later
Really, within 24hrs of having your offer accepted you need to confirm which solicitor you’re using. Then, to formally instruct them you’ll usually need to do 3 things:
- Complete and return their instruction paperwork (this will be more than just a few forms about you, the property you’re buying and/or selling)
- Anti-Money Laundering (AML) Checks– supplying them with certified copies of your ID and Proof of Address. Some need this in person, some firms can do it online.
- Money on account for searches – usually you’ll transfer between £200-£400 in advance for these.
Mortgage: Assuming as you’ve had an offer accepted, you’ve done your homework already and engaged with a mortgage broker. Think of a broker like using a comparison site for your car insurance, rather than calling round hundreds of providers yourself… let them do the legwork. See below “Power Team”
It’s now time to get this ball properly rolling at the same time as the legal stuff.
Engage with your Independent Financial Advisor (IFA) and get the formal mortgage application in.
- You’ll need to supply them with various documents including payslips, bank statements, proofs of income etc.
- If self-employed they’ll need a minimum of 2 years’ worth of accounts (although the rules are ever changing with more help for the self-employed now… so check in with our Power Team to see what could work for you)
- Once the application has been approved, you’ll sometimes have a valuation fee to pay (approx. £250) this will be arranged between the lender and your agent.
Survey: There are a few levels of survey to consider getting on the home you’re buying, the most common being a Level Two or Level Three (formally known as “homebuyer’s” and “full structural”).
Sometimes you can upgrade your mortgage survey to one of these, in other cases you’ll need to find a separate surveyor. Either way, it’s vital to get this booked in as lead times are often 3-4 weeks minimum. #PowerTeam
It’s worth mentioning here that if you’re buying a new build or a house less than 10 years old, like this 7 year old 3 bed semi-detached home in Jennett’s Park it is likely still covered by a 10 year structural warranty from when it was built. In other words, don’t bother with anything over and above your mortgage valuation, and find a better use for a more than a few hundred pounds!
However, if the home you’re buying is old and full of character, like this Grade II Listed 400 year old cottage in Warfield, then a Level 3 is the way to go.
If it’s 25 years+ old, like this 3 bedroom terraced home in Bracknell then a Level 2 survey should suffice. Both surveys will look at things like internal condition of ceilings, floors, electrics, and external things like windows, guttering, roof etc – remember that you are paying a surveyor to find problems.
They will be reported in a traffic light system, and often, it’s best to use a bit of common sense on how urgently some things need to be addressed. Your Avocado Property Partner can offer some advice if you’re unsure – believe me, we have seen it all!
The Power Team: Here at Ellen & Sanjay, we love supporting local and only work with and recommend reputable companies that get the job done and support our ethos – “Always Do Right By The Client”. So, for access to our Power Team of mortgage broker, solicitors, surveyors, trades… you name it, get in contact whenever you like.
Ellen - 07825 441 446
Sanjay - 07821 039 315
All too often, what could be done in the first 72hrs after agreeing a sale, takes 2 – 3 weeks and gets the whole chain off on the wrong, anxious foot.
Our best advice is to hit the ground running, turn any paperwork around as efficiently as possible and play your part in making the journey of moving home an enjoyable one. It really doesn’t need to be as hard as people think.
And for anything you’re not sure of, we’re on the journey with you every step of the way… so just ask, we love to help.