Wilkinson Estate Agents recognises that purchasing a home is one of the most important and expensive transactions you are likely to undertake. Our database features hundreds of properties, and with our local knowledge and expertise, we are confident that we can help you find a property to suit your needs, whether you are making a straightforward move or considering a Buy-to-Let investment.
To help you navigate the various stages and complexities involved in buying a property, we have provided an overview of the typical procedures below:
REGISTRATION
The first step is to register your details and property requirements with us. This can be done in several ways, including by email, telephone, in person, or by completing our registration form.
Registering your requirements gives us a clear understanding of your personal circumstances and property preferences, enabling us to tailor the information we send to you. Once registered, you can receive property details directly from us in person, by post or email, or download and print them from our website. We also offer an SMS text alert service direct to your mobile phone.
VIEWING
Our friendly team is available to arrange viewings of your chosen properties. Our office is open six days a week, from 9am to 6pm Monday to Friday and from 9am to 5pm on Saturdays.
Please contact us on 0208 555 7218 to arrange a mutually convenient viewing time.
MORTGAGE
To help speed up the house-buying process, we recommend, wherever possible, obtaining a mortgage agreement in principle before making a final decision on a property.
This will give you a clear indication of how much you may be able to borrow and what you can afford. Having a mortgage agreed in principle can also demonstrate to sellers that you are in a position to proceed with the purchase.
MAKING YOUR OFFER
Once you have found your ideal property, we will submit your offer to the vendor for their consideration. Offers are submitted both verbally and in writing.
Please note that all offers are "subject to contract". Neither party is legally bound to proceed with the transaction until contracts have been formally exchanged.
ACCEPTED OFFER / INSTRUCTING SOLICITORS
Once your offer has been accepted by the vendor, you should instruct a solicitor or licensed conveyancer to act on your behalf. Your legal representative will handle the legal aspects of your purchase, including the conveyancing process.
We have a number of professional recommendations available to assist you with the transaction. At this stage, you should also formally proceed with your mortgage application and instruct your mortgage adviser or broker accordingly.
SURVEY AND VALUATION
If you are purchasing with a mortgage, your lender will normally require a mortgage valuation to be carried out. This is conducted by a qualified surveyor on behalf of the lender and is intended to confirm that the property provides adequate security for the proposed loan.
A mortgage valuation is not a detailed survey of the property's condition. For this reason, we would not recommend relying solely on the mortgage valuation when deciding whether to proceed with a purchase. Although obtaining a more detailed survey may involve an additional cost, it could help identify potential issues and, in the long term, save you from making a costly mistake.
There are several types of survey available, including:
1. HOMEBUYER SURVEY / VALUATION
This is a mid-range survey option. It is more detailed than a basic mortgage valuation but generally less comprehensive than a Building Survey.
A Homebuyer Survey is typically suitable for conventional properties that appear to be in reasonable condition. Its purpose is to identify significant defects and issues that could affect the property's value or require further investigation.
The report is designed to help buyers make a more informed decision about whether to proceed with the purchase and whether the agreed price appears reasonable in light of the surveyor's findings. It may also highlight features or defects that could affect the property's current value or future marketability.
2. BUILDING SURVEY
A Building Survey is a more comprehensive inspection and is suitable for a wide range of properties, including those of unusual construction, historic or listed buildings, properties that have been extensively altered, or homes where significant works are planned.
The survey provides detailed information about the property's construction, materials and condition. It can identify a wide range of defects, from significant structural issues to less serious problems, with the scope of the inspection tailored to the client's requirements.
Please note that a Building Survey does not normally include a valuation unless this has been specifically agreed in advance.
SEARCHES
Your solicitor or licensed conveyancer will arrange the necessary property searches. These may include a Local Authority Search, which is designed to identify matters relating to the property that may affect your purchase, such as planning permissions, building regulations and other local authority information.
Depending on the property and the circumstances of the purchase, additional searches may also be required, such as Environmental and Drainage & Water Searches.
DRAFT CONTRACTS
The seller's solicitor will prepare the draft contract and send it to your solicitor or licensed conveyancer for consideration.
Your legal representative will review the contract and raise any relevant enquiries or questions. These will be addressed by the seller's solicitor, and the contract documentation may be amended where appropriate before the transaction proceeds to exchange.
MORTGAGE OFFER
Once the lender has received the mortgage valuation and completed its assessment of your mortgage application, including any necessary references and checks, it may issue a formal mortgage offer.
The formal mortgage offer will be provided to you and your legal representative. Once all necessary requirements have been satisfied, your solicitor or licensed conveyancer will arrange for the mortgage funds to be requested in preparation for completion.
EXCHANGE OF CONTRACTS
Once all legal enquiries have been satisfactorily dealt with, the contract has been signed and all parties are ready to proceed, contracts can be exchanged.
At exchange, the transaction becomes legally binding, subject to the terms of the contract. A deposit is normally paid, often representing a percentage of the purchase price, and the parties agree on a completion date.
COMPLETION
Completion usually takes place a few days or weeks after exchange of contracts, depending on the terms agreed by the parties.
On completion, the balance of the purchase price is transferred by the buyer's solicitor or licensed conveyancer to the seller's legal representative. Once the funds have been received and completion has taken place, the keys can be released.
Congratulations! You are now the owner of your new home.
Please note: The information provided above is intended as a general guide to the property-buying process in England and Wales and is not intended to constitute legal, financial or surveying advice. The exact process and requirements may vary depending on your individual circumstances and the property being purchased. We recommend obtaining independent advice from a suitably qualified solicitor, licensed conveyancer, mortgage adviser and/or surveyor where appropriate.
