Buying Guide

Our guide will help you through the process of buying your home

Buying a property is both exciting and daunting. Afterall, it’s the biggest financial commitment most people make. To help you to get it right, we’ve summarised the key steps, timeline and important areas to consider. If you require any further information or advice, please don’t hesitate to contact the Tonbridge Property team.

Sell your current property first

Do you need to sell your property before you can purchase a new one? If so, your first step is to put it on the market. This demonstrates to sellers that you are a serious buyer when you request an appointment to view. Indeed, in some cases properties will not be shown to buyers who have not made that step. On top of that, once you’ve agreed a sale on your existing property, you’re an attractive buyer and in a great position to make an offer on the house you really want.

Know the numbers

Purchasing a new home is exciting, but don’t put the cart before the horse. Before diving into property searches and arranging viewings, it’s wise to check your finances to calculate what you can realistically afford.

During this planning stage, make sure you think of everything. As well as your income and savings, don’t forget the costs of buying a property, which can quickly add up. This includes the expense of moving from your current home (solicitor’s fees, furniture removal costs, estate agent fees, stamp duty costs to purchase) and also the deal on the mortgage you will need to buy. All of these costs can vary considerably between firms, so it’s a good idea to research carefully.

A solid initial step is to find out from your bank or mortgage broker how much you can borrow and get an Agreement in Principle (AIP). This will enable you to begin your property search with confidence and with a firm budget in mind. Having your AIP will also give you more credibility as a serious buyer.

Starting your search

Okay, you’ve probably already had a peep at what properties are for sale. It’s certainly true that the big property portals (Rightmove, Zoopla, PrimeLocation and OnTheMarket) are most buyers’ first port of call. But if you want to get ahead of the game, we strongly recommend that you register with an estate agent for email alerts.

At Tonbridge Property, we guarantee to inform our registered clients about any property that meets their criteria the moment it comes to market. This gives you a head start, especially when a property is going to be popular. Registering with us also gives you access through our website to live market data for the Tonbridge area, and our informative monthly newsletter.

Making an offer

You’ve found the home of your dreams. The next step is to act quickly and make an offer. We will always put forward your offer to the seller in the best possible light. However, an Agreement in Principal (AIP) for your mortgage, along with proof of funds for your deposit, will strengthen your case and show the seller that you are a serious proposition.

Along with your offer, you may choose to list any special conditions or items associated with the property that you would like to be included. However, there is no legal obligation to do so at this stage.

Your offer is agreed

Your offer has been accepted. Now’s the time to employ the services of a good solicitor, whose role will be vital in ensuring a smooth transaction. You may have your own in mind, but if not then we can help. Over the years we have made a list of trusted solicitors that we have noted for their experience, focus on customer care and competitive rates. All of them work on a ‘no sale, no fee’ basis.

Once your chosen solicitor is in place, we will write to them and to you to confirm the sale. At that point your solicitor can start the conveyancing process.

Conveyancing

The role of your solicitor is to show that you have purchased the property legally, and that all funds are successfully transferred to the seller’s solicitor. However, before reaching this point, your solicitor will need to do the following:

Once your solicitor has received the draft contract from the seller’s solicitor, they will order all the relevant property searches. These provide detailed information on planning, drainage and environmental issues associated with the property.
The contract must be crystal clear and correct. Your solicitor will alert you to any specific enquiries they have about the contract and raise them on your behalf with the seller’s solicitor.
A completion date will be negotiated by your solicitor. This date must be agreed on by all parties before a formal exchange of contracts can be arranged.

Please be assured that Tonbridge Property will help facilitate any of these stages wherever possible.

Property survey

A survey of the condition of the property must be completed. This checks the property for any problems that might affect its value, and hence the cost of the purchase. Even if you are purchasing without a mortgage, a survey is strongly recommended.

There are three types of survey:

Mortgage valuation

This report is solely for the benefit of the mortgage lender. It is prepared after a brief inspection of the property and done to help confirm its value.

A Homebuyers Report

This is a more detailed report which looks into any obvious defects at the property. The report also considers the soundness or otherwise of the property, and whether it is a suitable purchase at the price agreed.

Building Survey

This is a more extensive (and expensive) survey and is usually required when a full assessment of the property is needed. It is highly advisable for older properties, or large or unusual buildings.

If you are unsure which type of survey to opt for, we are always on hand to advise. On completion of the survey, a mortgage offer will usually follow.

Exchanging contracts

Once you have your mortgage offer and your solicitor is fully satisfied with all aspects of the property details, then the contract will be sent to you for signing. The contract will be signed by both parties, and at this stage a deposit of around 10% of the purchase price is transferred from your solicitor to the seller’s solicitor. Once this has taken place, contracts will be exchanged and the transaction becomes legal and binding.

Completion

Completion is the act of finalising the transfer of ownership. On the morning of completion, your solicitor will receive a transfer of completion monies from your mortgage lender, in addition to any additional funds required to be paid by you. Your solicitor will then transfer the full amount to the seller’s solicitor, who at that point will contact us (as the estate agents) to confirm completion. Now the keys can be released, and we will call you straightaway to arrange collection.

Congratulations, you’re now the proud owner of your new home!

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