Buyers Guide

Whether you're a first-time buyer or have experience in the property market, we all have questions from time to time.

To help you navigate the process smoothly, we've compiled a list of frequently asked questions we’ve been asked over the years. Consider this guide a valuable resource to assist you in making informed decisions. If you have a question which we haven’t covered don’t hesitate to reach out or pop in for a visit. Who knows we may even get the good biscuits out.

Once you've pinpointed the property that resonates with you, it's time to connect with the estate agent to formalise your interest. This involves making an offer, which will then be presented to the seller. If your offer is accepted, the exciting journey towards property ownership begins. Legal processes, including conveyancing and surveys, will follow.

The Help to Buy initiative offers two main schemes: Equity Loans and Shared Ownership. Equity Loans provide support for new-build properties, allowing you to buy with a modest deposit. Shared Ownership lets you purchase a share of the property and pay rent on the rest. These schemes can boost your purchasing power and make homeownership more attainable.

The time it takes to complete a property purchase can vary due to different factors, but on average, it's around 8-12 weeks from the moment your offer is accepted. The complexity of the transaction, the state of the property chain, and the efficiency of the legal process can all influence the timeline.

Conveyancing costs depend on variables such as the property's value and the complexity of the transaction. These costs cover solicitors' fees, searches, Land Registry fees, and disbursements. For a clear breakdown of expenses related to your specific purchase, it's wise to consult a solicitor or conveyancer.

Stamp duty is determined by the property's purchase price and your unique circumstances. As stamp duty thresholds and rates can change, consulting our experts for accurate calculations based on current regulations is a good idea.

While not mandatory, a survey is an investment in understanding the property's condition. Surveys, like HomeBuyer Reports or Building Surveys, can uncover potential issues not visible during viewings. This knowledge empowers you to make informed decisions and can even aid in negotiations with the seller.

Once your offer is accepted and the price and terms are agreed upon, you'll need to pay the deposit. This deposit shows your commitment to the purchase and is typically paid within a few days of offer acceptance.

Mortgage funds are usually released on completion day. Your solicitor will coordinate the transfer of funds between you, the seller, and the mortgage lender. This thorough process ensures a seamless transfer of ownership.

It's crucial to secure buildings insurance before the exchange of contracts. This insurance protects your investment from the beginning, offering coverage against unforeseen damage.

Searches involve inquiries made to local authorities about the property and its surroundings. These inquiries reveal essential information, including planning permissions, potential risks, and local development plans. The results of these searches play a pivotal role in making well-informed decisions about your purchase.

You'll sign the contract after legal processes, searches, and inquiries are successfully completed. This occurs before the exchange of contracts and signals your formal commitment to the purchase.

The binding commitment between the buyer and the seller is established through the exchange of contracts. This legally binding step marks the point at which both parties are obligated to complete the transaction as agreed.

During the exchange of contracts, you and the seller will agree on a suitable completion date. This date is usually set a few weeks after the exchange, allowing time for final preparations, like notifying utility providers and arranging removals.

On the agreed completion day (Wahoo), you'll receive the keys to your new property. This moment signifies the successful transfer of ownership and marks the exciting beginning of your new chapter.

In modern property transactions, title deeds are typically stored electronically with the Land Registry. You'll receive copies of the title documents, confirming your ownership and providing secure digital access to your property's legal records.

Before completion, the seller will provide you with an inventory detailing the items included in the sale. This inventory covers fixtures, fittings, and appliances, giving you clarity on what to expect when you move in.

A mortgage agreement in principle (AIP) is a preliminary assessment by a lender to estimate the amount you could potentially borrow. Getting an AIP before house hunting helps you set a realistic budget and shows your serious intent to sellers.

Freehold properties grant full ownership of both the property and the land it stands on. Leasehold properties involve owning the property while leasing the land from a freeholder for a specified period. Understanding these differences is crucial when considering your investment.

Selecting the right solicitor or conveyancer is crucial for a seamless transaction. Seek recommendations, review credentials, and consider their communication style. Experienced professionals ensure the legal aspects of your purchase are handled effectively.

Negotiation is a standard part of property transactions. Our expert team at Bricks & Mortar Estate Agent can offer guidance on effective negotiation strategies and work to find a balance that suits both parties.

Collaborating with an experienced estate agent offers many advantages. These include access to a wide range of properties, skilled negotiation techniques, insights into market trends, and unwavering support throughout the process.

Until contracts are exchanged, both the buyer and the seller have the flexibility to change their minds without legal consequences on some occasions. This phase allows for necessary due diligence and careful consideration before commitment.

A property chain breakdown can happen due to various reasons, potentially leading to delays or even cancellations. In such situations, alternative solutions may need to be explored. Our proactive team at Bricks & Mortar Estate Agents is skilled at addressing chain-related challenges and seeking viable solutions.