Buyer's Guide to the Buying Process

We recommend digging out your mortgage paperwork to check if any penalties are payable on the redemption of your current mortgage (if you have one). Some mortgage lenders will allow you to transfer your mortgage to a new property but we recommend you read through your mortgage paperwork thoroughly to ensure this is permitted or speak to a mortgage adviser.

Unfortunately, we’ve heard of many broken-hearted buyers over the years who weren’t in a position to proceed with a purchase as their property wasn’t under offer or even on the market. This can be described as a chicken and egg situation: do you find a property to buy first or find a buyer for your property first?

We strongly suggest you do some research first to see if the type of property you are looking to buy exists and is within your price range. Assuming it is, you should then place your property onto the market. Once you have a firm offer from a suitable buyer, you will be in a strong position and seen by most sellers as a good and worthy buyer. It can be very disappointing to find the home of your dreams, only to have your hopes dashed by someone else in a better position to proceed.

When we find a buyer for your home, it’s our job to manage them and provide open and honest advice on timescales.

A good starting point is to decide what is important to you in a property. This could be:

• Being in the catchment area of a specific school
• Good transport links
• Off-street parking
• A sunny garden or large outdoor space or balcony
• A period property adorned with original features

You should also take into consideration how often such properties come to the market.

So you’re now in a position to proceed, what next?

Although we too are excited to help you find your next home, one essential requirement is ensuring you’re financially in a position to do so.
 
Neilson & Bauer is proud to have teamed up with a high quality Wealth Management and Financial advisors, who can assist with almost any of your financial queries, from acquiring a simple mortgage to wealth management, pensions and tax planning. For further information about this please talk to James, Graham or Don.

We recommend popping into the estate agents in your search area and registering your details. Try to build good relationships with local agents so that they know you and remember what sort of property you are looking for. That way you will be at the front of their mind when something suitable becomes available.

Set up alerts on the internet portals such as Rightmove, Zoopla, OnTheMarket and Primelocation.

Setting up alerts on the major internet portals will ensure you are notified of any properties that come onto the market that meet your requirements. Properties can get snapped up rapidly and, as they say, “The early bird catches the worm!”

House hunting can be a long winded process, and you will need to dedicate time to go to viewings and check out the local area. You may even want to walk to or from the property to the station to test your potential commute or visit the property at different times of the day to see how busy or noisy the street or neighbourhood is.

If you are buying as a couple, we would advise you to view properties together, if possible.

Once you have found the home of your dreams and your mortgage agreement is in place, there is nothing to stop you from making an offer. Neilson & Bauer will put your offer to the seller promptly and keep you informed of the offer process.

We will need to know as much about you and your plans as possible to put your offer forward in the best light. There are important factors other than the amount of the offer that can have a significant bearing on whether the seller decides to accept your offer or someone else’s.

Wonderful news! Once your offer has been accepted, we will require you to supply us with anti-money laundering documents. Please follow this link to see what is required: Anti-Money Laundering Policy

We strongly advise you not to be lured into a “premier property internet solicitor” who charges a fraction of the usual price. As they say, if it sounds too good to be true, it probably is.

We can recommend solicitors who we have worked with in the past and proved their merit.

We will provide you with regular updates on the progress of the sale to ensure you’re not left in the dark. It can sometimes be difficult to follow the legal jargon involved in the conveyancing process and we will be on hand to explain this and discuss any issues with you.

We will update you right through to exchange of contracts. On exchange, you will be required to sign a legally binding contract and pay a deposit, which is typically 10% of the property price. On completion, the rest of the funds are transferred to the seller’s solicitor. Once the payment has been received and formal completion has taken place, the property is officially yours.

• Stamp duty
• Survey
• Removals