The buying process

:CRewton Rose offers an exceptional collection of distinctive homes for sale. With experienced property professionals combining local knowledge with a highly personal approach, we’re here to help make your property journey as considered and straightforward as possible.

To help you approach purchasing a property with confidence, we’ve created this simple step-by-step guide to the buying process.

 

Taking time to define exactly what you’re looking for is an important first step. Clear requirements will make your search more focused, whether you’re exploring estate agency websites or property portals such as Rightmove and OnTheMarket.com. You will develop a clear picture of the type of home that suits you. You can:

  • Search for properties within a set radius of the places that matter to you, such as schools, transport links and amenities;
  • Search by property type, budget and number of bedrooms;
  • Search by postcode, town or road name;
  • Search by leasehold, freehold, chain free and properties that are holding an open house.

You can then refine your results further to include the features that are most important to you, from conservatories and en-suites to period properties and much more.

You can also enter your own keywords to discover homes that more closely reflect exactly what you have in mind.

 

A viewing is your opportunity to experience a property properly and decide whether it could become the right home for you. Seeing a number of different properties can also help bring greater clarity to what you value most.

A few thoughtful checks can make each viewing more worthwhile:

  • Allow enough time to explore the property properly, as well as the surrounding area and local amenities if you’re unfamiliar with them;
  • If a property appears to meet all your requirements, it’s still worth viewing it more than once;
  • Look for possible signs of damp, including mould, dark patches on walls or ceilings, or a musty smell;
  • Look for cracks around doors and windows, as well as on walls and ceilings. These may indicate a structural issue. It is always advisable to have a property survey carried out;
  • Take time to look around the exterior of the property too;
  • Even if you’re buying alone, consider taking a friend or family member with you. A second pair of eyes can often notice details you may have missed.

Look at our handy House Viewing Checklist for when you go to see a home. 

 

Once you’ve decided that a property is right for you and you’re financially ready to proceed, the next step is to make an offer.

You’ll need to contact the estate agent marketing the property. It’s important that they have a clear understanding of your position, including whether you have a property to sell, whether you’re a first-time buyer, and the details of your solicitor and mortgage broker. Providing this information early can help avoid unnecessary delays later in the process.

The seller may also wish to understand your position, particularly where there are several interested buyers making offers on the property.

Ensure your offer is subject to contract and subject to a satisfactory survey.

If the seller declines your offer, take time to consider your position carefully. You may decide to make a further offer or continue your search. Whatever you choose, remain mindful of your budget and what you believe the property is genuinely worth.

If your offer has been accepted with Chewton Rose as part of our legal and regulatory obligations, we are required to carry out Anti Money Laundering (AML) and identity verification checks. These checks help protect our customers, our colleagues and the wider property market from fraud, money laundering and financial crime.  For buyers, an AML Check Fee of £50 plus VAT is payable when your offer is accepted. This fee covers the completion of your identity verification, biometric facial recognition and Anti Money Laundering checks, which are required before we can progress your purchase. Where an overseas identity verification is required, an additional charge may apply due to the enhanced verification process needed. These fees reflect the cost of meeting our statutory obligations and ensuring that every property transaction is completed in line with UK Anti Money Laundering legislation and industry regulations.

Once the offer has been accepted, it is time to begin the legal work and have any necessary surveys carried out. Unless your are a cash buyer, you will need to complete the lenders application form and a mortgage valuation will need to be carried out on the property you are purchasing. A mortgage valuation is not the same as a property survey. Take a look at our jargon buster for further information on this.

Once this is complete, you will receive your formal mortgage offer which you will need for your buildings insurance once the property has exchanged. At this point, your solicitors will be progressing with the draft contract.

Ready to make an offer? Read our guide to making an offer on a property for advice on how much to offer, how to submit your offer and what happens next.

 

The term ‘conveyancing’ refers to all the legal and administrative work associated with transferring the ownership of land or buildings from one owner to another. During the conveyance, you will be told what is happening, what you have to do next and be given a number of documents to sign and return allowing the next stage to go ahead. It is important to respond to any requests promptly so that you do not delay the whole process.

A short breakdown of what your conveyancer will be expected to do:

  • They will obtain a purchase contract from the sellers’ solicitors with details of the property and its ownership;
  • They will address any pre-contract enquiries and obtain copies of any existing guarantees, planning consents, etc;
  • They will obtain the sellers fixtures and fittings list to see what they will be leaving in the property, and they will arrange for you to receive copy to check;
  • When your mortgage offer has arrived, they will arrange for you to sign the contract and hand over your deposit to hold in readiness for ‘exchange’;
  • When the mortgage conditions have been met and the sellers are ready to proceed, a completion date is agreed that suits everyone in the chain. Contracts can now be exchanged and the transfer deed effected;
  • Once this has been done they can call down the mortgage advance from your lender and send you a final completion statement;
  • On completion day, your conveyancer pays the required amount to the sellers solicitors in exchange for the title deeds. You will then be able to move into your new home;
  • Your conveyancer will need to register your name and mortgage at the Land Registry and send the deeds to your lender for them to -hold as security for their mortgage advance.

When selecting a conveyancer, ensure you obtain a quotation for their services beforehand. Also ask friends and family who they have used in the past. Estate agents will also have some useful contacts they can put you in touch with for these services.

 

Understanding the condition of the property is vital and therefore it is important to have a survey carried out so you understand if there are any issues with the property that need to be addressed or that may cause you to want to negotiate the price or even change your mind about purchasing it. A valuation report will be required by the mortgage provider, but this is not to be confused with a property survey.

There are three types of survey - they vary depending on how much detail you need and the age of the property you are purchasing:

1)  Condition report - The most basic and most suited to newer, more modern houses in a good condition:

  • Costs £150-£300;
  • Provides an overview of the property’s condition and focuses on things like the roof, walls, windows, floors and stairs;
  • Outlines significant problems but does not go into detail, therefore further investigation will be needed;
  • Provides the condition of each element in a clear ‘traffic lights’ ratings which identifies problems that need varying degrees of attention;
  • This type of survey does not include a valuation or insurance reinstatement.

2) Homebuyer’s report - Suitable for modern properties as well as older properties that are deemed to be in a reasonable condition:

  • Costs between £250-£600;
  • Includes maintenance advice as well as necessary repairs that are needed;
  • Particularly useful for issues such as cracks, damp or subsidence;
  • Highlights any areas that do not meet building regulations;
  • Only look at parts of the property that are readily available - not behind walls, loft space or under floorboards.

3) Buildings survey - Useful for older properties, rare or unusual properties, properties in a poor condition, properties in which you are planning significant work or for any major concerns you have with a property:

  • Costs between £500 and £1,000;
  • Provides a breakdown of the structure of a property and the condition;
  • Gives detailed information on how the property has been constructed, the materials used, the condition of the foundations, roof and walls;
  • Outlines advice of the maintenance as well as necessary repairs are needed;
  • Give a more intrusive report that will look at the loft/attic space as well as under the floorboards.

With new build properties, a survey is not so likely to be needed. You can however ask for a New-build snagging survey for extra peace of mind.

 

Exchanging of contracts is the last stage in the legal process of buying a property after which you cannot pull out, without incurring significant legal costs and losing your deposit.
During exchange, copies of signed contracts are exchanged between the buyer's conveyancer and the seller's conveyancer, and the buyer's deposit is paid.
A date for completion that is mutually agreeable is then set - this is usually around two weeks after contracts are exchanged though it can be quicker.

Ensure you read the contract thoroughly and several times. Raise anything you are unsure about before you sign.

The completion of a property sale is the where all the monies are passed over and the buyer has the legal right to the property. As a buyer, you will receive a call from your legal services to let you know your money is has now gone through and you can obtain the keys to your new property. You will also receive your completion statement that should reflect the original quotation from your conveyancer.

There is a lot to think about! So here is a handy list of little things that can get forgotten before completion:

  • Visit the property again before you complete to make sure all is in place – including your fixtures and fittings;
  • Send a copy of the title deeds to your mortgage lender;
  • If your property is a leasehold, you will need to inform the freeholder that you will be completing on the property;
  • Notify the utility companies that you are now the owner of the property;
  • Inform your banks, credit card, place of work, mobile phone company and the DVLA of your new address;
  • Set up your a post-redirection.

 Congratulations on purchasing your new home!