Buyer’s guide

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Buyer’s guide

Step 1: Decide on the basics

Before buying a new property it is important to make a list of what you are after, from what the area is like to nearby transport links and amenities.

This applies whether you intend to live there or rent it out to tenants. If you are looking to let to students, easy access to shops, bars and restaurants is always popular. Families, meanwhile, may prefer large, open spaces and want their home to be in the catchment areas of good schools. Once you have narrowed down your search you can get a better idea of property prices.

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Step 2: Get your finances in order

While some individuals pay in cash, a large percentage of buyers require a mortgage when making a property investment. Once you know how much deposit you have, your mortgage advisor can work out how much your monthly repayments are likely to be. If you would like a helping hand with selecting the right home loan then we can recommend an independent financial advisor who will help you through the process.

You can then secure a Mortgage Agreement in Principle from your chosen lender, and property sellers will realise you are serious about making an investment.

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Step 3: Find the right property

The Mortgage Agreement in Principle usually gives you around three months to find the ideal property investment. This can take longer than you think so give yourself plenty of time to look at different homes.

If you plan to live there then you might be even more selective. Of course, if you intend to buy-to-let then it is also important to choose the right property, but keep in mind that it is an investment and should be treated accordingly.

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Step 4: Make an offer

Once you are happy with a property then it is time to make an offer. You will need to let us know as soon as possible what price you are offering so we can pass the details on to the seller and they can start to consider.

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Step 5: Sale agreed

Hopefully, you will finally come to an agreement with the seller about the price and this is when your solicitor steps in. If you do not have a solicitor then we can help you find one. After all, you will want a recommended professional to help process the sale as quickly as possible and to check all the legal requirements are in place.

It is also time for you to make a formal mortgage application so you can guarantee the lender is willing to give you the money for your chosen property investment.

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Step 6: Finalise your mortgage

Your mortgage lender will want to check they are not giving you more money than the property is worth. You can decide upon having a homebuyer or building survey carried out to put their mind at rest as a more in-depth view of a home can be obtained.

Once they are happy with your property investment they will send your mortgage offer and all the related details to your solicitor.

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Step 7: Exchange contracts

After signing your mortgage documents and sending the deposit to the seller's solicitor contracts can be exchanged. This makes the terms of the sale legally binding and you can look forward to the end of the property buying process.

The rest of the money will be transferred and the property officially changes hands. It will take around four weeks for this, although we can help you speed up the exchange if required.

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Step 8: Move in

On or around the day of completion your solicitor will pay the rest of the money you owe to the buyer's solicitor, who will confirm they have received it. The transfer document and title deeds are now yours and you can pick up the keys to your new property investment.

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Welcome to your new home!