Davis Brown is a firm of Chartered Surveyors and estate agents in W1 with over 100 years’ experience in selling clients properties. We offer a bespoke service and can help you through the whole buying process from valuation to key handover. To give you an understanding of what’s involved; we have outlined each stage of the process from arranging your finances to completion.
Before you start your property search, find out how much you can borrow. Speak to a mortgage broker and ask them to research the market to find the best deal available for you.
You should try to have a mortgage offer in place before you begin your search so you can set your budget. You should also take into account other outgoings including stamp duty, mortgage arrangement fees, solicitor’s fees etc.
If you do not require a mortgage, it is still advisable to have your finances in place before you start looking.
Decide what you want from an area, i.e. proximity to transport links, shops, restaurants, arts & theatre. Choose one or two areas according your search requirements. Do you want a freehold or leasehold property? How bedrooms do you require? Is outside space important to you? Do you prefer period buildings or modern buildings? Book some viewings in with different estate agents – quite often the more you see, the more you realise exactly what you are looking for.
When you find the property you like, make an offer. It is at this point that Davis Brown Estate Agents Fitzrovia will ask for you to confirm your targets for exchange of contracts and completion. We may also ask you to provide proof of funds and/or evidence of your mortgage offer. Davis Brown will put forward your offer to the vendor verbally and in writing. All offers are subject to contract and acceptance of an offer is not legally binding.
Once your offer has been accepted, find a solicitor. Start with personal recommendations and ask for quotations. A Memorandum of Sale will then be prepared, outlining the agreed terms which will be sent to all parties. You will need to instruct your solicitor to begin the legal work and contact your lender or mortgage broker to progress with your mortgage application.
The vendor’s solicitor will send documentation, including the draft contract to your solicitor. Your solicitor will apply for local searches and then raise enquires with the vendor’s solicitor.
Once your solicitor has received satisfactory responses to their searches and enquiries, and they are in receipt of a mortgage offer, they may then proceed to Exchange of Contracts.
If you require a mortgage, your lender will instruct a surveyor to inspect the property to carry out a valuation. If you have requested a Homebuyers report, the surveyor will also report on any structural problems.
A formal mortgage offer will be sent to you and your solicitor following the valuation which you will need to sign before proceeding to an Exchange of Contracts.
An exchange of contracts takes place once both parties have signed the contract and you have the deposit for the property (usually 10% of the purchase price). Your solicitor will have confirmed answers to their enquiries and they will have completed the necessary checks.
A completion date is agreed by the solicitors and you should start thinking about a check-list of things to do before completion. For example, arrange to have building and contents insurance in place, book a removal van, order items of furniture to be delivered.
This is when the remaining monies are transferred to the seller’s solicitor and you become the legal owner of your new home. Your solicitor will tell you when the sale has completed and we will release the keys to you.
Davis Brown is a firm of Chartered Surveyors and Estate Agents in Fitzrovia. We would love to help you with any aspect of purchasing a property. Our RICS accredited and ARLA member agents are always delighted to advise you through the process.
Contact us to speak to a member of our Residential Team on 020 7637 1066.