Check your financial situation - ensure you've got the funds for the move.
It's crucial to have a clear understanding of all the expenses tied to home buying before you start house hunting. This includes not just the property cost but also factors like stamp duty, legal fees, and mortgage charges.
Consulting an independent mortgage advisor is smart — they can evaluate your financial situation and recommend the best mortgage product based on your employment status.
If you need assistance, we have a connection with a mortgage advisor who can provide free advice.
Getting a pre-approval is a good move; it signals to agents that you're serious about buying. Once you know your maximum budget, you can start your home search.
What's the right property and area for me?
Do your homework! Research the areas you're interested in and visualize yourself living there. Take a drive around to narrow down specific locations.
Consider property types—do you fancy a leasehold apartment or a freehold house? Garden or no garden? Semi-detached or detached?
There's a wide variety, and a knowledgeable local agent can help you pick what suits you best.
Let the viewings begin!
After deciding on the area and type of home you want to see, it's time for the exciting part — viewing homes! Register with local estate agents, and subscribe to their social media for sneak peeks of upcoming properties.
When dealing with local agents, stick to those affiliated with the Ombudsman Scheme or governed by a professional body for reliability.
Many estate agents now offer preview videos or online viewings, making it easier to narrow down options before a physical viewing.
Put in an offer!
Once you're ready to make an offer, consult with your financial advisor to confirm property details before proceeding. They can guide you on the offer and strategy.
If the offer is accepted, submit your mortgage application and complete the solicitor paperwork, with your agent's assistance if needed. The financial advisor can also help with any necessary insurance.
Keep the communication flowing!
Maintain open communication between your solicitor and the estate agent. Quick and effective responses to queries make the sale smoother for everyone involved.
Choose an agent who communicates well and is easily reachable. They might even recommend a local, experienced solicitor to streamline the process.
The solicitor will handle local searches and raise inquiries about the home, a process that typically takes around 12 weeks.
Now your offer is accepted
We are very excited to be assisting you moving forward with your purchase. To ensure everything progresses smoothly and efficiently, please follow the next steps outlined below:
Step 1: Anti-Money Laundering (AML) Checks
Please provide us with proof of ID (Passport or Full Driving License) and proof of address (this can be a bank statement or utility bill dated within the last 3 months) for all purchasers.
You will need to complete your AML checks, which we conduct through Landmark.
This process requires a payment of £50 + VAT per person via a secure link that we will send you.
Please complete this step promptly so we can proceed further.
(HMRC is a supervisory body for money laundering regulations, of which all estate agents need to be registered with. As part of this, there are multiple requirements that agents must rigorously and consistently meet to ensure they stay compliant with the regulations and protect their clients. To do this, we use an electronic identity verification service, approved by the Government as part of the Digital Identity and Attributes Trust Framework (DIATF). This method and the process we follow to ensure compliance for your transaction come with significant time, financial and legal implications hence a portion of this is passed on to our clients. We elected for the electronic verification process due to the speed, certainty, and accuracy it delivers. This helps us to protect all our client's interests by using the most advanced verification process to help prevent the impacts of money laundering alongside our internal manual policies and procedures while staying compliant with HMRC. Each buyer is charged £50 + VAT per person, as per our company policy)Step 2: Solicitor Instructions (ask us for recommendations if you haven't got a solicitor)
Once the AML checks are completed, you must formally instruct your solicitor.
This includes providing:
- Your IDs
- Money on account
- All required documents they need to act on your behalf
Important: Simply instructing your solicitor is not enough; they must confirm readiness to act.
Your solicitor must email us at info@e10homes.co.uk confirming they are ready to proceed. Sales memorandums will only be sent out after we receive this confirmation.
Deadline: This must be completed within 72 hours of offer acceptance as per our company policy. This ensures the transaction moves quickly, given the number of parties involved.
Step 3: Mortgage Application
Instruct your mortgage broker to submit the full application and pay for any associated survey fees.
Please give your mortgage broker our office contact information (0208 127 6490) so that we can book in your mortgage survey.
Step 4: Private Surveys (we are happy to provide recommendations if needed) If you plan to conduct any private surveys, they will need to be arranged immediately to avoid last-minute delays.
All surveys need to be booked in within 4 weeks of your offer being accepted.
Step 5: Ongoing Communication
Once you and the seller have instructed your solicitors, we will send out sales memos giving all the information they need to start the buying and selling process.
We will then pass your details onto our Sales Progressor, Julie Watson. Julie will be helping you with your purchase and making sure all milestones are met.
Stay in regular contact with your solicitor to ensure they are acting promptly, and your purchase is progressing effectively.
Provide updates to us and our sales progressor on your solicitor’s actions and any outstanding items.
Your solicitor will not chase anyone, so it is vital you stay in regular contact with them, so we can help secure any information that is outstanding.
Please note that this is a significant transaction involving multiple families, so adhering to these timelines is crucial.
If you have any questions or need further assistance, do not hesitate to contact us.
We look forward to supporting you throughout the process!
Exchange and completion day!
Exchange of contracts occurs when the signed contract is exchanged between buyer and seller solicitors. During this, you'll transfer the deposit money to finalize the exchange.
Once the exchange is done, the sale is legally binding. Both parties agree on a completion date, set in stone. On the agreed date, the solicitor or estate agent will meet you at the property to hand over the keys and provide essential information about your new home, like the location of electric and gas meters.