If you are looking to buy, we aim to make the process as easy as possible for you. It’s always best to talk to one of the team who can talk you through the whole process, but if you want a written reference then this section includes all you need to know from approximate timelines to what to do and when.
1: Know Your Budget
The first thing we would suggest is for you to figure out your budget for your next home. Mortgage lenders will be looking for ideally a 20% deposit, although you may be able to find rates with a 10% deposit, and will lend up to 5 times your salary, or 4.5 times joint earning.
We have mortgage brokers to put you in touch with when the time is right. To help in the process and boost your mortgage chances then get an application in principle (AIP) done before you start searching, which should last you for 90 days.
Bear in mind, you nearly always spend a little more than you expect to!
Finding a home is one of the most exciting things to do, as you start imagining the next chapter of your life! It makes sense to work out in advance your minimum requirements, including number of bedrooms and reception rooms. Whether you are looking to buy your first home, or are looking to create a home from scratch, we are here to help.
We have the most sought-after properties in Buckinghamshire and know the local area better than anyone, so we can make finding the house of your dreams as painless as possible.
Do book a consultation with one of our advisors to discuss this further.
Once you have found the right place, the next step is to make an offer. Our agents are here to help, doing our best to give you confidence in the process and of course putting forward any bid you wish to make. Bear in mind, our sellers expect to achieve as close to the price as possible!
Conveyancing is a legal process that transfers the property from the seller to you. Licensed conveyancers are specialists in property law, we have a list of local conveyancers that have been trusted in other sales we have managed, or you can find your own.
It’s always best to find one before you find the house as then you won’t panic and go with the first you come across, but generally you are looking for someone who knows what they are doing, is a good communicator, reliable, and most importantly, is on the panel of major lenders.
We have a number of solicitors to recommend to you, and I would expect the legal process to taking in the region of 4 to 8 weeks.
5: Mortgage Valuation and Survey
Whilst the solicitors are carrying out their due diligence, it will be time for you to arrange a mortgage valuation and/or survey. The banks use the mortgage valuation to make sure they are lending on a sensible investment, whilst the survey is there to make sure there are no unseen problems when you move in. The mortgage valuation process should take two to three weeks from instructing the mortgage lender, filling in the paperwork and the valuation taking place.
We know a host of great surveyors we can put you in touch with and they will do a full survey telling you everything about your next house.
Bovingdons work under the Consumer Act, so would always look to disclose any issues that have arisen with a property before you buy, as long as we know about them.
6: Exchanging and Completion
Once everything has been agreed above, it’s time to finalise a moving in date! We will work with you on this to agree something that works for all parties. Once a date has been agreed, the solicitors are confident they have carried out their works to protect you and the mortgage valuation is back, its time to exchange contracts.
You will need to get a completions statement from your solicitor, this includes a breakdown of the money you need to give the solicitor.
- Outstanding deposit
- Stamp duty land tax
- Solicitors' fees
You'll usually have to pay these on or before your completion date.
Finally, the keys are yours! Shout if you need advice here, we know plenty of removal companies who can help make this smooth for you. The next stage of your life can begin!