If you are looking to get a mortgage, it is essential to establish how much you can borrow before starting your search. We are happy to recommend local mortgage brokers, who will discuss your circumstances in more detail and set you off on the right track.
Once your application is approved, you will receive a mortgage agreement in principle which will confirm how much you can lend. This is the best time to start your property search, as you are now able to make an offer on a property.
Offers can be made by contacting a member of our team. At this stage, we would need to qualify your offer. You will be asked to provide a copy of your agreement in principle, or evidence of cash funds, photo ID and proof of address. Your offer will then be put across to the seller for consideration and a member of the team will update you on any progress.
Having successfully negotiated a price with the seller, we will then issue what is known as a ‘Memorandum of sale’ which details the parties involved, conditions of the sale and the price agreed. This document will be sent to all parties solicitors, and the legal process will begin.
You will need to instruct a good solicitor or licenced conveyancer to proceed with all legal and administrative work necessary, in order to complete your purchaser. White and Jones can recommend a few local solicitors should you not have one lined up.
If you are proceeding with a mortgage, your lender will arrange a valuation survey and providing that the lender is happy with the valuation, they will confirm in writing to you and your solicitor their formal mortgage offer.
If you are proceeding by way of cash, then White and Jones can recommend a local surveyor, should you need one.
The sales team will keep in touch with all parties throughout the purchase and will provide you with regular updates.
Once your solicitor is ready to proceed, a date will be agreed for the ‘exchange of contracts’. On this date, a non-refundable deposit will be passed to the sellers solicitor and both parties will sign a legally binding contract. Should you withdraw from the purchase after the exchange of contracts, you will lose your deposit and risk being sued for breach of contract.
Prior to exchange, a completion date will be agreed between both parties and any other parties within the chain. This date could be the same day as the exchange of contracts, or up to a few weeks after, White and Jones will help negotiate this between both the buyer and the seller.
Once the funds have been released by the lender, they will be sent over to the seller’s solicitor, as soon as they are received, they will confirm completion and a member of the sales team will keep in touch to arrange collection of the keys.
The process can sound daunting, but at White and Jones you can rest assured that we will guide you through each and every step.
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