STEP ONE – It is important to have your mortgage agreed by a lender BEFORE you start looking for a property. This puts you in the driving seat when negotiating the purchase price and removes the worry of estate agents etc bullying you into accepting their often biased opinion, and rarely do they offer truly independent advice. Remember they only represent the seller and not you the buyer. WESTEXE will help you acquire your chosen lenders Agreement in Principle .
STEP TWO – Find that ideal property and agree the purchase price (‘subject to contract’).
STEP THREE – Complete the application process with your WESTEXE adviser (a valuation fee or application fee, if due, may have to be paid by you at this stage). They will then submit your completed application to the chosen lender. You will need to choose a solicitor or licensed conveyancer at this stage if not provided free of charge by the lender. WESTEXE can recommend a panel of approved solicitors to you if required.
STEP FOUR – The lender having received your application will start to process it and will check the following references: landlord or previous lender, accounts or employers and they will do a credit search or credit score. They will also instruct a chartered surveyor to carry out a valuation or home buyers report on the property you intend to buy or re-mortgage.
STEP FIVE – Once all the requirements of step four are satisfactorily completed the lender will send you a ‘Mortgage Offer’ and a copy to your solicitor. It is very important at this stage to arrange to see your WESTEXE adviser again, to check that all of the documents you have received are correct. Once you and your adviser are happy then you must formally accept the mortgage offer.
STEP SIX – If not free legals arrange to see your solicitor, they may have already started, or they will want to start the conveyancing (the legal work involved in purchasing or re-mortgaging your property). At this stage they are likely to ask you for some money to pay for local searches.
STEP SEVEN – Your solicitor will ask you to sign ‘contracts’ to purchase the property and will arrange the ‘exchange of contracts’ (you will now have a legally binding deal) and agree a ‘completion’ date. At this point a deposit may be payable to your solicitor, although this is not always necessary. Any life cover arranged in connection with your mortgage and buildings insurance to cover the property will have to start at this stage. (if you are re-mortgaging your new mortgage transaction will normally complete at this stage).
EIGHTH AND FINAL STEP – COMPLETION – The date you receive the keys to your new home and are able to move in (the balance of any solicitors fee and any arrangement fee, if due, may be paid by you at this stage).