Buyers Guide

Guide

Arranging a mortage

It is always advisable before you begin your property search to speak to a fully qualified mortgage advisor to find out what types of schemes are available and to see the level of finance you can achieve to fund your purchase which will ultimately influence your property search.

We would always deter you from getting a mortgage agreed in principle as this will leave a finger print on your file but would advise that you obtain a credit report from a reputable credit reference company like Experian www.experian.co.uk or Equifax www.equifax.co.uk.

It is always better to use a mortgage broker that has access to the entire mortgage market who will ensure the best mortgage deals and rates available.


Register your interest

Choosing an estate agent with a good portfolio of properties available to buy will increase your chances of finding a property that will suit your requirements. Register your property search with the agent so that suitable properties can be sort and emailed to you.


Finding you the right property

It is always useful to provide as much information as possible as to your property requirements so that the agents provide you with properties based on your specific requirements.
Once you have provided the Estate Agent with your specific requirements and they have a clear understanding, they should be able to provide you with a shortlist of suitable properties. If your Estate Agent offers you the following services this will make your property search easier:

  • User friendly website featuring colour photographs, detailed floor plans and location maps giving you the opportunity to visualise the property before a viewing.
  • Instant property alerts via email and SMS, keeping you constantly up to date when the latest properties become available.

Viewings

Check for the following before you attend a viewing:

  • Will your estate agent conduct viewings outside normal office hours giving you the opportunity to view more properties at times convenient to you.
  • Will your estate Agent accompany you on all viewings so they can answer your questions immediately and advise you on any facts where necessary.

Making an offer

Once a suitable property has been identified you can submit your offer to the estate agent. In order for your offer to be legitimate, the following is necessary:

  • The offer must be communicated by the estate agents in writing even if you have already discussed the offer verbally.
  • Any special condition of the offer must also be stated in writing.
  • You will at this stage need to demonstrate that you are able to proceed (e.g. provide evidence of your mortgage).

Instructing a solicitor

The successful purchase of a property can be reliant on the instruction of an efficient solicitor with experience in property conveyancing and a thorough understanding of property. It is always a good idea to do some research before looking for a property. Most estate agents are able to offer recommendations if required.

We have partnered with Lifetime Legal who have a panel of conveyancers that provide conveyancing services whether you are a seasoned home mover or this is your first time. Lifetime Legal make the whole experience smoother, less stressful and financially less risky meaning our clients benefit from;

  • Mover Protection – Financial Protection if your transaction falls through for reasons beyond your control
  • Fixed legal fees – The figure we quote is the figure you pay, no extras, no surprises and easy to plan the cost of your move
  • Great service – Our legal partners have dedicated teams just for Woodland clients.
  • One stop shop – These solicitors are our colleagues, we work as a team with them to get you moved.

It couldnít be easier, ask your Woodland office for a quote (we can also deal with your related transaction, even if you donít buy through us) and we can instruct your solicitor today.

For more information please call 020 8554 5544 between 9 am to 6 pm Monday-Friday.


Offer agreed

If your offer is accepted the estate agents will do the following:

  • Get confirmation from both parties, there solicitors and mortgage brokerís details.
  • Write to all parties concerned to confirm the agreed price.
  • Inform both party solicitors by preparing a sales memorandum.

Once all this information has been collated and the paperwork has been drawn up the conveyancing process can get underway.


Survey and Mortage offer

While your solicitors are dealing with the conveyancing process, the following should take place:
You should contact your mortgage broker and advise them to instruct a survey.
After the mortgage valuation report is received, a formal mortgage offer will be sent to both you and your solicitor which you will need to sign before this document is returned.
Upon your mortgage brokerís receipt of this document, your mortgage is in place.
There is no legal obligation until contracts have been exchanged.

Exchange of contracts can occur when the following has been confirmed and agreed:
Preliminary enquiries following receipt of the draft contact.
Specific issues highlighted in the lease, if applicable.
Local search enquiries.
Fixtures and fittings to be included in the sale.


Exchange of contracts

Once the contracts have been signed by both parties the following will occur:
The deposit will be telegraphically transferred or paid in the form of a bankers draft from your solicitor to the sellers solicitor who will hold the deposit until completion of the sale.
The completion date is set by mutual agreement between the two parties (yourself and the seller).
Once exchange of contracts has taken place both yourself and the vendor are legally bound to buy and to sell which then only leaves for a COMPLETION DATE.

Register Interest

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