CLEAR CHOICE MORTGAGES

The Home Buying Process

We want to be with you for the whole process of buying your home.

The process of buying a house typically take 6 to 8 weeks from the initial offer, usually via the estate agent, to the completion date which is when you get your keys. This timescale is a guide only and there are many things that can affect this time.

Offer

Usually, an offer is made to the selling estate agent, but if no agent is acting on behalf of the seller then make an offer direct to the seller. It is normal for an agent to ask about your mortgage ability at this stage.

This can be proven in the form of a decision in principle, from a lender. We can arrange this for you, to enable them to put the offer forward. This will help put your offer forward in a positive light and may aid acceptance.

Mortgage Application

Once an offer has been accepted then a full mortgage application can be completed. We have access to many lenders and as their products change frequently, please call us at this stage, so we can advise on a product suitable for your needs.

Andy has a vast amount of experience within the financial services sector, which he has used to advise 1000’s of people in the past, most of which are still clients of Andy’s return for his advice year after year.

Solicitors Instructed

The estate agent will need your solicitor’s details at this stage. They will confirm the offer in writing in the form of a memorandum of sale. This gives details of all parties involved, such as your solicitors, their solicitors, the vendors and purchasers’ names and the price agreed. We can help in recommending a solicitor.

Valuation/Survey

The valuation is usually arranged by your lender as part of your mortgage application. There are 3 types of valuation/survey;

Basic Mortgage Valuation - This valuation is for the benefit of the lender. It will be based upon a limited visual inspection of as much of the exterior and interior of the property as the valuer can access without undue difficulty. It is primarily to assess the property for security purpose, confirm the price being paid is in line with the current market value and to establish a buildings reinstatement value for insurance purposes.

Homebuyer Survey & Valuation- Many homebuyers find this the most suitable survey for their needs. It has been designed by the Royal Institution of Chartered Surveyors.

The Homebuyer Survey & Valuation includes information about:

* The property's general condition
* Anything which might have a material effect upon its value
* Its value in the open market
* An estimated reinstatement cost for insurance purposes

This type of survey will provide a concise appraisal of the property and may help your client re-negotiate the price. It may also identify points which your client's solicitor or legal advisor should examine.
This report is suitable for most houses, flats and maisonettes. However, if the property is a flat or maisonette, the surveyor will need to know the extent of the property over which service and maintenance costs are shared. He/she will agree with your client what should be inspected so that your client can understand the amount of liability that they might face.

Building Survey - The Building Survey is designed to give your client a more extensive report than the Homebuyer Survey & Valuation.

Mortgage Offer

Confirmation in writing that the lender will lend you the money on the property you are buying. You and your solicitor will receive a copy. You may have to sign a copy and return it to the lender.

Exchange Of Contracts

To enable the solicitor to exchange contracts you will have paid them the deposit, unless it is coming from the sale or your current property. Once contracts have been exchanged, the purchase/sale becomes legally binding and neither party can pull out!

A completion date is now set, which is when all the monies are transferred and you will get the keys to your new home. Exchange of contracts can be the same day as completion, but it is usual that there is some time between these 2 events to enable all parties to arrange for time off work and make arrangements with a removal firm.

Completition

The day the house becomes yours and you get the keys. All monies are transferred and from this day you will need to pay your mortgage.