Buying with Robert Adam

1. Mortgage

Getting a mortgage agreed in principle before deciding on a new property can help speed up the house buying process. It also lets you know what you can afford and can make you a more attractive buyer to sellers.

2. Viewing

We are here to help you see the properties you’re interested in, and can arrange viewing appointments.

3. Making an offer

Once you have found your ideal property, you make an offer that will be submitted by us to the vendor. This is done both verbally and in writing.

4. Accepted Offer/Instructing Solicitors

Once your offer has been accepted, it’s important to instruct a solicitor to handle the legal requirements of the purchase, also known as property conveyancing. You should also formally proceed with your mortgage application and inform your mortgage consultant/broker. Your solicitor will take care of all the necessary legal steps on your behalf.

5. Draft Contracts

The seller’s solicitor prepares a draft contract which is sent to the buyer’s solicitor for review. Any questions or concerns will be addressed and the contract will be amended as needed, subject to final approval. This is the time for both parties to clarify any enquiries and make sure that all necessary details are included in the contract.

6. Searches

The local authority search is conducted by the buyer’s solicitor and submitted to the local borough council. Its purpose is to determine if there are any previous planning permissions or local issues that could affect the purchase of the property. This search is essential in helping to protect the interests of the buyer.

7. Mortgage Survey

The next step is to get a Mortgage Valuation. This will be conducted by a Chartered Surveyor working for your lender. The report provides a valuation and both you and the lender will receive a copy, so you can review the findings before committing to the purchase.

8. Mortgage offer

Assuming the Mortgage Valuation survey, mortgage application, and references have all been approved, the lender will send a formal mortgage offer to the buyer and their solicitor. Once the document is signed and returned, the buyer’s solicitor will request the necessary funds. The lender will release these funds once they have received all the necessary documentation.

9. Exchange of Contracts

After the contract has been signed by both parties, a deposit (usually a small percentage of the purchase price) is paid via bank transfer or banker’s draft. At this point a property transaction becomes legally binding. The parties will also agree on a date for the completion of the sale.

10. Completion

Completion usually occurs a few days or weeks after the exchange of contracts. On the day of completion, the balance of the purchase price is transferred from the buyer’s solicitor to the seller’s solicitor and the keys are released. Congratulations on becoming the new owner of your home!