Buying Process

We work with a local company who provide mortgages and financial advice for our clients. It is important to have a mortgage appointment before you begin looking for property, this way you know exactly where you are at and how much you can borrow. You may already have a contact from family or friends, it is very important you have an agreement in principle prior to offering. Your Solicitor will also want to ensure this is in place when you are ready to make an offer on chosen property.

You should visit estate agents in and around the area you wish to move to.  Register your requirements and budget with them and get on their mailing lists.  Once you’re registered, they should then send out details of relevant properties to you.  You can also keep an eye on the local market by browsing property portals like Rightmove, Zoopla & On the Market.

Think about your ideal property and write a list of the ‘Must Haves’, the ‘Nice to Haves’ and most importantly the ‘Definitely Don’t Wants’.  This can help you in deciding on which properties to view and tallying up scores for each of the properties you visit and more importantly will give you a good list of deal-breakers so nobody’s time is wasted viewing unsuitable properties.

Once you have found your ideal property you should make an offer to the agent.  You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and Solicitors fees.  Once the vendor has accepted your offer you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we can recommend one to you.

Once you receive an offer acceptance then the wheels are put into motion to lead up to the final exchange of contracts (which, from beginning to end, takes between 6 to 8 weeks on average).  This is called Conveyancing. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible. This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will liaise with the vendor’s solicitor while carrying out Land Registry and Local Authority searches to establish the boundaries of the property, any restrictive covenants or potential developments in the area that may affect your enjoyment of your new home.

Once your offer has been accepted this will be passed to the seller’s solicitor to issue a written acceptance and send the title deeds and property searches to your solicitor. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible. This process between the purchaser’s and seller’s solicitors is called Conveyancing. This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will investigate the title to the property and Registers of Scotland and Local Authority searches to establish the boundaries of the property, any restrictive covenants or potential developments in the area that may affect your enjoyment of your new home.

Up until this point, either party can withdraw from the sale without financial loss. When your solicitor has received; satisfactory replies to all their searches and enquiries, a copy of a mortgage offer, a signed contract they can then proceed to exchange of contracts. From this point the seller and buyer are legally committed.

Completion is the formal process of transferring the balance of monies due from the vendor’s solicitor to the seller’s solicitor. This process will be dependent on your circumstances and any other parties involved in the buying chain. Once the monies have been received you can collect the keys and you are the legal owner of your new home.

Congratulations! You are now the proud owners of a lovely new home.

Remember to get your mail re-directed and don’t forget to tell your bank, your employer, HMRC, DVLA, insurance, council tax, doctor, dentist and any schools that you have changed your address.
Agree meter readings, transfer the phone lines and other utilities. Book the removal company, defrost and disconnect your white goods. Tell your friends and organise the party.

Don’t forget the cat!

Disclaimer: This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and LAWRIE Estate Agents accept no liability if you rely on the content of this guide and do not obtain professional advice.