Here you will find information on every step of buying a property in England and Wales.
The first thing, as a buyer, is to decide on your search criteria for a property. There are many things to consider when purchasing a new property; the location, the style of the property (older, newer, bungalow, flat or house) number of bedrooms, reception rooms and bathrooms, the garaging and parking, the garden and, of course, the price you're prepared to pay.
After looking at a few properties you may be lucky enough to find your dream property, but if you don't, then don't be disappointed. Most buyers change their requirements after looking at a number of properties and settle on something that is close but not quite what they had in mind in the first place.
At this stage, we would also advise looking into how much you can borrow on a mortgage before going to visit any properties.
Book viewings! There is nothing quite like actually going to view the property. Sure, you can get a good idea from the photos, floor plans and descriptions, but you can't really get a feel unless you go and visit the property. You can only get a 'feeling' for the property and a real idea of the location and its situation by actually going to view the property. When you see somewhere that you would like to go and visit, give the agent a call and give them your details. If you've seen one through Hatched, then you can use the online 'Arrange a Viewing' link which is listed next to each property, or give us a call.
Make sure you give ALL the details that the agent asks for. They are acting for the seller and part of any good estate agents' service is to gather this information. Once the viewing has taken place, the agent you have viewed through will contact you, so they can gather feedback from you regarding the property. This is vitally important, so again, please do communicate your feedback honestly and as fully as you can - it might help the owner to improve the property, but it will also help the agent to identify what you're not looking for.
If you like the property that you have viewed and you can see yourself living there; make an offer! Even if you think the property is overpriced, make an offer - you don't know unless you ask. Give the estate agent a call with information on your mortgage, your own chain details and the amount you would like to offer and the estate agent will be in touch with feedback on what the owner has said about your offer.
This is arranged alongside your mortgage and should be done as soon as possible after you have had your offer accepted. Conveyancing is the legal process of buying a property. Your conveyancer is acting for you and you should refer to them on a regular basis for information relating to the purchase. The estate agent you buy through will often call your conveyancer for updates, so it's a good idea to choose a conveyancer who is happy to communicate with estate agents on a regular basis. After all, there is a certain degree of 'keeping the agent happy' because it is they who will keep the seller 'on side' should there be any problems or delays. Try to find a 'No sale, no legal fee' conveyancer as well. If you would like a free, no obligation quote, head over to our sister site, Hatched Conveyancing.
Before you start to arrange viewings for properties, you need to know what you can afford to borrow. One route you could go is to your local bank to find out what you can afford. However, there are many hundreds of mortgage deals from our selected panel of lenders which you won't find at your local bank.
Our mortgage advisors at Hatched will be able to search through hundreds of mortgages from our selected panel of lenders to determine what you can afford to borrow, advise on the right mortgage for you (subject to status and lender criteria) and do all the accompanying paperwork to get the mortgage through. So whether you're a first-time buyer, a landlord, or a serial mover, we'll be able to source the right mortgage for you. We can arrange an initial consultation with one of our mortgage advisers, with absolutely no obligation to use our services. Just give us a call on 0333 999 7699, or email firstname.lastname@example.org.
When you have appointed your chosen conveyancer, they will normally send you a starter pack. Fill this out as soon as you can, send it back, and they will start work for you immediately. A draft contract is drawn up by the seller's solicitor and sent to your solicitor, who will then raise some initial enquiries and proceed with various local authority, environmental and Land Registry searches.
This is done by your solicitor and is obtained from the local borough council. This gives you and your solicitor information on any planning consents given and any local issues, amongst many other things. If there are any major issues, then your conveyancer should point these out to you.
If you are getting a mortgage then fill out the paperwork and pay over the survey fee as quickly as you can. This will show that you are serious to the estate agent, and in turn, the seller of the property. The bank will then instruct a surveyor to go and inspect the property. The surveyor is there to advise the bank (and you) if there are any structural problems and also offer advice on the value of the property. Surveyors will occasionally 'down value' a property, or suggest that there is work that needs to be done on the property - always speak to the estate agent if something like this happens, or indeed, if anything else comes up on a survey. You'll be surprised at how many of these issues can be resolved satisfactorily if you speak to the estate agent you are buying through.
Once the local search results are back, initial enquiries are received and your solicitor has dealt with any further outstanding issues, your conveyancer will approve the draft contract.
Once the surveyor has submitted his findings and the bank is happy with everything, the bank will send out a formal mortgage offer to your solicitor. A copy will normally be sent you also. Once you sign this paperwork and send it back, you are nearly ready to exchange contracts.
This is signed by both the seller and you, with a completion date set. A deposit is usually paid at this point; normally anything from 5% of the purchase price upwards. Once contracts are exchanged the transaction is legally binding and there are serious consequences should you fail to complete the transaction. Not completing now is really not an option! Be excited though - this is the start of a new chapter in your life!
This can take place as early as the same day as exchange of contracts, but is normally between one and four weeks after you exchange contracts. The balance is drawn down to your solicitor, who will transfer the money to the seller's solicitor. Once this has gone through you will be allowed to collect the keys and move into your new home! Congratulations, you've just bought a property!
A BROKER FEE MAY BE PAYABLE ON APPLICATION. OUR TYPICAL FEE IS £199. IN ADDITION, AN ADMINISTRATION FEE OF £99 MAY ALSO APPLY FOR RESIDENTIAL CUSTOMERS OR £149 FOR BUY TO LET CUSTOMERS.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU RE-MORTGAGE.
For full details of our Mortgage Services Complaints Procedure, please download and read the Complaints Procedure PDF.
Hatched.co.uk Ltd is registered in England and Wales under company number 6226662, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire, LU7 1GN. VAT Registration Number is 500 2481 05.
For the activities of advising on regulated mortgages and non-investment insurance contracts, Hatched.co.uk Ltd is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited's Financial Services Register number is 302221.
Most buy-to-let mortgages are not regulated.
If your Mortgage Service complaint is not dealt with to your satisfaction or we do not issue you with a final response within eight weeks, you may refer it to the Financial Ombudsman Service.
The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at:
The Financial Ombudsman Service
Phone: 0800 023 4567
Under EU regulation, from 15 February 2016, for products and services bought online you have the right to refer any complaint to the Online Dispute Resolution platform (ODR) who can put you in touch with the right body to help resolve your complaint. The ODR will still refer you to the Financial Ombudsman Service as the alternative dispute resolution body. The Financial Ombudsman Service will refer you back to our complaints process unless you've already been through this. So you might prefer to go straight to the Financial Ombudsman Service after you've been through our complaints process. If you decide to use the ODR platform, when you complete the form online please include the following e-mail address as our contact point: email@example.com.