Welcome to Cherwell Property Services Buyers Guide, we hope this guide will assist you and answer any questions you may have regarding the buying process.
Our experienced team will help navigate you through every step of finding and buying your house with the minimum amount of stress and inconvenience.
We are here to help every step of the way!
Moving house is deemed as one of the most stressful events that occur throughout your life!We will help guide you through the process by making sure you are as organised as possible.
You will need to decide where you want to live, whether you want to live in a flat, detached or semi-detached property, how many rooms you need and how big they need to be.
You will need to decide on your budget and get your finances in place. If you need a mortgage you will need to know how much you are able to borrow. Most lenders will give you an idea of how much money they are willing to lend you in what is called ‘mortgage or agreement in principle’.
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Once you have found a property you will need to make an offer to the Seller. This is done through the agent who will put your offer forward to the Seller.
When your offer is accepted you will need to instruct a conveyancing solicitor. Your solicitor will check that all of your paperwork is in order and look after the details of the contract for you.
Your mortgage lender will arrange to carry out a valuation of the property, this is arranged by the lender but you will be paying for this through the arrangement fee they are charging you. However, this is not to be confused with a detailed survey that examines the structure and condition of the property. There are two main surveys that you can choose to pay to have carried out:
Full Structural Survey – this is advisable if the property is old or if you suspect that there could be potential problems.
House Buyers Report – a cheaper option that checks the visible health of the house and will recommend specific further checks is necessary.the contract for you..
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Draft contracts will be drawn up by the Sellers solicitor and be forwarded to the Buyers solicitor for consideration in preparation of exchange of contracts. Once the contract has been signed by both parties, a deposit (usually a small percentage of the purchase price) is paid by either bank transfer or bankers draft. At this stage all parties will agree a date for completion to take place.
Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the Buyers solicitor to the Sellers solicitor and the keys are released. You are now the proud owner of your new home.
Banbury Office: 88-90 Warwick Road, Banbury, Oxfordshire, OX16 2AJ
T: 01295 267626 E: info@cherwellproperty.co.uk
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