First, consider your budget and what is important to you? How many bedrooms do you need? Would you like to live in a spacious three-story town-house, or would one of our semi-detached or detached properties be better suited to you and your family?
By visiting one of our beautiful showhomes, you will get a feel for what you can expect from a MY360 home to help you decide what is best for you.
Finding a property
Endless properties to view, each one less suitable than the last. It’s not many people’s idea of home-owning heaven! But, you can minimise your time by narrowing down what’s suitable from what’s not. Think carefully about what you want from your new home.
Do you need to have easy access to a town or city?
Do you need to consider where you work or schools, or access to local amenities?
Are there any particular property types that you like, such as Victorian, Edwardian, or “New Build” homes?
How do you feel about making some repairs or decorating the property? What is your overall budget for these works? You might want to take an expert to have a look on your behalf.
Viewing a property
Take a look at the property during different times of the day. Remember, the locality might change at different times, due to traffic, schools or even pubs. Look for obvious signs of potential problems as you go round, such as bulging or cracked walls, rotten woodwork and signs of damp. Be brave – ask the owner about them. And remember, a survey will reveal more information about these issues. Why not take someone else along to your viewing? Someone who is not emotionally connected to the purchase can sometimes spot things you might miss.
Making an offer
Once an offer is accepted, it’s time to instruct your solicitor, apply for your mortgage and make arrangements for a survey of the property.
Your lender will conduct a valuation or survey on the property to advise on the property’s value and identify any structural problems that might exist. As all negotiations remain subject to contract at this stage, you can still renegotiate the price of the house if the survey highlights any issues. In addition, your solicitor will also check which items are included in the sale of your property.
When buying a property, you must instruct either a solicitor or licensed conveyancer to handle the legal aspect of the transaction. Top Tip – use a professional who specialises in conveyancing, so the process is as swift and painless as possible.
The draft contract is written by the seller’s solicitor and sent to the buyer’s solicitor. Your solicitor or conveyancer will check the contract, as well as view the information on the title deeds to ensure the title to the property is satisfactory.
Formal mortgage offer
The formal mortgage offer contains all the terms and conditions specified by your lender. Once signed and returned your offer of finance is in place and you are ready to exchange contracts.
Exchange of contracts
The contract is signed by you and the seller, and the deposit you have put aside will be forwarded by your solicitor to the seller’s solicitor. At this point, the buyer and the seller agree a completion date, when the keys to the property will change hands.
At this stage you are committed to the purchase, so if you fail to complete the purchase, you will have to forfeit your deposit, up to 10% of the purchase price.
At exchange of contracts you are responsible for insuring the property and therefore must ensure you arrange buildings insurance cover if there is not already a policy in place e.g. an apartment’s building insurance is usually covered within the maintenance agreement.
This usually occurs between a few days and a few weeks after exchange of contracts, depending on what is agreed between the buyer and the seller upon exchange. At this stage, the balance owed is transferred from the buyer’s solicitor’s account to the seller’s solicitor’s account.
On legal completion, you collect the keys and move into your new home.