House Purchase and a Mortgage
You have decided to buy a home – so what happens next? The maze of legal work, negotiations, dealing with surveyors and solicitors, finding a good mortgage deal and worrying about your deal falling through, on top of actually hunting down the home of your dreams, is enough to make anyone's hair stand on end.
Buying a house is one of the biggest financial decisions you will make in your life. It is a lengthy and complicated business, which while exciting is often fraught with stress and worry. Mortgageshield.co.uk Ltd is here to give you not only lots of invaluable advice but we are able to take you by the hand to help make your home-buying experience as easy and problem-free as possible.
After finding a home you like, which can take anything from a few days to many months, the process from having your offer accepted to completion of the sale takes about 12 weeks. This is about twice as long as in many other countries - home-buying in
It is important to have a good understanding of the process as it will help you avoid some of the most common hazards of home-buying. Mortgageshield.co.uk Ltd has prepared this introduction to the home-buying process to help you understand how it all works, how to plan it and what to watch out for. After reading this you should have a better idea of what to expect and how to set out to buy a home feeling prepared and ready to go!
The main steps in arranging your house purchase when you require a mortgage
1. We help you calculate how much you can afford.
2. We obtain a Mortgage Agreement in Principle or Mortgage Promise
3. This is something you must do, You find a home you would like to purchase.
4. Liase with a Surveyor to obtain a verbal information including the estimated value of your chosen home.
5. We hire on your behalf (If you choose) a Solicitor
6. Through the Solicitor we make an Offer. (Whilst you can tentatively make an informal offer to the seller or estate agents, in Scotland the "offer" will only be accepted formally when made through a Solicitor.)
7. We arrange to have the Survey and Valuation Done
8. any necessary legal work The Solicitor will do
9. We can arrange Life Assurance, Building and Contents and ASU.
10. Finalise your mortgage details with you and other interested parties. (In Scotland-Missives are completed)
11. Exchange Contracts
12. Organise Your Move
13. Finalise Your Contract Details (Not applicable in
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.