Ensure that you seek professional advice from an independent Mortgage Adviser to determine your borrowing capacity and to review the costs involved in purchasing a house.
It is quite possible to obtain an “agreement in principle” from mortgage lenders at this stage so that you can commence house hunting safe in the knowledge that a mortgage has been agreed in principle for the funds you require.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The name of your solicitor will be needed at this stage so it’s a good idea to obtain quotes before starting the house buying process. Xact are able to offer you a fully integrated Conveyancing service and will provide you with a free no obligation quote at any stage. A good solicitor can make all the difference to the home-buying process and help everything go smoothly.
Speak to your mortgage adviser and finalise your mortgage application and any appropriate and suitable protection policies. Having already had an agreement in principle this part of the process can be speeded up considerably. The Lender will make all the necessary checks; employer; credit; etc as appropriate for the type of mortgage being you have applied for. Once the lender is satisfied they will instruct a Surveyor to undertake a valuation report on the property you wish to purchase. Remember you may want to commission a homebuyers report or full structural survey depending on the age and type of property you intend buying.
If you have not already done so instruct your solicitor to start work for you, and provide them with full property details. If you select Xact Conveyancing to undertake this work, then we are able to arrange one appointment for you to see both your Solicitor and Mortgage Advisor. You will not have to waste time setting up different appointments, in different locations. Xact will conduct all of this under one roof at your convenience.
This step provides for the valuation report arriving from the Lender. Note: If the valuation report highlights work that is required the lender may agree the mortgage subject to conditions i.e. work needed on the property. If work is needed, get at least two quotes for every job. Our fully trained negotiators will then speak to all parties and suggest a suitable outcome and progress the sale.
Your Solicitor will carry out the necessary searches, for example, to check that the seller actually owns the property or to make sure there are no new road plans that could affect your proposed new home.
The mortgage lender will issue the mortgage offer – if Xact Mortgages is undertaking your mortgage then we will notify you immediately that your mortgage is agreed and a copy will be sent to you and a copy to your solicitor. The Mortgage Offer sets out the terms and conditions that will apply to the Mortgage Contract. The solicitor will also receive a legal pack from the Lender. If you are using Xact Mortgages and Xact Conveyancing services then this process is seamless.
The legal pack contains full instructions about how your solicitor should meet the Lenders completion requirements. This pack includes items such as the form of undertaking, which your solicitor is required to give the Lender, a copy of the deed of mortgage and charge, loan advance requisition form etc.
If all is in order, your solicitor will draw up and send you the legal paperwork to sign and return along with the deposit as applicable. Xact Conveyancing will ensure that you are kept up to date at all stages of this process as it is vital you understand your legal position.
The solicitors will exchange contracts with the seller’s solicitor, and advise you of the expected completion date. It is important to understand that you are now legally committed to the purchase. You should speak with your Xact Mortgage Adviser to ensure that all necessary insurance’s are in place and placed ‘On Risk’.
Start planning the move. Pre-packing can relieve the stress on the day. Also, ensure that you book removals in plenty of time.
On completion day, you call the seller’s estate agent to arrange picking up the key.
Pick up the keys and move in!