Buying Process


1Arranging your mortgage and other costs

We can introduce you to Denham Associates for expert professional mortgage advice. Denham Associates was founded by Tim Denham in 2011 and the business has combined experience of over 45 years delivering and managing financial advice services. Denham Associates has worked within several Financial Services companies, including Sun Life of Canada, Allied Dunbar, HSBC Bank and Zurich Advice Network . Denham Associates is now a representative of Openwork Limited, one of the largest providers of Financial Services in the UK.

Your home may be repossessed if you do not keep up repayments on your mortgage

2Register your interest

You should visit estate agents in the Folkestone and Hythe area. Register your requirements and budget with them and get on their mailing lists. Once you’re registered, they should then send out details of relevant properties to you. You can also keep an eye on the local market by browsing the local property press or property portals like Zoopla and Rightmove. We recommend that you set up alerts with both portals so you don’t miss any new listings.

3Finding the right property

Think about your ideal property and write a list of the ‘Must Haves’, the ‘Nice to Haves’ and most importantly the ‘Definitely Don’t Wants’. This can help you in deciding on which properties to view and tallying up scores for each of the properties you visit, and more importantly will give you a good list of deal-breakers. Think about the locality to transport, schools, leisure facilities, etc.

4Making an offer

Once you have found your ideal property you should make an offer to the agent. You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and Solicitors fees. Once the vendor has accepted your offer you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we have a list of partners that we work closely with in the Folkestone area.

5Offer agreed

Once you receive an offer acceptance then the wheels are put into motion to lead up to the final exchange of contracts (which, from beginning to end, takes between 6 to 8 weeks on average). This is called Conveyancing. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible.

6Conveyancing

This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will liaise with the vendor’s solicitor while carrying out Land Registry and Local Authority searches to establish the boundaries of the property, any restrictive covenants or potential developments in the area that may affect your enjoyment of your new home.

7Survey and mortgage offer

Unless you are a cash buyer this is the time to formally apply for a mortgage on this property with your financial advisor or lender.

Your lender will require a survey for mortgage purposes, but this is merely to establish a valuation. You may also choose to undertake a full structural survey although this is usually advisable on a period property or a property of non-standard construction. Any issues highlighted may either affect the lenders ability to offer a mortgage in its entirety or impose special conditions on the mortgage offer. The survey may also highlight any expensive problems to you before you purchase the property.

8Exchange of contracts

Up until this point, either party can withdraw from the sale without financial loss. When your solicitor has received; satisfactory replies to all their searches and enquiries, a copy of a mortgage offer, a signed contract and the deposit has been paid (usually 5-10%), they can then proceed to exchange of contracts. From this point the seller and buyer are legally committed to the deal so if the buyer pulls out for whatever reason they lose their deposit.

The sales contract is signed by both you and the vendor and the deposit is transferred or paid by your solicitor to the vendor's solicitor. At that point the date is then set for completion. This can be pretty much straight away (called a Sim – simultaneous exchange and completion) or up to 28 days later depending on your requirements.

9Completion

Completion is the formal process of transferring the balance of monies due from the vendor’s solicitor to the seller’s solicitor. This process will be dependent on your circumstances and any other parties involved in the buying chain. Once the monies have been received you can collect the keys and you are the legal owner of your new home.

10Moving in

Congratulations! You are now the proud owners of a lovely new home.

Remember to get your mail re-directed and don’t forget to tell your bank, your employer, HMRC, DVLA, insurance, council tax, doctor, dentist and any schools that you have changed your address.
Agree meter readings, transfer the phone lines and other utilities. Book the removal company, defrost and disconnect your white goods. Tell your friends and organise the party.

Disclaimer: This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and Motis Estates accept no liability if you rely on the content of this guide and do not obtain professional advice.

Property Valuations

At Motis Estates, we can either assist with an appraisal at your property with one of our experienced team members or alternatively if you wish for an accurate instant valuation, Our Instant Valuation Tool utilises data from the Land Registry and market trends to provide a valuation for either sales or lettings.

Quality Marketing

It is felt that your property particulars are one of the most important aspects of the property therefore at Motis Estates, we use professional photography to maximise the potential of your property. We also have the ability to arrange bespoke brochures from the Guild of Property Professionals.

Financial Advice

Before you decide to sell or let you property, we advise Clients to discuss their financial requirements with Denham Associates who are based within Motis Business Centre. Denham Associates can assist with both residential and commercial mortgages and income and life protection schemes. Like Motis Estates, their core values centre around honesty, integrity and trust.

Assistance

When it comes to moving home, you need professionals who are trained and trustworthy, with in-depth local knowledge and the technology and connections to market your property. Buying a new home is an exciting time, but there’s always a lot to think about. Whether you’re a first-time buyer, or just need some property buying advice, our property guides are designed to help you through the whole process.

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