Buying Procedure

How do I find the home I want to live in?

Stephensons' professional staff will be happy to help you find a home you'll love in the area you want to live in. View as many properties as you can and don't limit your options; a mid-terrace might turn out to be your dream home, even if you originally set your heart on a semi-detached. Remember - it's very important to stick to your budget. Be sure you will be able to pay your mortgage, even if interest rates go up.

I've found the property I want to buy - what happens next?

Once you've found the property you want to buy, you must make an offer for it. You would usually do this through the estate agent who is acting for the seller. The estate agent will let you know if the seller is prepared to accept the amount you are offering.

The seller has accepted my offer!

If you need a mortgage, shop around for the best deal for you. There is lots of information on the Internet to help you compare deals.

What about a solicitor?

You will need to appoint a solicitor as soon as possible.Your solicitor will carry out all the legal work involved in buying a property. Tell the estate agent who your solicitor is as soon as possible.

What does ‘exchange of contracts' mean?

After your solicitor has carried out the necessary legal work and checks on the property, you and the seller will sign and exchange identical contracts. At this stage, your purchase becomes legally binding and if you pull out, you would have to pay compensation to the seller.

What happens at ‘completion'?

This is the day the property finally becomes yours and you can move in. Your solicitor will send a document called a ‘Transfer Deed' to the Land Registry officially confirming you as the legal owner.

* This information refers to property buying in England and Wales only.

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