Your Home-Buying Journey with Jon & Co
Purchasing a new home is an adventure that’s both exhilarating and a bit nerve-wracking, regardless of whether it’s your first or fifth time. Jon & Co are here to guide you with clear, honest advice every step of the way.
Organise Your Finances
Before starting your property search in earnest, and certainly before putting in an offer, you will need to make sure that you have the funds available to make the purchase and all the associated costs, such as legal costs, surveys, and Stamp Duty. If you need a mortgage to make the purchase, you will need it agreed in principle if you want any offers you make to be considered. If you have a property to sell in order to make a purchase, it will need to be on the market, or you can provide evidence that you have available funds.
Making Your Offer Count
Once you have found a property you want to buy, and you’ve made your offer both verbally and via email, and we’ve verified your financial readiness, we’ll present your offer to the seller, along with pertinent details like your position in the market, chain status, and readiness to proceed within a specific timeframe.
If the initial offer isn’t accepted, don’t worry—there may still be an opportunity to negotiate a more acceptable deal with the vendor.
Upon acceptance of your offer, the property will be marked as SOLD, ‘Subject to Contract’.
Moving Forward After Offer Acceptance
Now is the time to appoint a conveyancing solicitor and inform them of your plans. If a mortgage is part of your buying plan, arranging a mortgage survey with your lender is a key next step for approval.
Searches carried out by your conveyancing solicitor will unveil any local developments, environmental risks, or historical mining activities that might affect your future home. Mandatory Anti-Money Laundering checks are also conducted to verify the legality of your funds.
During this phase, the seller’s solicitor will prepare the sales contracts. Discussions regarding what’s included in the sale—like fixtures and fittings—will take place, possibly leading to further negotiations before contract agreement.
Once these steps are completed, you’re ready to progress to the ‘Exchange of Contracts’.
Exchange of Contracts: A Milestone Moment
This crucial stage involves both parties agreeing on and signing the contracts. This commitment cements the sale and purchase of the property.
You’ll then pay your deposit to the seller’s solicitor, and a completion date will be set.
The Finish Line: Completion
On completion day, the remaining balance, minus your deposit, is transferred from your bank to the seller’s solicitor. Once the funds clear, the keys to your new home are yours!
The seller’s solicitor will handle the transfer of the title deeds into your name and their registration with the Land Registry.
Congratulations! You are now the proud owner of your new home.
Tying Up Loose Ends
Post-completion, your solicitor will finalize a few important tasks, such as settling any Stamp Duty with HM Revenue and Customs and registering you as the new property owner with HM Land Registry. The title deeds will be passed to your lender or, if you’re a cash buyer, directly to you.
Ready to Begin Your Home-Buying Adventure?
If you’re eager to learn more about the buying process or ready to start searching for your perfect home, reach out to our friendly and knowledgeable team at Jon & Co Estate Agents today. We’re here to make your dream home a reality!
