Why buy with us?
1. Working out your price buying bracket
Buying a property is usually a person's biggest and most serious financial commitment and arranging your finances is the first step towards owning your dream home. Arranging a mortgage can sometimes be a bit of a minefield and it is possible to secure finance with as little as 5% deposit, but the larger the deposit you can save the better deal you can get. So, before you begin your search it is important to talk to a financial advisor in order to find the right property for you. Here at Paradigm Estates we can introduce you to a company of independent mortgage brokers who have access to thousands of different mortgage products suitable for a variety of differing personal circumstances.
2. Working out your budget
Once you have worked out how much money you can borrow, then get to grips with the extra cost of buying a house, such as, Stamp Duty, legal fees, removal costs and mortgage arrangements fees to name but a few. You also need to take into consideration the ongoing costs of home ownership so you can work out how much you can afford to spend on monthly repayments.
3. "The Dream Property"
Once the budget has been decided work out what you would like from your dream property. Is it going to be modern or would you prefer some character? Are you prepared to do work on a property? Would you like parking, a garage and/or a garden? It is also important to research your areas. Be realistic - Here at Paradigm Estates we will endeavour to match the right properties to you however sometimes it is impossible to tick every box on the list, so it is important to prioritise.
Once you have decided on an area that you would like to live in it is time to start viewing properties. Here at The Paradigm Estates it will generally be one of our members of staff who will show you over the property and answer any questions that you may have. It is important to keep an open mind and remember you are looking at the property not what's in it!
Once you have found 'The Dream Property' then it is time to start offering. It can be difficult to know where to pitch your offer and although some haggling is expected, offering too low a price at the start can often sour negotiations and make it more difficult to secure a mutually agreeable price. Estate Agents are legally obliged to report all offers as soon as possible and here at Paradigm Estates we will endeavour to negotiate a mutually acceptable deal for all parties. Once the offer has been accepted then it you must appoint a solicitor. Once you have appointed a solicitor the agent will issue a Memorandum of Sale to all parties and the conveyancing will commence.
Once the offer has been accepted and the solicitor has been instructed then it is time to get your mortgage progressing (if required) and the mortgage valuation and survey booked in. This is when your chosen mortgage company appoint a surveyor to inspect the property for any structural issues and to advise on the property's value. There are three levels of survey available to a buyer being a Condition Report, a Home Buyers Report and a Full Building Survey. Often the type of survey you pay for will depend on the age of the property being purchased and the amount of money being borrowed but your mortgage broker will be able to recommend which is best for your particular circumstances. Once the survey report has been completed and referred back to the lender they will issue a formal Mortgage Offer which will need to be signed before and exchange of contracts.
7. Exchange of Contracts
Once the solicitor has completed the Conveyancing Process and the contracts have been signed, the mortgage offer received and the deposit paid (10% of the purchase price), the respective solicitors will agree a mutually agreeable completion date that is acceptable for all parties. At this point you are now in a position to 'exchange contracts' which means that you are contracted to purchase the property and the vendor is contracted to sell the property to you on the completion date. On average from when the offer is accepted to an exchange of contracts is between 8-10 weeks however this is dependent on many factors including the efficiency of the mortgage company, the efficiency of both parties responding to questions from the solicitor and whether there are other related property sales in a chain. If you are using a removal company then you must not book your removals until you have exchanged contracts as completion dates are not guaranteed until this point, and you may be liable for unnecessary additional expense.
Completion Day is your moving in day and when the balance of funds (90%) is transferred from your solicitor to the vendor’s solicitor. The agents then receive a call to say that we can release the keys to the purchaser!
Congratulations! You are now a home owner!