Purchasing home is the most important and expensive transaction you are likely to undergo which Salik & Co recognizes well.
To find you a property to suit your needs, hundreds of properties are stored in our database and with the local expertise and knowledge which will help you ‘Buy to Let’ investment or be it a straightforward move.
Buying home might be a complex procedure and to unravel the complexities some of various overview as follows:
Registration: Registering your details and property specification is one of the first requirements and it can be done in a number of ways. By phone, email, fax or in person by completing our registration form. Your personal requirements is important to enable us to modify the details sent to you by us.
Once registered, you are then in a position to receive details from us directly via email, mail or in person download and print these out from our website. We also offer an SMS text service direct to your mobile phone.
Viewing: to arrange all important viewings of your selected properties our friendly team is available to assist in all manner of aspect. Our offices are open 7 days a week. Please contact us to arrange a mutually convenient time.
Mortgage: Buying house may be a lengthy process, in order to speed up, it is advisable to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
Making Your Offer: Once you have located your ideal property, on your behalf we will submit your offer to the vendor for their consideration. This is done both verbally and is writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
Accepted Offer/Instructing Solicitors: When a vendor accepts your offer, you should instruct a solicitor to act on your behalf. All legal requirements of your purchase (property conveyancing) will be handled by your solicitor.
Survey: As required by law it is important to obtain the mortgage valuation. This will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a valuation i.e to determine whether the amount to be loaned is secure and also deals with the basic condition of the property. As a buyer you are provided with a copy, as it allows both parties to evaluate the findings prior to entering into a commitment to purchase.
NB: However, as the inspection is limited we would not recommend that a buyer relies solely on the mortgage valuation. Although it may cost a little more to obtain a more detailed report if you did yourself, this could save you from making costly mistake.
There are two types of survey available:
1. Homebuyer Survey/Valuation – this is a mid-range option as it is expensive than the mortgage valuation. But less than the building survey (see below).
It is a basic service and therefore more appropriate to properties in apparently good condition and conventionally constructed. The survey’s purpose is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
The objective of the Homebuyer Survey is to provide a more in depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value. Moreover, the professional opinion of the surveyor as contained in his report will also set out particular features of the property which may possibly have an effect on the present value and potential future marketability.
2. Building Survey – Unlike the homebuyer Survey, this is suitable for all types of property whether conventional or unconventional. The term “unconventional” encompasses properties that have an unusual construction, are historic or listed buildings, have been extensively altered or where major work is planned.
The Building Survey is comprehensive and lists full technical details of the construction, materials and condition. It highlights the full spectrum of defects from the more serious down to the insignificant and the terms of the survey are therefore tailored to fit the client’s specific needs.
However, it should be noted that this does not include valuation and is only conducted by prior agreement.
Searches: these are conducted by the buyer’s solicitor who submits a local authority search to the local borough council. Its purpose is to ascertain it there is any planning consented previously granted on the property or if there are any other local issues which may have an impact on the purchase. Some cases may also include an Environmental and Drainage search.
Draft Contracts: The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered. The contract amended accordingly, subject to final approval.
Mortgage Offer: as the lender is now in possession of the Mortgage valuation survey, subject to the findings of this report. Approval or receipt of the mortgage application and provided all references and checks having been conducted satisfactory, the Lender will send a formal Mortgage offer to the buyer and their solicitor. The document is then signed and returned as funds requested by the buyer’s solicitor.
Exchange of Contracts: Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid by either bank transfer or banker’s draft. The parties agree on a date of completion after exchange of contracts.
Completion: It usually follows a few days or weeks after exchange of contracts. The purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released- Congratulations! Now you are the owner of your new home!