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Explanation of the home buying process

Speak to a trained advisor NOW!

Telephone: 01424 851183 uk only

Office hours 9:00am - 6:00pm Mon - Fri

Sat - Sun closed

Bank Holidays closed

Mortgages-Made-Simple aim to cut through the confusion that surrounds buying a property.

Now You’ve found the house what next?

Now the property hunting is finally over, you have chosen the home of your dreams, organised a mortgage and are keen to get going? There are lots of stages that will follow with some being obvious, and some not so obvious. What’s more some of these stages can incur additional costs and all of them are important, so it is a good idea to make you fully aware of what is required from you, and what you should require from others at this point to make the process run as smoothly as possible.

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You will need a Solicitor

You need to appoint a solicitor to handle the legal aspects of buying a property, known as conveyancing. The vendor’s estate agent will need to know your solicitor’s details once your offer is formally accepted, in order to begin the process.

The Mortgage

You will have already spoken to one of our Mortgage Consultants at this point, and be in a position, to turn your ‘mortgage in principle’ into the real thing. Items that will be required at this stage are P60, recent payslips and bank statements, Copy of Passport/driving licence (if photo-card) and a recent utility bill (dated within the last 3 months)Free Mortgage Quote

Exchanging of Contracts

When your solicitor has finalised their dealings with the vendor’s solicitor, contracts can be exchanged. These are, of course, legally binding documents once signed. Among the information included in the contract is the completion date, which is the date when the property will become legally yours.

Completion

When your solicitor finalises the deal on your behalf the purchase is completed, the property becomes vacant for your possession, and you collect the keys. The Transfer Deed, the document which states that you are the legal owner of the property, is sent to the relevant registry to update the records.Free Mortgage Quote

Moving In

Once you have completed on the deal and collected the keys, you are free to move into your new home. It is also at this stage you have a legal responsibility to inform the Local Authority, statutory utility suppliers and Inland Revenue of your new address, along with other organisations (banks, telephone, power supplier etc.)

Other costs you should be aware of

As well as the monthly repayments there is a set of additional costs when finalising your mortgage, which are equally essential to consider when budgeting a property purchase.Free Mortgage Quote

Deposit
A one-off fee of usually between 10% and 20% of the purchase price is generally required as a deposit. This is paid through your solicitor. Although each case is individual and this may not apply to you.
Valuations and Surveys
The team at Mortgages-Made-Simple.net will arrange the valuation survey process. This offers an extra level of protection, giving information on whether the property is good value for money, detailed information on any potential problems that may be present and their urgency. There are different levels of survey available, including a ‘homebuyer’s’ survey and a ‘structural’ or ‘full’ survey. The homebuyer’s survey takes into account the general state of repair of the property, giving an overview. The structural survey goes into more detail, and investigates all accessible parts of the building. The mortgage provider will use the survey to calculate the valuation. Your decision to buy shouldn’t rest solely on the result of the valuation and survey, however it will provide you with important insights into the property and can prevent finding any nasty surprises and unexpected costs at a later date.
Legal Costs
In most cases a solicitor or conveyancer is required to handle all of the legal aspects of the property purchase, this will include the Local Authority search, Land Registration and dealing with the vendor’s legal team estate agent. Estimates of these legal fees are always available prior to any commitment.
Stamp Duty
Stamp Duty is a government tax based on the value of the property, liable for payment on completion. The existing system is as follows; under £120,000 = nil, £120,001 - £250,000 = 1%, £250,001 - £500,000 = 3%, £500,001 and over = 4%. Properties in certain areas are exempt from Stamp Duty, which will be made clear by the vendor or their estate agents.
Arrangement Fee This is a one-off fee charged by your mortgage provider on arrangement or application. It is often added to the mortgage itself, and will vary between lenders.
Insurance Every property purchase must be supported with a buildings insurance policy to protect against typical risks. Other related insurance policies that are generally taken out with a mortgage include contents, and payment protection that safeguards against unemployment, sickness and redundancy. Take a look at Mortgages-Made-Simple Insurance on line quote here you will find all your insurance requirements catered for, we have a panel of insurance companies so you can be sure that we will get you the best deal on the market

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Telephone:01424 851183 uk only

Office hours 9:00am - 6:00pm Mon - Fri

Sat - Sun closed

Bank Holidays closed

Mortgages Made Simple is an appointed representative of Genesis Home Loans plc, which is authorised and regulated by the Financial Services Authority for the conduct of non-investment insurance and mortgage business. Second charges, commerial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations.

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

Genesis Home Loans plc can be found on the FSA register (www.fsa.gov.uk/register)

Under Reference 305920

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Home | First Time Buyers mortgages | Buy to Let mortgages | Bad Credit mortgages | Remortgages | Commercial mortgages | Equity Release | Insurances | Contact Us | Exchange Links | Site map |

Home | First Time Buying Mortgages | Buy to Let Mortgages | Bad Credit Mortgages

Remortgages | Commercial Mortgages | Equity Release | Insurances | Contact Us

Explanation of the home buying process

Speak to a trained advisor NOW!

Telephone: 01424 851183 uk only

Office hours 9:00am - 6:00pm Mon - Fri

Sat - Sun closed

Bank Holidays closed

Mortgages-Made-Simple aim to cut through the confusion that surrounds buying a property.

Now You’ve found the house what next?

You will need a Solicitor

You need to appoint a solicitor to handle the legal aspects of buying a property, known as conveyancing. The vendor’s estate agent will need to know your solicitor’s details once your offer is formally accepted, in order to begin the process.

The Mortgage

Exchanging of Contracts

Completion

Moving In

Other costs you should be aware of

As well as the monthly repayments there is a set of additional costs when finalising your mortgage, which are equally essential to consider when budgeting a property purchase.Free Mortgage Quote

Deposit A one-off fee of usually between 10% and 20% of the purchase price is generally required as a deposit. This is paid through your solicitor. Although each case is individual and this may not apply to you.

Arrangement Fee This is a one-off fee charged by your mortgage provider on arrangement or application. It is often added to the mortgage itself, and will vary between lenders.

Telephone:01424 851183 uk only

Office hours 9:00am - 6:00pm Mon - Fri

Sat - Sun closed

Bank Holidays closed

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

Genesis Home Loans plc can be found on the FSA register (www.fsa.gov.uk/register)

Under Reference 305920

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

Home | First Time Buyers mortgages | Buy to Let mortgages | Bad Credit mortgages | Remortgages | Commercial mortgages | Equity Release | Insurances | Contact Us | Exchange Links | Site map |

Deposit
A one-off fee of usually between 10% and 20% of the purchase price is generally required as a deposit. This is paid through your solicitor. Although each case is individual and this may not apply to you.