Buying Process


1Arranging your mortgage and other costs

Finding the right mortgage to suit your own circumstances can be daunting, with so many lenders, schemes and rates available, where do you start?  Unless you’re really sure on what you’re doing, seek advice from an independent financial adviser.  It will certainly help us to help you if you get a mortgage agreement in principle to enable you to move quickly if need be.

2Register your interest

You should visit estate agents in and around the area you wish to move to.  Register your requirements and budget with them and get on their mailing lists.  Once you’re registered, they should then send out details of relevant properties to you.  You can also keep an eye on the local market by browsing the local property press or property portals like Zoopla and Rightmove.

3Finding the right property

Make yourself comfortable with a glass of your favourite tipple. Think about your ideal property and write a list of the ‘Must Haves’, the ‘Nice to Haves’ and most importantly the ‘Definitely Don’t Wants’.  This can help you in deciding on which properties to view and tallying up scores for each of the properties you visit, and more importantly will give you a good list of deal-breakers so nobody’s time is wasted viewing unsuitable properties.

4Making an offer

Once you have found your ideal property you should make an offer to the agent.  You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and Solicitors fees.  Once the vendor has accepted your offer you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we can recommend one to you.

5Offer agreed

Once you receive an offer acceptance then the wheels are put into motion to lead up to the final exchange of contracts (which, from beginning to end, takes between 6 to 8 weeks on average).  This is called Conveyancing. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible.

6Conveyancing

This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will liaise with the vendor’s solicitor while carrying out Land Registry and Local Authority searches to establish the boundaries of the property, any restrictive covenants or potential developments in the area that may affect your enjoyment of your new home.

7Survey and mortgage offer

Unless you are a cash buyer this is the time to formally apply for a mortgage on this property with your financial advisor or lender.

Your lender will require a survey for mortgage purposes, but this is merely to establish a valuation. You may also choose to undertake a full structural survey although this is usually advisable on a period property or a property of non-standard construction. Any issues highlighted may either affect the lenders ability to offer a mortgage in its entirety or impose special conditions on the mortgage offer.  The survey may also highlight any expensive problems to you before you purchase the property.

8Exchange of contracts

Up until this point, either party can withdraw from the sale without financial loss.  When your solicitor has received; satisfactory replies to all their searches and enquiries, a copy of a mortgage offer, a signed contract and the deposit has been paid (usually 5-10%), they can then proceed to exchange of contracts.   From this point the seller and buyer are legally committed to the deal so if the buyer pulls out for whatever reason they lose their deposit.

The sales contract is signed by both you and the vendor and the deposit is transferred or paid by your solicitor to the vendor's solicitor.  At that point the date is then set for completion.  This can be pretty much straight away (called a Sim – simultaneous exchange and completion) or up to 28 days later depending on your requirements.

9Completion

Completion is the formal process of transferring the balance of monies due from the vendor’s solicitor to the seller’s solicitor.  This process will be dependent on your circumstances and any other parties involved in the buying chain.  Once the monies have been received you can collect the keys and you are the legal owner of your new home.

10Moving in

Congratulations! You are now the proud owners of a lovely new home.

We will provide you with a welcome pack providing you with everything you need to know, from the location of gas and electricity meters, mains water stopcocks, local authority details, waste collection day etc.

Remember to get your mail re-directed and don’t forget to tell your bank, your employer, HMRC, DVLA, insurance, council tax, doctor, dentist and any schools that you have changed your address.

Agree meter readings, transfer the phone lines and other utilities. Book the removal company, defrost and disconnect your white goods. Tell your friends and organise the party.

Don’t forget the cat!
Disclaimer:  This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and Latymers Estate Agents accept no liability if you rely on the content of this guide and do not obtain professional advice.

Property Valuations

Latymers are a talented and experienced team of property professionals that consistently challenge the traditional concept of an ‘estate agent’. We have an intimate knowledge of the local area, market trends and current sales values and can give a solid and accurate advice on what might be a realistic asking price across our client’s properties.

In addition, our targeted level of media and online exposure on the UK’s most successful online property portals and professional suite of sales materials improves the marketability of your home with exposure to the widest possible audience. As a result, we are able to help you achieve the maximum selling price possible for your home.

Property Management

As the London rental market continues to boom so too has the demand from tenants for a professional property management service. Our service is focused on providing the best letting experience for tenants as well as landlords. Our tenant management is so successful that many insist on renting another Latymers property when moving on from their current home.

We thoroughly vet all our tenants before accepting them as residents, choosing high calibre corporate and private individuals to ensure that properties in our care receive the respect they deserve.

Happy tenants = happy landlords

Quality Marketing

We utilise all available routes to market for our clients’ properties and leave no stone unturned at every stage of a sales or lettings transaction. We assure our clients that their properties will receive the highest levels of marketability and that they will be viewed by the widest possible audience through exposure in the UK’s most successful online property portals, high social media penetration and a professional suite of physical and digital sales materials. As a result, we are confident that we can find the right buyer or tenant and deliver the maximum selling or rental price for our clients’ properties.

Featured Properties

Fees

When renting a property, you will need to take into consideration the lettings cost and charges when you make an offer.

Holding Deposit: You will be required to pay a holding deposit equivalent to one week’s rent in order to take the property off the market. The week’s deposit will be taken as part of the full 5 week’s deposit required before the start of the tenancy.

Security Deposit: This is usually the equivalent of 5 weeks’ rent, payable prior to the commencement of your tenancy to cover the added risk of property damage that is beyond fair wear and tear. This deposit will be protected in a Government-authorised scheme and may be returned at the end of the tenancy. All deposits are held in our Clients Account and protected by Clients Money Protection Scheme.

Advance Rent: Rent is usually payable in advance for each tenancy. You will therefore need to pay the first month’s rent prior to the commencement of your tenancy.

Professional Cleaning: Tenants will usually be responsible for paying for a professional clean at the end of the tenancy. Costs can vary depending on the size of the property and your requirements, payable to the cleaning company.

Lastly, the Tenant/s will pay all utility bills, telephone and Council Tax where applicable.

Should you have any question, please do not hesitate to contact our lettings team on: 0208 741 2233 or email at: info@latymers.co.uk