Finding the right mortgage to suit your own circumstances can be daunting, with so many lenders, schemes and rates available, where do you start?
Whilst some individuals/companies do not require lending, a large percentage of buyers require a mortgage when investing in a property. Once you know how much deposit you have, your mortgage advisor can work out how much your monthly repayments are likely to be. We can recommend partners, whom are financial advisors to guide you through the process, if you would like a helping hand with selecting the right home loan.
You can then secure a Mortgage Agreement in Principle from your chosen lender, and property sellers will realise you are serious about making an investment.
Register your requirements and budget with our team and get on our mailing lists. Once you’re registered, we should then send out details of relevant properties to you. Wentworth have all our listing on our Website, Rightmove, Zoopla and On the market.
The Mortgage Agreement in Principle usually gives you around three to six months to find the ideal property investment. This can take longer than you think, so give yourself plenty of time to look at different homes, ensuring you are making the right home.
If you plan to live there, then you might be even more selective. Of course, if you intend to buy-to-let then it is also important to choose the right property, but keep in mind that it is an investment and should be treated accordingly.
Once you are happy with a property then it is time to make an offer. You will need to let us know as soon as possible, what price you are offering so we can forward your offer on to the vendor for consideration.
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.
Once you receive an offer acceptance and we have reached an agreement with the vendor, this is when your solicitor would step in. If you do not have a solicitor, then we can recommend one of our accredited partners. After all, you will want a recommended professional to help process the sale as quickly as possible and to check all the legal requirements are in place.
It is also time for you to make a formal mortgage application, so you can guarantee the lender is willing to give you the funds for your chosen property investment.
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.
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.
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. Therefore, if the buyer pulls out for whatever reason they lose their deposit.
After signing your mortgage documents and sending the deposit to the seller's solicitor, contracts can be exchanged. This makes the terms of the sale legally binding, and you can look forward to the completion of the property buying process.
Completion is the formal process of transferring the balance of monies due.
This process will be dependent on your circumstances and any other parties involved in the buying chain. Once the monies have been received by the vendor’s solicitor you can collect the keys, as you are the legal owner of your new home.
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.
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 Wentworth Housing LTD t/a Wentworth Estates accept no liability if you rely on the content of this guide and do not obtain professional advice.
