The Buying Guide
Buying a property can be one of the most important decisions of your life. We are here to take you through that process as simply and efficiently as possible.
How will The Property Company find a suitable property for me?
Register with The Property Company today, we will then send you details by any of the following preferred methods:
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Text - SMS descriptions sent to your mobile phone
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Email - property particulars sent directly to your inbox
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Telephone - we can call you directly
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Post - property particulars sent to you
- Or visit our offices
Viewings
If you would like to view a property we will arrange a suitable time and accompany you to the property either meeting you at the property or if you prefer, meeting at our office for us to take you to the property.
How the purchasing process works - key stages
The property path usually takes the following steps. In the United Kingdom it is the seller (vendor) who will pay the Estate Agent. The Vendor’s estate agent will usually liaise between all parties including solicitors at all stages up until you move in.
It is imperative before you start looking for a property that you have your finances arranged. This you can do directly through a Building Society, Bank or Financial Advisor.
Let's get you on the path to purchasing your new home:
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Register your complete requirements either online, email, telephone or in person with The Property Company.
- Secure your mortgage offer.
- Appoint a solicitor to work on your behalf
- From the 14th December 2007 Home Information Packs are statutory for all properties.
- Your mortgage company will carry out their valuation on the property.
- Or instruct your own surveyor.
- The vendors solicitor supplies a draft contract and title deeds to your solicitor
- The Property Company will supply you with a copy of The Home Information Pack which will assist your solicitors to provide a quicker service.
- Your solicitor arranges a local search and raises any queries with the vendors solicitor.
- Once your solicitor and your self are satisfied a completion date is agreed.
- You provide the vendor with a deposit via your solicitor.
- Signed contracts are sent to you from the vendor via your solicitor.
- Contracts are exchanged and you arrange buildings and contents insurance.
- Completion takes place on an agreed date.
- Your solicitor pays remainder of purchase price to vendors solicitor.
- Open your door you are now the proud owner.
How the legal process works
Buying or selling your home can be stressful, but a problem shared is a problem halved and we are here to help you through the process. We can advise and assist in many ways but perhaps the most important is our ability to liaise with all the solicitors to ensure as little hassle as possible:
- If you are selling, we will undertake the marketing and use our best endeavours to suit your requirements by introducing a suitable buyer at the best possible price;
- You will need to have a package of information available about your home which we can provide for you; and
- If you are buying, we can offer you our wide range of properties on which we are instructed and guide you through the purchase procedures generally.
Once you have found a property that suits you, you will need to make an offer which must be given to our team member along with your position, i.e. you have sold your current property, you are renting, and you have a mortgage lined up etc so we know your exact current circumstances. This will assist us in validating your offer with the vendor We are not able to divulge other offers received on the same property. The offer will be made verbally initially and then in writing within 24 hours. If your offer is rejected should you decide to increase your offer the same process will be repeated.
Once your offer is accepted it is important that you are ready with your finance and a surveyor. We will require details of your solicitor and mortgage lender including any estate agent selling your current property should this apply .The Property Company will issue you a letter to confirm that the sale is agreed subject to contract in writing to all relevant parties. At this point all necessary parties will need to discuss and decide if the property owners are to stop showing their property for further appointments.
You will need to instruct your solicitor and pay for searches on the property you propose to purchase. The solicitor will draft a contract of sale and send it to the vendors solicitor to check title deeds and land registry records and to organise searches.
Once details of searches, surveys and any other queries have been completed your solicitor will require a deposit of approximately ten percent of the agreed purchase price after which you exchange contracts and agree a date for ‘the completion’ which on average takes about 28 days from exchange. Make sure that you have buildings insurance from this date onwards. On the completion day the solicitor will advise that finances have been completed and you will collect the keys from the agent. Time scales vary according to the complexity of each individual case and the length of chain.
Surveys and listed buildings
There are several different types of surveys available from which you can choose depending on the type of property you are buying and your budget.
The RICS HOMEBUYER Service is in a standard format and is designed specifically as an economy service.
It is intended only for particular types of home, houses, flats and bungalows which are:
- Conventional in type and construction
- Apparently in reasonable condition
It focuses on essentials: defects and problems which are urgent or significant and thus have an effect on the value of the property. Because of the practical limits on the type of property and of the scope of its coverage, the HOMEBUYER Service is priced mid-range - more expensive than a Mortgage Valuation, but less than a Building Survey.
The main objective in providing the service is to assist the prospective homebuyer to
- Make a reasoned and informed judgment on whether or not to proceed with the purchase
- Assess whether or not the property is a reasonable purchase at the agreed price
- Be clear what decisions and actions should be taken before contracts are exchanged
The surveyor also gives his or her professional opinion on the particular features of the property which affect its present value and may affect its future marketability.
Building survey
A Building Survey is suitable for all residential properties and provides a full picture of their construction and condition. It is likely to be needed if the property is, for example, of unusual construction, is dilapidated or has been extensively altered - or where a major conversion or renovation is planned. It is usually tailored to the client's individual requirements. A building survey is more comprehensive than a homebuyer report and includes extensive technical information on construction and materials as well as details of the whole range of defects, major to minor.
A valuation is only provided as an extra, by agreement.
Listed buildings in England
Historic buildings are a constant reminder to all of the work and way of life of earlier generations.
The country's rich historic and architectural inheritance is identified and protected through a process of listing. Under the Planning (Listed Buildings and Conservation Areas) Act 1990, the Secretary of State for Culture, Media and Sport has a statutory duty to compile lists of buildings of special architectural or historic interest.
Listing ensures that the architectural and historic interest of the building is considered carefully before any alterations to the exterior or interior can be sanctioned.
The lists comprise a wide variety of structures - from castles to railway viaducts. Buildings can be listed because of:
- Age
- Rarity
- Architectural merit or method of construction
The older a building the more likely it is to be listed.
Who administers the system?
English Heritage, an independent body, is the government's statutory adviser on conservation issues and policy and is responsible for advising on the listing and scheduling of buildings and monuments.Anyone can request the Government to list any building, but not all proposals are successful. Inspectors will make an initial appraisal based on written information sent to them. If the proposal is not rejected, a site inspection will be made followed by a recommendation that the building be listed.
Grants
It is possible to get financial help for the repair of buildings of outstanding architectural or historic interest.
English Heritage are a major source of grants awarding millions of pounds each year for repairs to historic buildings and ancient monuments. Grade I and Grade II* buildings may be eligible for English Heritage grants for urgent major repairs.
Local authorities may also award grants for any building of architectural or historical interest and are not restricted to outstanding buildings or even to listed buildings.
Appeals
If an application for listed building consent is refused by a local planning authority, or granted subject to conditions, the applicant has a right of appeal to the Secretary of State.
The procedure of appeal is almost identical to the procedure for appealing against a refusal of planning permission.
Where to obtain further information
The full English national list is kept by English Heritage at:
National Monuments Record,
Kemble Drive,
Swindon. SN2 2GZ
For advice on how to get a building listed, or on listing generally contact:
The Department of Culture, Media and Sport
2-4 Cockspur Street,
London. SW1 5DH
For information on English Heritage, contact:
Customer Services Department
PO Box 569,
Swindon. SN2 2YR
Budgeting
The list below shows the service charges you can expect to incur. It is a good idea to speak to providers of these services to get an initial estimate of cost for your budgeting purposes:
- Mortgage arrangement fee, use our mortgage calculator.
- Solicitors fee
- Deposit (usually 10%)
- Search fee
- Surveyors fee
- Insurance
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Stamp duty calculated according to the cost of the property use our calculator.
- Removal costs if you use a professional removal company
- Utilities connection charges
