• Buyers Guide

Buying a property is a huge financial commitment and can therefore seem like a daunting prospect.  The key steps involved are summarised in the timeline below, however please don’t hesitate to contact us should you require any further information or advice.

  1. Sell your existing property (if required)
  2. Calculate your finances
  3. Obtain a mortgage in principal
  4. View properties
  5. Make an offer
  6. Exchange and complete
  1. Sell your existing property (if required)

If you are unable to purchase another property without selling your existing one then the first step is to put it on the market for sale.

Once you have agreed a sale on your existing property, you will then be in a proceedable position to make an offer on an ongoing purchase.

  1. Calculate your finances

There are numerous other one-off and regular expenses to consider when buying a property and moving, in addition to the cost of the property itself.

Therefore it is key to take into account how you’ll cope should your financial situation changes, or interest rates rise.

Typical moving costs include:

  • Mortgage arrangement fees
  • Lenders valuation / HomeBuyer Report / Condition Survey
  • Conveyancing Fees including searches, Land Registry fees
  • Stamp duty – none to be paid on the first £125,000. £125,000 – £250,000 = 2%, £250,000 – £925,000 = 5%, £925,000 – £1.5 million = 10% and 12% above that. A 3% surcharge is applied to all bands for additional properties.
  • Removal Fees
  • Possible reconnection costs for phone and TV services
  • Re-direction of post

Typical monthly costs include:

  • Mortgage Payments
  • Buildings and contents insurance
  • Council tax
  • Water, electricity and gas charges
  • Ongoing repairs and decoration
  1. Obtain a mortgage in principal

Unless you are a cash buyer, you will need to arrange a mortgage to buy a property.

Based on your income, your mortgage lender can help you work out how much you can afford to spend on a property and the minimum deposit you will need.

A ‘Mortgage In Principle’ is a conditional offer made by a mortgage lender which tells you how much money they are likely to offer and the interest rate you’ll pay.

It’s in your best interest to acquire a mortgage in principal at the earliest opportunity as it’s usually required by the selling agent before being able to put forward an offer on a property.

  1. View properties

Once you have worked out how much you can afford the next stage is to start searching for a property.

In order to assist you in finding your ideal property, we find out as much as possible about your requirements so we have a clear understanding of what is important to you.

You can register with us either online, by phone or by visiting our office, details of suitable properties that match your criteria can then be emailed to you.

We will then conduct viewings with you at the properties of your choice where we can answer any immediate questions and will generally contact you shortly after for your thoughts and feedback.

  1. Make an offer

Once you’ve found a suitable property, we will promptly forward your offer to the seller.   Our sales negotiators will work hard to facilitate a satisfying outcome that provides the best result for both parties.

Your acceptance offer is still ‘subject to contract’ which means until contracts are signed there are no legal obligations to proceed on either side.

Once an offer has been accepted we will require solicitors details from you and the seller in order to issue a Memorandum of Sale to all parties concerned.

  1. Exchange and complete

The seller’s solicitor will prepare a Contract of Sale and once enquiries, local searches and evidence of title have been satisfied by your solicitor and your mortgage offer has been received, Exchange of Contracts can take place.

The Contract will be signed by both parties and a deposit of around 10% of the purchase price is transferred from your solicitor to the seller’s solicitor.  At this point the seller is legally bound to sell the property to you and a completion date can be agreed.

Completion can be on the date of exchange or typically within one to two weeks after, depending on your requirements. On Completion your solicitor will transfer the remainder of the purchase money to the seller’s solicitor and you can then move into your new home!

Contact The Team

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What Our Clients Say

I recently sold my flat with Fortis and their service has been excellent. The price compares very favorably with other estate agents but the service was first class. The photos were excellent and they were very prompt at getting it on the market. I was always kept up to date and it was great having a local office on the doorstep. I would definitely recommend them.

Louise Weinzweig

sold my house to the third person that seen it and got the asking price which is the highest price a house has sold for in my street for years, and if i needed to ask any thing they would all ways there to ask and got back to me ASAP

Andrew Knight

I have recently sold my house with Fortis and cannot fault their service. I purchased the same house from them 5 years ago, after seeing what estate agents were offering when it came to sell the house, I decided to stick with Fortis. They are friendly, unimposing, so efficient and quick! I loved how they continuously communicated with me at each step, they are so professional. When I next need an estate agent, I will be using them again without a doubt. Thank you Fortis!

Louise Annetts