Guide to Buying Property
Exciting times, buying a property, however there’s a lot to do and think about.
When buying a property it's vital you make the right decisions along the way and that is why we have a buying checklist.
1. Arrange a mortgage
Before you begin your property search it's important to know what you can afford to borrow so it is advisable to speak to an independent mortgage advisor who has access to the whole of the mortgage market to get your finances in order. This will confirm what you can borrow and influence your property search.
We have a recommended mortgage broker so if you would like further information please contact us.
You can register with us via email and stay one step ahead by calling on 02920 397887 or by visiting one of our Cardiff offices. By registering with us you will have access to early bird property details via email or text.
3. Evening and weekend viewings
Jeffrey Ross have committed to being open 7 days each week. We are open when you need us to be, and yes we do conduct viewings, valuations, take ons and provide feedback each and every day*.
We appreciate how difficult it is to view properties during the working day, so we try to work around you. We carry out Sales and Letting viewings Mon-Fri up until 6.30pm and 5pm on Sat.
4. Instructing a solicitor
The successful purchase of a property can be reliant on the instruction of an efficient and experienced solicitor and we would recommend you do this as soon as possible. Choose a solicitor that has good local knowledge and has a dedicated conveyancing department.
Once an offer has been accepted and on receipt of the draft copy of the contract from the sellers solicitors, your solicitor will raise enquiries on your behalf. Searches will be requested and they will look to agree a date when contracts can be exchanged.
5. Making an offer
Once you have identified the property you wish to purchase we would inform the seller of your offer both in writing and verbally. At this stage we would ask you provide mortgage in principal before accepting any offer. Should you require mortgage assistance we have mortgage specialists that we can recommend.
Once your offer has been accepted we would issue all parties a memorandum of sale which includes the agreed sale price. At this stage we would require your solicitor and mortgage broker’s details.
6. Surveys and mortgage offer
Once an offer is accepted your mortgage company (if applicable) would want to carry out a mortgage valuation survey. As a buyer at this stage you have the option to upgrade your survey to a home buyers report or full building survey. A survey would point out any structural defects and advise on the property value.
There are no legal obligations at this stage to buy the property.
7. Exchange and completion
This occurs when the solicitors are satisfied with their enquiries and the searches have been completed. A deposit is then paid and the solicitors fix a mutually agreeable date for completion.
When you exchange you are legally committing to buying the property.
Completion will take place once all monies have been transferred and keys are then issued to your new home-congratulations!!
*By request on Sundays.