Buying

How To Buy

A simple step by step guide

• Check out your finances.
• Get your mortgage agreed in principle.  Call John Betts Mortgages Ltd 01536 312945
• Decide how much you want to spend.
• Get an idea of what you can get for your money, click on the 'properties For Sale' button to the left.
• Decide what sort of property you want.  Register your details with Lucas Estate Agents and receive regular updates of new properties available by e-mail, phone alert or post.  Click on the 'Register With Us' button on the left.
• View suitable properties.  Click on the 'contact us' button on the left.

TIP     Don’t try to view too many properties in one day

• Find a property and make an offer “subject to contract”.

An estate agent will require proof of your identity and full details of your financial arrangements, in particular the source of any cash used in whole or part (e.g. Deposit) of the purchase.

If your offer is accepted, subject to contract:

• Contact John Betts Mortgages Ltd and complete your mortgage application with your chosen lender.  Pay valuation or survey fee (explanation below).
• Instruct a legal representative to act for you.  Pay money for local search and initial disbursements.
• Receive mortgage offer and copy of valuation/survey report (most lenders will let you have a copy of the valuation).
• Advise Lucas Estate Agents of any concerns, who will assist you in getting any additional reports/estimates required by the lender as a condition of granting you a mortgage.

TIP     Some reports are free, others will be charged for, especially gas/plumbing and electrics.

• Once the mortgage is confirmed check that your legal representative is carrying out any searches that may be required.
• Confirm that your legal representative has received draft contracts and answers to enquiries from the sellers legal representative.

TIP     If you have holidays booked, or if you are going away for any reason let your legal representative and the agents know the dates in advance.  If possible provide both with contact numbers or an e mail address.

• Arrange with your legal representative to sign the contract and pay your deposit, stamp duty if applicable and balance of legal costs.
• Exchange contracts – You are now legally committed to buy the property.  Your legal representative will give you a completion date.
• Arrange immediate insurance cover.
• Start finalising your move

A free home moving checklist is available from Lucas Estate Agents

TIP     Free change of address service at www.iammoving.com

• Completion day – The property legally becomes yours and you can move in.

TIP     You can only have the keys when the sellers legal representative has received all of the purchase monies which can be anytime on completion day depending on the length of the chain.

• Move in

TIP     Check meter readings

Don’t worry about what is involved in buying.  Lucas Estate Agents are with you every step of the way.  You can let our experience guide you and simplify the whole process.

ADVICE

For your own peace of mind change the locks and alarm code (if installed).  Check other security arrangements (window locks, door bolts etc).  Join any organised neighbourhood watch scheme immediately.  neighbourhood watch

More Helpful Tips for Buyers

• When you pay for anything by cheque, nothing will happen for at least 5 days while the money clears!  That includes valuations, searches and deposits used for exchange of contracts.

Lawyers will not accept cash.  The only way to be absolutely sure that the money is immediately available for use by your legal representative is to provide them with a bankers draft or have money TT’d (telegraphically transferred).  We cannot emphasise too much that the monies used for the deposit to enable exchange of contracts must be given to your legal representative in good time.

• Let us know if you have any holidays booked and let us and your legal representative have contact numbers or an e-mail address.  There may be documents to sign or money to be paid before you go so to avoid delays, check with your legal representative and agent in good time before you go away to see if anything needs a signature or if they need any money from you.
• Get your mortgage agreed in principal before you go viewing.  Sellers will take you more seriously and you will avoid possible disappointment.
• Have ID to hand (photo driving licence or passport) together with proof or residence (utility bill in your name and with current address that is no more than 3 months old) it will be needed by the agents, mortgage advisor and legal representative.