The Buying Process

Budget

Before you begin your house-hunt in earnest, it is essential that you work out how much money you actually have to spend on a property.

The first question is how much you have for a deposit. This may not simply be a question of the money you have saved thus far, as you will also incur some once-off costs when buying your new home. These will include:

• Legal cover
• Stamp duty
• Evaluation searches
• Solicitor's fee
• Mortgage arrangement fees

Once you have a clearer idea of how much money you have for your deposit, you then need to calculate how much you will be able to afford to spend on your mortgage repayments each month. In order to do this you need to take into account your total monthly outgoings. These will differ from the ones you may have at the moment, especially if you move into a new area. Use the checklist below to remind yourself of all the monthly payments you might incur:

• Bills (such as council tax, water, gas, electric, phone)
• House insurance
• Mortgage protection cover
• Pension (if you have one)
• Annual service charges (if applicable)
• Grounds and property maintenance (if applicable)
• Personal expenses

Once you have an idea of how much money you can allocate monthly to mortgage repayments, you need to consider the effect of any increase in payments due to interest rate increase. If you take out a mortgage where the monthly repayment amount is tied in any way to the interest rate, you will be affected if it changes. It is important to be aware how an interest rate rise of even half a percent may increase your repayments, and thus your monthly expenses.

Property Search

Register your property requirements with us so we have a clear idea of what you are looking for in an ideal property. Start viewing properties with one of our experienced negotiators. Ask questions and provide feedback to enable us to tailor our recommendations to your exact needs.

Properties move quickly in London, so we recommend booking early viewings for the best chance of securing the home you want.

Mortgage

Minimise the risk of losing your perfect home to another buyer who is more financially prepared by arranging all your finances as early as possible.

If you are not a cash buyer, we advise that you have your mortgage agreed in principle before you find your property. If things run smoothly, mortgage approval takes around 4 weeks. Your bank or a mortgage advisor will be able to help you choose the right mortgage based on your personal financial situation.

Instruct a Solicitor

Find a solicitor to carry out the conveyancing or legal paperwork. Where feasible, we advise all our buyers to find a solicitor who specialises in conveyancing in your area before you begin your property search. This way, when your offer on a property has been accepted, you will be ready to instruct your solicitor immediately.

Liv International is happy to recommend solicitors that we have worked with in the past andbased on our buyers previous experiences.

Offer

Once you have chosen your ideal property, we will guide you through the offer process step-by-step, including providing assistance with any forms and paperwork.

In accordance with the law, your offer will be submitted to the seller within 24 hours verbally and within 48 hours in writing. Once we have a response, it will be duly communicated back to you so we can move on the matter accordingly and secure the property for the right price.

Offer Accepted

If the seller accepts your offer, instruct your solicitor to act on your behalf. If you are still needing to obtain a mortgage, instruct your bank or mortgage broker to continue with your mortgage application.

Your mortgage lender will arrange a valuation/survey on the property. The survey confirms to the lender that the property is structurally sound and is worth the amount they will be lending.

Conveyancing

Your solicitor will now be in touch with the seller’s solicitor, and will continue to communicate with them until both parties are satisfied with the terms and conditions of the sale agreement.

This will involve raising enquiries, checking property details, carrying out searches and surveys, etc. In the mean time, upon a satisfying valuation, your mortgage lender will send out a verified mortgage offer.

Together with your transferred deposit (usually 10% of the agreed sale price), your solicitor will then proceed to exchanging and set a completion date.

Exchange of Contracts

You and the seller will both sign the final contract.

Your deposit will be transferred by your solicitor to the seller’s solicitor’s account, and a completion date agreed and set (usually a few days or a week after exchange).

Completion

If you have a mortgage, your mortgage lender will transfer the rest of the money to your solicitor, who in turn will transfer it to the seller’s solicitor’s account.

With all the necessary steps complete, you will be handed the keys to your new home. Congratulations!