Weenwin Solutions

Step 1: Mortgage appraisal

 

As soon as you made the decision to buy a property your first goal is to acquire the amount of money a bank or mortgage company can lend you. So the mortgage appraisal is a document that show the amount of money a lender is ready to give you provided all their requirements are met. The appraisal allows you to budget the maximum amount you can spend to buy your property.

 

Notice that the maximum amount you can borrow can be limited by the amount of deposit required by the bank or other mortgage company to lend it to you. Besides, the more the deposit you have the better the interest rate you get from the bank.

 

Documents required for the appraisal are IDs, payslip, 3 last bank statements (some institution ask for more)...

 

It is advisable to seek for the appraisal from a mortgage broker to compare the market on a wide range of mortgage providers including banks and building societies.

 

Weenwin Solutions will be happy to provide the service if necessary.

 

Call us on 020 7768 6584

 

 

Step 2: Appoint a solicitor

 

Although approaching a solicitor can be done as soon as you found your dream property it is advisable to have one ready to get on with the job to move as fast as possible to minimise the risk of gazumping (seller accepts a higher offer).

 

Weenwin Solutions works alongside extremely hardworking and fast moving solicitors.

Contact Weenwin Solutions to provide one of them free of charge

 

 

Step 3: Find your Dream property

 

The long journey of looking and viewing properties can be started.

London property market is quite vibrant and properties do not take time on the market before the seller accepts an offer. So it is always great to actively and daily look for new properties on the market on leading websites such as Zoopla, Primelocation, Rightmove... Do not neglect local estates agency website for weekly update.

 

Register to as many local estates agency as you can possibly do to maximise your chance to find a property as soon as possible.

 

Weenwin Solutions website is updated as soon as a property come on the market and its register members recieve a text message before anyone else... Register here

 

When you find the property of your dream make your offer and be ready to battle with some other interested buyers.

 

 

Step 4: Your offer is accepted

 

Congratulation, the tiring part of the process is now behind you.

The seller accepted your offer. So you need to provide the necessary details to the estates agent to start the buying process. This is the second stage of the whole process.

 

This can go as fast as you want provided you are well organise in moving relevant people at the right time. So  you can contact you mortgage broker to set up the earliest appointment possible to complete your application and get the mortgage offer. You will need to prepare the fee (roughly £350 to £500) for the property valuation by the bank or building society.

 

In the meantime your solicitor should be instructed by you to make all the necessary searches and get all the contracts ready.

 

in addition, for your own peace of mind and in anticipation of the lender demand, a building survey should be done. This cost between £600 and £950

 

It is advisable that you keep in touch with your solicitor most of the time to witness the progress of the application, ask questions to anticipate future step to take to speed up the process.

 

 

Step 5: Exchange of contracts

 

Before this stage both parties - seller or buyer - can still retract from the deal without any reason and any risk of being sued.

 

At this point all documents are ready: contract, mortgage offer, searches...

Today you sign a binding contract with your solicitor and the seller does the same on the other side with his/her solicitor.

 

You transfer your deposit to your solicitor bank account and you will decide with the seller on the completion date.

 

Both parties are now bind by a legal contract and one can no longer retract without consequences.

 

 

Step 6: Completion

 

The buyer becomes the legal owner of the property on the completion date. The balance is transferred from the buyer’s solicitor to the seller’s solicitor account and the keys of the property are released to the buyer after the confirmation of the seller’s solicitor that the money is cleared on his account.

 

 

Congratulation for your dream home!!!

 

Weenwin Solutions is always happy to help so do not hesitate to call us should you have any inquiry.