Proctors recognises the fact the purchase of your home is the most important and expensive transaction you are likely to undergo. Our database features hundreds of properties and we are sure that with our local knowledge and expertise, we will be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment.
To enable you to unravel the complexities of buying your home, we have set out below a brief overview of the various procedures involved:
The first requirement is for you to register your details and property specifications which you can do on our website, by email, phone or in person at your local branch. Once registered, you are then in a position to receive details from us.
Our friendly team are available to arrange those all-important viewings of your selected properties.
In order to speed up your house buying process, it is advisable wherever possible to get a mortgage agreement-in-principle (AIP) before any final decision on your new property is made.
Making Your Offer
Once you have located your ideal property, we will submit your offer to the vendor for their consideration. This is done both verbally and in writing.
Accepted Offer/Instructing Solicitors
As soon as the vendor has accepted your offer, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase.
The next step is to arrange a survey. If you are taking out a mortgage this will be conducted by a Chartered Surveyor acting for your lender. Their report is to provide the lender with a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property.
The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration.
Mortgage Offer - where applicable
The Lender is now in possession of the Mortgage Valuation survey and, subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor.
Exchange of Contracts
Once both parties have signed the contract, a deposit (normally 10% of the purchase price) is paid. At this stage, the parties agree on a date for completion. This is necessary before exchange can take place.
Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released.
Congratulations! You are now the owner of your new home!
For more information, download our Guide to Moving Home here.