At Main & Main we like to make the process of buying a property as easy as possible. We have put together a helpful Guide to Buying, informing you on the whole process.
Main & Main have offices in Cheadle Hulme and Heald Green situated in prime locations with excellent frontages. For most people buying a home will be their most important and largest investment, consequently it is important that you seek the correct advice from professional Agents who 'know the market place' - Main & Main fulfil that requirement.
It is essential that as a buyer follows simple rules so as to make the transaction as smooth and trouble free as possible.
When you have chosen the property that you wish to purchase, submit your offer to the selling Agent, give as much background information as possible on your situation including any related sale, details of your mortgage requirements. We would strongly recommend that mortgage advice be sought prior to purchasing especially for first time buyers. The mortgage market is forever changing and it is important that you choose a mortgage to suit your financial commitments. Please Either telephone or email one of our offices and we will arrange quotation for you.
Once your offer has been accepted, the selling Agent will require further details in order to instruct solicitors to act on your behalf. Having completed your mortgage application and paid your survey fee the Building Society/Bank will instruct a surveyor to inspect the property. Surveys are undertaken in various ways depending on the fee. Click here for more information on 'Surveys'. Providing that the surveyor is satisfied with the home that you are proposing to purchase he will submit a report to the Building Society/ Bank and a mortgage offer will subsequently be made. This will give you details on condition, necessary repairs and value both for mortgage and insurance re-instatement value. Be careful not to confuse these two valuations as these figures can vary considerably and this in turn will lead to confusion as to the price that you are expected to pay for the property.
Your solicitor will check the contract documentation, raise any queries and apply for the necessary searches, for which you will be required to pay a fee.
Once you have signed your contract and exchanged with the sellers solicitor, having placed a deposit (usually 10% of the purchase price) a completion date will be set for the balance of the funds to be paid over, this is normally fourteen to twenty eight days after exchange.
On completion you may have to pay Stamp Duty (A tax levied by the Government)
As from the 22nd of November 2017 all "first time buyers" buying up to £300,00 pay NO stamp duty
Finally, on completion day keys will be handed over only when the sellers solicitor has advised the Selling Agent that all monies have been received.
Mortgage Lending Valuations, Homebuyers' Reports and Building Surveys are undertaken by Chartered Surveyors who are either Fellows or Members of the Royal Institution of Chartered Surveyors. buyers have three options, which are as follows:-
Scheme One - Valuations
These inspections are undertaken by Chartered Surveyors who are instructed directly by the Lending Institution to prepare an open market value on the property, advising on essential repairs, condition and suitability of the property for lending purposes. Although in most cases Lending Institutions do release a copy of the report, it is for valuation purposes only and there is now a growing trend for the lenders not to release the valuation report.
Scheme Two - Homebuyers' Report
A Homebuyers' Report is a pre-printed format report produced by the Royal Institution of Chartered Surveyors, which is designed for small terraced houses and more modern and larger and detached dwelling houses from 1930 onwards. The report is suitable for purchasing as it identifies the description, style of construction and condition of the property, and gives a general appraisal for a buyer to decide whether or not to continue with the purchase and any repairs that are urgent or may be required in the future. It is quite feasible for a Homebuyers' Report to be linked with a Scheme One valuation.
This is an in-depth report which is far more detailed than a Homebuyers' Report and where practical to do so surveyors will carry out sub-floor inspections and roof void inspections.
Purchasing a property is the most expensive investment one makes and it is not advisable to rely on a Scheme One Valuation. buyers should consider a Homebuyers' Report or Building Survey to protect their interests. Using small independent Chartered Surveyors that are known in the area is far more preferable than a large multiple practice. Independent surveyors will spend more time in dealing with personal requirements and in some cases the Independent Surveyors of your choice will be on the panel of valuers for the Lending Institutions and can supply a mortgage valuation to the mortgage lender in a fully inclusive fee with the Homebuyers' Report or Building Survey.
Full terms and conditions regarding the various valuations can be obtained on request.
Main and Main / Sellers will be conducting viewings through the government guidelines these, being as follows:
Finally, no viewings will take place where the Client does not have the property on the market. In the case of a First Time Buyer, or purchaser in rented accommodation, they will have to provide Mortgage in Principle from their lender and sight of balance of deposit monies. Should you be a buy to let investor or have no related sale, Proof of Funds/Mortgage in Principle must be shown prior to viewing.
Where agents are not adhering to the Government Guidelines, they are putting both yourself and the seller at risk along with viewing staff.