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Welcome to Andrew Ward
BARNET 020 8441 6000, BROOKMANS PARK 01707 649779, POTTERS BAR 01707 657181
 

Buying






BUYING

These days the majority of people start their house hunting by searching the Internet and Estate Agent sites. The Internet has revolutionised the way applicants search for properties, it is now far easier and quicker to look for property in any area via the Internet, without having to leave the comfort of your home!  Most agent' sites include access to the full property particulars, a vast array of external and internal photographs, floor plans as well as virtual tours, street maps and access to numerous other property related help guides.

Despite this vast quantity of information offered by the Internet including mapping sites,  for a 'birds eye' view meaning you can rotate 360 degrees around the property or 'Street View' where you can have a virtual 'walk along' the road, nothing is more valuable than visiting the property and the local area in person.

REGISTERING TO GO ON OUR MAILING LIST IS STILL THE BEST WAY TO FIND OUT ABOUT PROPERTIES FIRST HAND.

You can register by following the link on our Website; by telephoning or emailing our offices or just popping in to see us.   We will ask you a few questions which will allow us to get to know what you are looking for, once registered you will be contacted regularly with new properties and with any price changes.  This will mostly be via email, or post, if you prefer and we endeavour to call or text you when anything really suitable becomes available.

VIEWING

Normally the seller (vendor) will show the property, however we do hold keys for a number of  properties in which case we will arrange to meet you at the property at a mutually convenient time.  Our offices are open from 9.00 am to 6.00 pm Monday to Friday and till 5pm on Saturdays.  For your convenience messages can be left on our voice mail or via email for out of hours service and you will be contacted as soon as we re-open. For contact information click the 'Contact Us' tab at the top of our home page.

FINANCE

Many applicants will require a mortgage in order to finance their purchase and Banks and Building society's lending criteria is constantly changing and many lenders will have different policies.  All purchasers should seek financial advice from a competent and qualified financial consultant. The mortgage market is very competitive and it is normally a good idea to receive more than one quote.

Your financial consultant will advise you on how much you can borrow taking into consideration your other financial commitments.  It is less common these days for mortgages to be granted on 100% of the property purchase price and normally a deposit of between 10% or 20% will be required.  For more advice we would be happy to put you in touch with a fully qualified financial advisor who will be able provide all the information you may require.

STAMP DUTY

This is a tax levied by the Government which is payable when you purchase a property.  Note: the seller (Vendor) does not pay this.  It is actually known as Stamp Duty Land Tax (SDLT) but most people refer to it as Stamp Duty.

Latest changes to SD LT where made in the Chancellors Autumn Statement 2014 where the price bands now work on an incremental basis.

No Stamp Duty up to £125,000

Stamp Duty payable at 2% from £125,000 up to £250,000

Stamp Duty payable at 5% from £250,000 up to £925,000

Stamp Duty payable at 10% from £925,000 up to £1.5M

Stamp Duty payable at 12% above £1.5M

 (please note any of the information provided below maybe subject to change and we advise that you check the government website or with your solicitor prior to making any financial commitments)

A Fact 98% more people will have their Stamp duty outlay reduced under these changes (2014)!

MAKING OFFERS:

Once you have selected a suitable property to purchase and you have arranged (at least in principle) your finance, you are ready to make an offer.  All offers should be made via the agent and not direct to the seller.  Most offers are made subject to contract and can be withdrawn or revised at any stage prior to exchange of contracts.   It is our duty to put forward all offers directly to the Vendor.  The vendor will not always make an instant decision, and of course an offer of the asking price or very close to it is likely to get a more immediate and desirable response. The Vendor will also take into consideration your buying position and how quickly you may be able to proceed.  In the case of a rejected offer, we will always try and give an indication of what the Vendor is looking to achieve so that you can reconsider and hopefully make an improved offer.

Once an offer is accepted and we have confirmation that you are in a position proceed, i.e. you have nothing to sell or are in a completed chain and have your finance arranged, then we will take a note of your solicitors and write to all parties concerned.  The next stage is for the mortgage survey, normally arranged by your lender, for those not requiring a mortgage they may of course wish to arrange an independent survey.  If you do not have your own preferred surveyor, then we would be happy to provide  a recommendation.

THE LEGAL CONVEYANCE

The Conveyance is the term given to the process whereby solicitors satisfy the legal requirements of your purchase, they check that the property title is good, carry out local searches and various other legal requirements as set out by the Law society. This prepares the way for an exchange of contracts. 

EXCHANGE AND COMPLETION

Exchange of Contracts is the final commitment to purchase, your solicitor will confirm that they are happy with the documentation and your funds are in place.  This cannot take place until all parties are ready, your solicitor will call you in to sign and lodge a deposit, normally 5% or 10% of the purchase price. Once exchange of contracts has taken place you are free to book your removal van and make final arrangements.   The completion date is set on exchange and this is the date that you will be required to pay the balance of your purchase monies and once completion has taken place you will be the new legal owners.  Completion normally represents the moving in day – but sometimes people move in after completion to allow for decoration etc.  

The agent will be unable to release any keys to the new purchasers until the vendor' solicitors confirm to the agent that completion has taken place.

COLLECTION OF KEYS

In most cases keys are collected from our offices.  We will normally telephone to advise that keys have been dropped off and are ready to be collected, however please understand that keys cannot be released until it is confirmed by the Vendor' solicitors that your funds have been received.

Congratulations you are now a new property owner!




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