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Checklist for house buyers
1. CHECK HOW MUCH YOU CAN BORROW – Speak to a Financial Advisor about this and establish the best type of mortgage for you.
2. DECIDE ON YOUR SOLICITOR - who will give you a quotation for fees and outlays in the transaction.
3. FIND YOUR PROPERTY – Visit local solicitors/estate agents for property details. Ask them to register your requirements and to put you on their mailing lists. You will then receive details of properties in your price range. Also check the local press.
4. VIEWING PROPERTIES – When you see a property that you like contact the solicitor or estate agent to make an appointment to view it.
5. NOTING INTEREST – Ask your solicitor to note your interest in the property and he/she will do that with the solicitor or estate agent selling the property.
6. ARRANGE SURVEY – Speak to your
solicitor about the various types of surveys available and once the survey
is to hand discuss the contents of it with your solicitor.
7. OFFER FOR PROPERTY – Ask your solicitor to submit
a formal offer for the property which will include the purchase price,
the date of entry (date of completion) and any extras to be included in
the offer. If there are several people interested in the property the
sellers may fix a closing date (all offers submitted at the same time
with usually the highest winning).
8. CONCLUDE MISSIVES – Your solicitor will work towards concluding the missives (contract) with the seller’s solicitors. The contract is not binding until this has happened.
9. MORTGAGE APPLICATION – As soon as you know your offer has been accepted you should complete your mortgage application form with the help of your financial advisor. You will need to discuss with them the type of mortgage and mortgage protection, life assurance etc. This application should be completed as soon as you know your offer is to be accepted because the mortgage procedure can take time.
10. CONVEYANCING PROCEDURES – Your solicitor will advise you of the timetable here, notify you of the contents of the title deeds of the property you are buying, and arrange for completion and signature of your mortgage documentation, all prior to the date of entry.
11.ORGANISE YOUR REMOVAL – Again at a fairly early stage organise your removal company if you intend to use one.
12.COLLECT YOUR KEYS - On the date of entry your solicitor will pay the purchase price to the seller's solicitor, arrange to pay any stamp duty and submit the Title Deeds to the Land Register in Edinburgh. You will now have the keys of your new home!