The first piece of the puzzle is deciding what , where and why you want to buy. Once you have an idea of what you want your strategy to be, we can get to work together and start the process. We have outlined the process, start to finish, below.
Finding a property can be one of the most enjoyable parts of the process so you may want to do this yourself. However, if you find time is short then we can take your requirements and do the hard work for you. It's key to view a wide selection of properties within your chosen area and market to make an informed decision. There are fundamental questions which aren't always obvious, that need to be asked of agents and owners. We have a detailed property checklist which we complete for every property we visit.
Researching the area you are looking at is also essential. We will look at the achievable rents, proximity to schools, transport links, amenities and industry and also the general area demographic and historical house price data to create a detailed picture.
Once a selection of properties have been shortlisted they can be analysed in more depth. Predicted rental returns, estimated mortgage payments and purchase costs are compiled in a property analysis spreadsheet for your ease of comparison.
Once you have chosen a property to move ahead with, and the due diligence has been completed, its time to get a Mortgage In Principal (MIP).
MORTGAGE IN PRINCIPAL (MIP)
A MIP is when a mortgage lender agrees to lend you a certain amount of money based on your deposit and purchase price. This is crucial when negotiating as it proves to the estate agents that you are actually able to purchase the property and have a mortgage ready to go. There are still requirements to be met for a full offer, but these will be assessed further down the line.
We will have already sent you a list of what is required in terms of information and documentation to help speed things up, but its at this stage we will liaise with our mortgage broker to get an offer finalised.
Once we have the MIP we will help you to negotiate with the seller's agent. Negotiation is all about having an understanding of the market and of your opposition. There are a variety of negotiation practices which can hugely increase the chances of getting the price you want. As a team we have decades of experience in this art. Its at this crucial stage that we can try and help you save.
Once a price is agreed and the agents requirements are met, the property will become sold subject to contract or STC and the agent will stop advertising it.
It is important to note that Anchor Property can not, and will not provide valuation advice. We strongly recommend clients get independent valuations.
Once a price has been agreed it is time to get the solicitors involved. We have an excellent relationship with specialist property solicitors who can act on your behalf.
The solicitor will represent you in the purchase, they will carry out searches on the property to make sure there are no legal, planning or environmental issues. They will also ensure that the contracts are fair and reasonable and check over your mortgage for you.
Its now time to get a final mortgage offer. The lender will require some more information about yourself and the property. They will want to independently value the property to ensure it is worth what you are paying for it and that your investment is safe.
It is now time to get a survey on the property. We strongly suggest a Home Buyers Report is carried out by an RICS Chartered Surveyor. This will give a good overall impression of the condition, value and potential issues related to the property.
Even with the best will in the world and with us on your side be prepared for this process to take some time. The mortgage company, broker and solicitor will be communicating amongst themselves to get your purchase moving but this always takes time. Luckily for you we are here to make sure it takes no longer than it has to, and that you are not forgotten about.
Exchange of contracts is the last chance to change your mind, it is at this stage that you will sign the contract, legally agreeing to purchase the property in question.
This is the day that the process comes to a head, monies will be transferred and the keys will be made available to your new property.
It is important when you purchase a property to make sure its insured as soon as it becomes your responsibility. We can help arrange this for you, or if you'd prefer you can purchase this online.
What happens next depends on your intentions for the property. Whatever you choose to do however, we are here to help and will discuss this on an individual basis.