You have found your dream home, what happens next?

How long does the process take before I can move in to my new home?

What happens after I receive the mortgage offer?

Step-by-Step Buying Guide

1. Fact Find and Documentation

 

We will provide you with a list of documentation we will require from you and complete our Fact Find which will help us learn more about you, your circumstances and the property you are looking to purchase.  This will enable us to provide an accurate recommendation from the beginning of the process.

 

 2. Affordability

 

Once the fact find is complete and documents provided we will conduct an Affordability check and full case assessment in order to let you know how much you can borrow.

 

3. Decision in Principle

 

Once we are happy with the assessment we will apply with the lender in principle for the amount we need, at this stage the lender will confirm they are happy to lend you the money based on their initial checks, the Decision in principle (DIP) can be used to show estate agents that in principle you can obtain the finance required.

4. Mortgage Application

 

Once we are happy with the assessment we will apply with the lender in principle for the amount we need, at this stage the lender will confirm they are happy to lend you the money based on their initial checks, the Decision in principle (DIP) can be used to show estate agents that in principle you can obtain the finance required.

 

5. Valuation

 

The Lender will appoint a company to carry out the valuation/survey and they will then arrange this directly with the point of contact to gain entry to the property (typically the selling agents).

 

6. Mortgage Offer

 

Once the valuation report has been received back to the lender the Mortgage underwriter will assess the valuation report along with the mortgage application, if they are happy with all of the information they will issue the Mortgage offer. The Mortgage offer last 6 months which provides enough time for the conveyancing process and other potential sales in the chain to complete.

7. Commencement of Legal Work

 

Your conveyancer will confirm instructions by letter, setting out the terms of business as well as fixed fee costs.

 

8. Searches

 

The seller’s Conveyancer will then send your Conveyancer the contract pack. Once your conveyancer has checked the contract pack they will raise any pre-contract enquiries, carry out the necessary searches, and obtain a copy of the mortgage offer.

 

9. Review of Enquiries

 

The Sellers’s Conveyancer and seller will answer all pre-contract enquiries and return these to the buyer’s Conveyancer.

 

10. Conveyancing Report

 

The buyer’s Conveyancer then reviews and reports to the buyer on the contents of the contract pack, any pre-contract enquiries, as well as the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.

11. Exchange of Contracts

 

When you are happy to proceed, arrangements are made for the deposit to be paid to your Conveyancer in readiness for the exchange of contracts.

 

12. Pre-Completion

 

Your Conveyancer then prepares a completion statement, carries out pre-completion searches and applies to the buyer’s mortgage lender for the mortgage loan.  On completion, the Seller vacates the property by the agreed time and the buyer’s conveyancer sends the proceeds of sale to the seller’s conveyancer.

 

13. Completion

 

The seller’s Conveyancer sends the title deeds and transfer deed to the buyer’s Conveyancer – together with an undertaking to repay any existing mortgage.  Once the Sellers conveyancer has received the full amount for the purchase, they will inform the seller and estate agent that completion has happened and keys can be released. You can then make arrangements to collect these and move in to your new home .

We understand how confusing the process can be and will ensure you understand the process all of the way

Get in touch today to find out how we can help you!

info@qmortgages.co.uk01727 530 145

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