Making an offerWhen you determine the property you want to purchase and offer should be made immediately to increase the chance of securing the property. It is of course important your budget has been considered before making an offer.
Approximately 95% of home movers start their property search online, so this is by far the most popular and rewarding place to begin your property buying journey. You can browse the widest number of potential properties availabe in your chosen location on a desktop, tablet or even mobile phone from the comfort of your armchair. On the Reeds Rains website you can you save your searches and receive email alerts of new properties – so why not register with us today?
Exchange of contracts is the point at which you are legally bound to buy the house and nobody can back out of the transaction.
How it works
Do you have a budget in mind for your first home?
1. Complete our budget planner to help you see how much you may be able to afford to spend on mortgage repayments.
2. If you book an appointment with LA Lettings referred mortgage adviser they can help you work through the planner.
Do you have enough money saved for your deposit?
1. You are likely to need at least 5% of the purchase price of the house as a deposit.
2. However, if you can save more for a deposit you can often get a cheaper mortgage.
Do you know how much you could borrow?
1. Have a look at our latest mortgage deals to find out likely fees and interest rates.
2. Calculate how much your repayments would be based on different interest rates.
3. Talk to a LA Lettings referred mortgage specialist who will be able to discuss how different lenders have different criteria for how they calculate how much they may be willing to lend you.
Do you know about your credit score?
1. Your credit score could affect your mortgage borrowing ability.
2. You can check your credit score on the internet at sites such as the Credit Expert from Experian.
3. You can improve your credit score by doing such things as registering to vote.
Do you know what type of property you want?
1. Have you thought about whether you want a new build property or a "second-hand" property?
2. How many bedrooms do you want, do you need a garden?
3. Do you know the difference between freehold and leasehold properties? You can use our Glossary to find a brief description.
4. Location - Do you want to live near your work place, your friends, schools etc.?
Do you know how mortgages work?
1. Read our guide to mortgages.
2. Talk to a mortgage adviser, LA Lettings can refer you to a specialist who we work with.
Do you know what happens when you are searching for a mortgage?
1. Have an initial appointment with a LA Lettings referred mortgage adviser
2. Your mortgage adviser will review your needs, current circumstances, and look for a suitable mortgage deal for you from a lender.
3. Apply for an agreement or mortgage decision in principle from the lender. (This is confirmation in writing of a lender's expression of intent to provide funding subject to certain conditions being met but it is not a formal mortgage offer.)
4. Make an offer on a property.
5. Make a mortgage application to the lender.
Do you know what to look for when viewing a property?
1. Does the property require updating?
2. Are the rooms big enough?
3. Check the bills - council tax, utilities, etc.
4. Check for damp/cracks/mould or damage.
5. What is the location like? - Nearest shops? Good transport links?
6. Could you see yourself living there?
Do you know about making an offer on a property?
1. Make an offer of a price you would like to buy the property for to the estate agent acting on behalf of the seller.
2. Their estate agent will put your offer to the seller.
3. The seller may accept or reject your offer.
4. If your offer is rejected you could make another higher offer if your budget allows.
5. Once your offer is accepted then you can proceed with the purchase and application for a mortgage.
Do you know the legal process of buying a property?
1. We can put you in touch with a legal firm to handle the conveyancing (the legal work necessary when buying a property).
2. You will need to arrange home insurance for your home.
3. You are legally bound to the purchase of the property at exchange of contracts and ownership passes to the buyer at completion.