Just starting out on your homeownership journey or need
a refresher? Here’s our handy buying guide.
A STEP-BY-STEP GUIDE
SHOW ME LONDON PROPERTY
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The internet is a great place to look at properties but the choice can be overwhelming, therefore the Daniel Cobb team would be delighted to personally assist you. Give us a clear brief and we’ll present you with hand-selected homes that meet your requirements. Check out our great property alert function too - it’s easy to use and ensures you never miss a new home.
Start your property search
START YOUR SEARCH NOW
Financing your property
LET'S TALK MONEY & MORTGAGES
Most people buying London property will need a mortgage and it’s good to get the ball rolling early in the process. A good independent mortgage advisor will work out what you can afford and will have access to the very best home loans from the whole of the market.
Organise a mortgage
Don’t forget, lenders will look at all your
outgoings to assess your financial health, so be prepared to provide proof of income, savings and
deposit. Daniel Cobb would be delighted to
recommend a mortgage advisor.
Get the most out of Viewings
FILL MY DIARY WITH VIEWINGS
Now you know your budget and have an idea of the London property style you like, book some viewings! It’s easy to be overwhelmed when you step inside a home so take a list of questions prepared in advance. Don’t forget to ask about running costs, council tax rates and what the current owners have done to improve the property during a viewing.
Daniel Cobb suggests two viewings at different times of day for properties that you’re considering offering on.
Making an offer
OPEN TO OFFERS
Once you have an offer in mind, we’ll contact the seller and make your best offer official - by law we are bound to notify the seller of all offers received. There may be a period of negotiation before a price is agreed but we’ll let you know as soon as any offer has been accepted. Daniel Cobb understands communication at this stage is crucial, so we’ll keep you informed every step of the way.
Offering on a property
LEGAL EAGLES - LEARN MORE
At this point your mortgage company should instruct
a conveyancing solicitor, as the transfer of a property from one person to another is a legal transaction. Your solicitor will steer the purchase to exchange and completion, and co-ordinate the release of your mortgage funds.
The Legal bit
Both parties will be sent a Memorandum of Sale confirming the price, any special conditions negotiated, and the names and addresses of both parties’ solicitors.
Memorandum of Sale
You will need to make sure your solicitor is in funds in order to carry out local authority searches. These will clarify matters such as flooding, convenants, boundaries, restrictions, contamination, planning permissions and rights of way.
You can expect all the necessary paperwork from the vendor’s solicitor via your own solicitor. After reviewing the documents, your solicitor will send preliminary enquiries to the vendor’s.
Documentation, contracts & deeds
Arrange a Valuation & Survey
EXPLAIN MORE ABOUT SURVEYS
Once your offer has been accepted in writing, you’ll need to instruct your lender to organise a mortgage valuation. At this point your mortgage company should instruct a surveyor to carry out a home buyers’ / structural survey. This reassures your mortgage lender that the property is worth the sum they are lending you.
Valuations & surveys
There are different types of surveys:-
• Condition Report
• HomeBuyer Report
• Home Condition Survey
• Building or full structural survey
• New-build snagging survey
Normally the age, construction and condition of the property you want to buy will dictate what survey is best.
Exchange of contracts
MAKE MY MOVE HAPPEN
This is one of the most important milestones in any property purchase. Exchange is when the signed contracts binding the buyer and seller to the deal are swapped and a buyer’s deposit is transferred to the seller’s solicitor’s holding account.
The exchange is coordinated by the two respective solicitors and is a legal transaction. At this point you’ll need to make sure your funds are ready, the relevant people are in the right place to sign the contracts and that your solicitor is happy with the details pertaining to your purchase and/or sale. Once exchange has taken place, you’ll need to set a move in date and book a removal company. Don’t forget to pre-reserve the parking bay to the front of your property for the removal van.
The Legal Swap
It’s congratulations all round when you reach completion! Completion is when a buyer’s mortgage funds are transferred from their solicitor’s account to that of the seller’s, and the keys are released to the new owner. From that point you can move in as and when it suits you.
To help you start your new chapter here are some things to think about:
Completion and move in
THE KEYS IN MY HAND
Preparing for the move
Change in address: Ensure your records are updated with your new address (bank, DVLA etc)
Utilities: You'll need to inform them of your completion date. A meter reading will also have to be taken on the day of completion.
Council tax: Apply for any refund that might apply for your area and ensure to pay the new amount for your new address.
Parking: Contact the local council to apply for a parking permit
Finally, all Daniel Cobb buyers receive a welcome pack filled with lots of useful items, including a bottle of champagne to enjoy the moment.
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Tel: 020 7222 1000
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