RICHMOND
Buying
with Cantell & Co
- Detail
- Candour
- Experience
- A Partnership
- Real Local Knowledge
- Credentials of a Modern Service
Buying with Cantell & Co
At Cantell & Co we know the purchase of your home is the most important and expensive transaction you are likely to make. Our portfolio features many different styles of properties and with our local knowledge and expertise, we will be able to find you a property that suits your needs, be it buying your new home or a Buy to Let investment.
Buying a property is a complex process. We are here to help, whether this is your first purchase or indeed part of a portfolio. We have set out below an overview of the different stages and are on hand to offer further advice, if needed.
To enable you to unravel the complexities of buying your home,
we have set out below an overview of the various procedures involved.
Registering your details/viewing
- Register your details and property requirements with us by email, phone, in person or by completing our registration form; this gives us an insight into your personal property requirements and helps us to know what property details to send to you.
- We do not use auto-email, so unlike other agents, we will only send you what we personally think you will like and are within your budget.
- Our experienced team will be able to arrange viewings of the properties that may suit.
- Our office is open 6 days a week from 9am to 6pm during the week and 10am to 3pm on Saturdays, though sellers may have specific viewing slots for us to show you in.
Mortgages & making your offer
- Whenever possible you should have a mortgage agreement in principle via a mortgage broker or direct with a lender before you offer. This is so you are comfortable and confident about the level of any offer you make, and the owner will know that you have sufficient funds.
- Your offer and buying position will be submitted by us to the vendor for their consideration. This is done both verbally and in writing. It is good to let us know at this point if you have a particular date you need to move by or if you want the seller to leave an item of furniture.
Accepted offer/instructing solicitors
- Once your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf.
- Your solicitor will handle all legal requirements of your purchase (property conveyancing). At this point you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker or lender accordingly.
Mortgage Survey
If you are using a mortgage your lender will arrange for the property to be visited by a Chartered Surveyor to check that the value is correct, and they are happy to secure the loan (mortgage) against it. You may wish to pay for a further survey to be carried out on a property for a more detailed report on the condition.
There are two types of survey that you may wish to have concerning the condition of the property.
There are two types of survey available:
SURVEY TYPE 1
Homebuyer Survey
It is a basic service and therefore more appropriate to properties in apparently good condition and conventionally constructed.
The survey’s purpose is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
SURVEY TYPE 2
Building Survey
The Building Survey is comprehensive and lists full technical details of the construction, materials and condition.
It highlights the full spectrum of defects from the more serious down to the insignificant and the terms of the survey are therefore tailored to fit the client’s specific needs.
Legal Steps
LEGAL STEPS 1
Draft Contracts
LEGAL STEPS 2
Searches & Enquiries
On receipt of the Draft Contract your solicitor will send for searches; they will ask you for circa £500 to order these from the local authority. Searches will highlight potential issues such as any planning that may impact the house and if there is any risk of flooding.
Once these have arrived with your solicitor, they may raise enquiries/questions to the sellers’ solicitor. These will be answered and the contract amended accordingly, subject to final approval.
LEGAL STEPS 3
Mortgage Offer & Contract
You had your mortgage agreement in principle, and this will have now been underwritten by your lender (confirming your affordability). The lender’s surveyor will have agreed with the property value and will issue the mortgage offer. Your solicitor will receive a copy of this.
Once your solicitor has a copy of your mortgage offer and is satisfied with the seller’s solicitor’s answers to enquiries they will ask you to sign and return the contract. It is always best to return by hand or via a special postal delivery.
LEGAL STEPS 4
Exchange of Contracts
Your solicitor is satisfied with the answers provided by the seller’s solicitor and holds your signed contract; they will also ask you to transfer 10% of the purchase price into their account.
Your solicitor will check with you that they may proceed and then offer the exchange of contracts to the seller’s solicitor. At this point the completion date, usually 1 or 2 weeks later, is agreed.
Once the seller’s solicitor agrees to the exchange of contracts, both parties are legally bound to buy/sell the property.
