Buying A Home
Park & Bailey recognises the fact the purchase of your home is the most important and expensive transaction you are likely to undergo.
Our database features hundreds of properties and we are sure that with our local knowledge and expertise, we will be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment.
To enable you to unravel the complexities of buying your home, we have set out below an overview of the various procedures involved:
REGISTRATION: The first requirement is for you to register your details and property specifications which can be achieved in a number of ways i.e. by email, fax, phone, in person of by completing our registration form. This will give us an insight into your personal requirements, thereby enabling us to modify the details sent to you.
Once registered, you are then in a position to receive details from us directly in person, via mail or email or download and print these out from our website. We also offer an SMS text service direct to your mobile phone.
VIEWING: Our friendly team are available to arrange those all important viewings of your selected properties.
MORTGAGE: In order to speed up your house buying process, it is advisable wherever possible; to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
MAKING YOUR OFFER: Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually exchanged.
ACCEPTED OFFER/INSTRUCTING CONVEYANCERS: As soon as your offer has been accepted by the vendor, you should instruct a Conveyancer to act on your behalf. Your Conveyancer 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 accordingly.
We speed up Property Transactions.
Park & Bailey Conveyancing does everything a high street solicitor does during conveyancing ….. and more. We promise to make sure your home move is as quick, straightforward and stress-free as possible. How?
A service for your convenience – available 7 days a week.
Opening Hours : 8:00am - 8:00pm weekdays (except bank holidays)
9:00am - 4:30pm Saturdays
10:00am - 3:00pm Sundays
An Internet, email, telephone and post based service – there is no need for time consuming meetings
Clear and independent professional advice is provided in plain english
No move – no fee – If your move doesn’t go ahead you won’t have to pay any legal fees
If you would like further information or quotation, please contact a member of staff
SURVEY: The next step is to chose the type of survey you would like. Your lender will require a Mortgage Valuation and this will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property. Since you as the buyer are also provided with a copy, it allows both parties to evaluate the findings prior to entering into a commitment to purchase.
NB: However, we would not recommend that a buyer relies solely on the Mortgage Valuation survey as the inspection is limited and although it may cost a little more to obtain a more detailed report yourself, this could in the long run save you from making a costly mistake. Your lender may offer an upgrade service or if you would like us to recommend a surveyor, please contact a member of staff.
There are two types of survey available:
1. HOMEBUYER SURVEY/VALUATION – this is the mid-range option as it is more expensive than the Mortgage Valuation but less than the Building Survey (see below).
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.
The objective of the Homebuyer Survey is to provide a more in depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value. Moreover, the professional opinion of the surveyor as contained in his report will also set out particular features of the property which may possibly have an affect on the present value and potential future marketability.
2. BUILDING SURVEY – Unlike the Homebuyer Survey, this is suitable for all types of property whether conventional or unconventional. The term “unconventional” encompasses properties that have an unusual construction, are historic or Listed Buildings, have been extensively altered or where major work is planned.
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.
However, it should be noted that this does not include a valuation and is only conducted by prior agreement.
AGREED SALE – Park & Bailey then issue the NOTIFICATION OF SALE OF A RESIDENTIAL PROPERTY. This confirms the sale details – property address, selling price etc and is sent to all parties including both sets of conveyancers.
Each conveyancer sends a ‘starter pack’ to their respective clients and asks for FORMAL (written) INSTRUCTIONS TO ACT. The seller will need to supply details such as where the TITLE DEEDS are lodged and complete the protocol documents and the fixtures and fittings list (which forms part of the final contract), they will also supply leasehold details if applicable and be asked to supply copies of any guarantees/warranties/copies of planning permissions/building regulations etc. The buyer will need to pay an initial sum which is used for general disbursements such as searches not included in the HIP.
DRAFT CONTRACT: The seller’s conveyancer will then draw up two copies of the DRAFT CONTRACT which sets out the Terms of the Sale and sends it to the buyers’ conveyancer together with all relevant supporting documentation and HIP – if available.
The buyer’s conveyancer will raise any enquiries that they may have and check through the documentation received and the Lease (if applicable). If a HIP has not been supplied they will apply for the LOCAL and other SEARCHES.
When any amendments (if required) have been made to the DRAFT CONTRACT and it is deemed to have been approved, the buyers conveyancer retains one copy - for the buyer to sign and returns the other copy to the sellers conveyancer - who will then make arrangements for the seller to sign the contract. Neither copy is dated as this is done by the conveyancers on the day of the exchange.
MORTGAGE OFFER: If the buyer is obtaining a mortgage offer, then the mortgage company will also instruct a conveyancer. Providing the one already chosen by the buyer is on their panel then the mortgage company will agree to use the same conveyancer, who will have to report to the mortgage company the results of the searches, enquiries etc and agree the terms of the mortgage offer and arrange for the buyer to sign the mortgage deed.
When all the enquiries have been dealt with, searches obtained and the buyers conveyancer has the formal mortgage offer (if applicable) the conveyancers will agree the deposit amount and a mutually convenient moving date and then proceed to the:
EXCHANGE OF CONTRACTS – at this point the transaction becomes legally binding on both parties.
Park & Bailey are also able to assist with removal arrangements and can recommend some local firms should you require it.
COMPLETION – This is when the transaction is finalized – the day you actually move. It can generally take place between 7 to 28 days from the point of exchange, depending on the requirements of the chain and their respective conveyancers/solicitors.