private wealth mortgages - home buying process

Before looking for a property it is advisable to ascertain how much money you can borrow. A mortgage adviser will be able to assist you with this.

Once you have found a suitable property and made an offer, your mortgage adviser can then proceed with the mortgage application and make arrangements for a survey.

When purchasing a property a solicitor or conveyancer will be required to handle the paperwork. You will need to instruct a solicitor to do this. Should you require help with this we will be happy to recommend solicitors to you.

Once the valuation/survey report is received the case will be underwritten by the lender, the offer will be issued to you and your solicitor with a copy to your mortgage broker.

Your solicitor will be in contact with you and arrange for searches to be carried out. The solicitor will keep you informed of the progress and a contract will be drafted.

Once you have signed and exchanged contracts with the seller you have to pay a non-refundable deposit, the amount of which will be confirmed by your solicitor. A completion date will be set once exchange of contracts has taken place. At exchange of contracts you are responsible for insuring the property and, therefore, you must ensure you arrange buildings insurance cover.

The solicitor will request the mortgage funds from your lender once your mortgage is ready to complete. At this time the solicitor will make a bankruptcy search against you and check that all is in order at the Land Registry.

Prior to the date of completion your solicitor will forward a completion statement. Any monies that are due to the solicitor must be paid and cleared before the completion date.

Please use our ‘costs associated with a mortgage’ to help you with the budget planning.

Should you require a quote for conveyancing, please contact Amanda Shaw Solicitors at www.amandashaw.co.uk