When you begin your quest to buy a property in Kettering and the surrounding villages, make sure you register with Chris George The Estate Agent – either via our website, by telephone, or by visiting one of our offices. As soon as new properties meeting your criteria come onto the market, we’ll alert you by email and/or telephone.
GETTING FINANCE IN PLACE
It’s well worth making sure your finance is in place as soon as possible so that you can act swiftly to secure the home of your dreams. Having everything agreed in principal even before you start to look at properties can give you the edge in a competitive marketplace. If you have funds in cash, savings or shares, make sure you can access them with ease and that there are no penalties for withdrawal. If you need a mortgage, we can put you in touch with an expert mortgage advisor who will guide you through the complete application and approval process. Don’t forget to budget for any repairs, renovations and removals costs, as well as stamp duty, which is currently charged at the following rates:
|Purchase price of residential property||Stamp duty rate (% of total purchase price)|
|£0 – £125,000||0%|
|£125,001 – £250,000||2%|
|£250,001 – £925,000||5%|
|£925,001 – £1.5 million||10%|
|£1.5 million or more||12%|
An additional 3% stamp duty may be applicable if you are buying a second property. Contact Chris George The Estate Agent to find out more.
MAKING AN OFFER
When we have found a property you like, discuss with us the offer you would like to make. We will ask you a few questions to confirm how you intend to fund the purchase and clarify details such as the availability of the deposit – usually 10% of the purchase price. If you already have a mortgage arranged, we will ask you to provide an agreement in principal (AIP) document and the details of your financial advisor so that we can clarify the timeframe for processing your application.
If you are a cash buyer, we’ll require evidence of finance. However you are funding the purchase, we will be there to help guide you through the purchase process.
If you’re buying with a mortgage, the lender will arrange a survey as part of the process. This is to protect their interests by valuing the property and highlighting any major defects that would negatively affect the security of their loan.
THE MORTGAGE OFFER
Once your mortgage lender has received the survey report and is satisfied the loan amount is realistic given the valuation, they will issue a mortgage offer to your solicitor.
When an offer has been agreed between you and the seller, we will contact each party’s solicitors to confirm details of the sale. Offers are not legally binding until contracts have been exchanged. We will liaise between you, the vendor and respective solicitors in order to monitor the progression of the sale as well as keeping up-to-date on any others in the sales chain. This helps make sure the purchase goes through on time.
EXCHANGE OF CONTRACTS
The sale becomes legally binding on both sides only when contracts are exchanged. This can happen only when you have paid a cleared deposit – usually 10% of the purchase price – to your solicitor’s account. Once everyone has been notified of exchange, a completion date is set by mutual agreement, which is also legally binding.
The moment you have been waiting for! Once your property purchase is finalised, your solicitor and mortgage lender will transfer the outstanding balance to the seller’s solicitor. Your solicitor will contact you and us when this has happened, allowing us to release the keys and you to move in.