The survey
Mortgage lenders expect to see a basic valuation carried out on the property before they continue any further with your mortgage. So once you have an offer accepted, organise the survey. It’s tempting to skimp at this stage, but it’s often recommended that you obtain a detailed survey to protect yourself from any future unforeseen problems.

Other types of survey available are a house buyer’s report and a full structural survey. The house buyer’s report features that which is easily accessible within the property. As it sounds, a full structural survey is more investigative and thorough, and is often recommended if you are unsure about whether work needs to be done to a property.

Why not check out CFS’s valuation services to see how we might be able to help?

Sometimes a survey will recommend that you seek a more detailed report on a particular area, for e.g. a specialist timber and damp report, or an environmental/contamination report. In this case, CFS can also help. Check out our Specialist Reports page for further details.

Exchange
Your solicitor will draw up a contract for yourself and the seller. Once signed, your solicitor sends the contract to the seller’s solicitor, in exchange for the seller’s signed contract. You are now legally committed to the purchase, so are required to organise buildings insurance, plus normally are required to put down a deposit towards the purchase price.

Completion
After completion, you pay stamp duty and the money for the purchase price on the date as arranged. This happens via your solicitor who will obtain the funds from your mortgage lender and forward on to the seller’s solicitor.

And then you can move in!

So, purchasing in a nutshell:

1) Do your sums carefully – work out how much you
1) can afford at the outset

2) Find the best mortgage rates by consulting a whole 1) of the market broker

3) Don’t try to cut corners on surveys – particularly if 1) buying an old property

4) Factor in valuations, stamp duty etc so to avoid
1) nasty surprises later

5) Try not to worry about the things that you cannot
1) control and concentrate on those that you can. A
1) good mortgage broker will keep you in the loop.