Contractor mortgages - steps to buying a new property
Posted Dec 15, 2011
For contractors thinking of buying a new property, there are a number of typical stages you can expect to pass through from securing a mortgage offer, to completing on your new home.
- If you are considering a property purchase, you first need to find out how much you can borrow, and what mortgage offers are available.
- Your should secure an 'agreement in principle' from your selected mortgage provider - either directly, or via you IFA.
- Make an offer on you chosen property.
- Once the sale price has been agreed between parties, you should instruct a solicitor.
- You should tell your mortgage company (or IFA) to begin the mortgage application.
- Your solicitor will begin undertake local searches (land registry, environmental, chancel searches, etc.)
- You should undertake a survey of the property - this can easily be arranged via your IFA, mortgage company, or solicitor.
- Your mortgage offer should come in.
- Local searches will be checked, and property enquiries dealt with between solicitors.
- You will need to transfer the agreed deposit to your solicitor.
- Contracts are exchanged, and both parties agree a completion date.
- Your solicitor will request the mortgage advance so that the funds have cleared in time for completion.
- Your solicitor will send the transfer deeds to the seller's solicitor.
- Hopefully the purchase completes on times, and the estate agent will deliver the keys to your new home!
This is just a rough guide to the main stages in the property purchase process. In practice, further steps may be required, and things may happen in a slightly different order.
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