Tina Cranfield Financial Services
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  • Home
  • About
  • Contact
  • Our Services
    • Mortgage Calculator
    • The Buying Process
    • Cost of Buying
    • First Time Buyers
    • Remortgage
    • Buy To Let
    • Let to Buy
    • Commercial Mortgages
    • Protection

Tina Cranfield
Financial Services

Mortgage Consultant
07840 740047 / 01526 352076
mortgages@tinacranfield.co.uk 

The Buying Process

 

​These are the steps you need to consider when looking to buy a property in England or Wales. Slightly different arrangements apply in Scotland.
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1. Check you can obtain a mortgage
The process of buying a house starts with a check to see that you qualify for a mortgage. See a mortgage consultant such as myself who will assess your circumstances, explain the different types of mortgages and how they work, suggest which might be the best for you and why, explain the setting up and monthly costs, and obtain an ‘agreement to lend in principle’ from a lender.
​2. Choose your home
Agree a purchase price with the estate agents or vendor. If you are close to a stamp duty band (see our Cost of Buying page) threshold, try and negotiate a price at or below the band limit. Do NOT put offers in writing without the help of a Solicitor – you may find yourself legally committed to buying the property even if your finances go wrong!
3. Choose a Solicitor
You will need a good conveyancing Solicitor. If you do not have one, I  can make a recommendation of someone who you can trust. Expect to pay around £150-£300 for search fees to get the legal process started with the balance payable at completion of the property purchase.
4. Submit your mortgage application
Your mortgage consultant will make the arrangements for you. Expect to pay a valuation or survey fee, and a mortgage consultant fee. You will also need to consider life assurance, income protection and the buildings and contents insurances for your new home.
5. Wait!
The mortgage application process takes a little time, usually around 3 weeks to obtain a mortgage offer from the lender. During this time your consultant is earning her money; talking to lender call centres,  supplying the lender with information, keeping you up to date, obtaining valuation and survey results and pushing the lender for the mortgage offer to be issued
6. See the Solicitor
Once the mortgage offer has been issued the Solicitor will be close to completing the formalities. You will need to discuss the purchase contract, including any restrictions on the property, and then sign the contract. The Solicitor then holds this, pending step 7 below.
7. Exchange Contracts
Time to commit! Your Solicitor gives your signed contract to purchase to the sellers’ Solicitor and in return receives the sellers’ signed contract to sell. This is therefore the ‘exchange of contracts’ and includes the setting of a completion date. You will also need to pay at least 10% of your deposit at this point. This is non-refundable if you pull out, and you can be sued for breach of contract. Your life cover needs to commence along with the buildings insurance at least as you are legally responsible for the property from this point.
8. Completion
The Solicitors complete the final legal aspects. The balance of your deposit and the mortgage monies are handed over to the sellers through their Solicitors, and you receive the keys. The house is yours and the seller has to vacate. You will pay the balance of your legal fees and stamp duty. Your Solicitor records your new ownership at the Land Registry. You may receive the Title Deeds to your home for safekeeping.
If you are unclear about any part of this procedure I am more than happy to provide clarification. 

Free Advice
Call Tina on 07840 740047
​or
​01526 352076
​ Mortgages@tinacranfield.CO.UK


Legal

Typically we charge a fee of £375 for arranging a mortgage, however the actual fee will depend on your circumstances and will not exceed 1.5% of the mortgage amount. The fees may be waived subject to the terms of the fee waiver agreement.
As a mortgage consultant, I also give you the option of paying a fee for mortgage advice, with any commission being returned to you. Your home may be repossessed if you do not keep up repayments on your mortgage.

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Get in Touch

Tina Cranfield Financial Services
Suite 1  Matthew Temple House 
The Broadway  Woodhall Spa  Lincolnshire  LN10 6ST

07840 740047 / 01526 352076
mortgages@tinacranfield.co.uk
Tina Cranfield Financial Services is an appointed representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority

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