Guide to Buying Property
Charles Hamilton recognises the fact the purchase of your home is the most important and expensive transaction you are likely to undergo.
Our database features hundreds of properties and we are sure that with our local knowledge and expertise, we will be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment.
Please click here to view a list of our current properties, complete with photographs.
To enable you to unravel the complexities of buying your home, we have set out in a PDF document, an overview of the various procedures involved.
Complete Buyers Guide
The first requirement is for you to register your details and property specifications which can be achieved in a number of ways i.e. by email, fax, phone, in person of by completing our registration form. This will give us an insight into your personal requirements, thereby enabling us to modify the details sent to you.
Once registered, you are then in a position to receive details from us directly in person, via mail or email or download and print these out from our website.
Our friendly team are available to arrange those all important viewings of your selected properties. Our offices are Mon - Fri 9am – 7pm and Saturday 10am – 2pm, however viewings can be arranged outside these hours if necessary. Please contact us to arrange a mutually convenient time 0208 221 1111.
In order to speed up your house buying process, it is advisable wherever possible to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
Making an offer
Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
Accepted offer/instructing solicitors
As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing).
At this point, you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
The next step is to obtain the Mortgage Valuation, as required by law. This will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property. Since you as the buyer are also provided with a copy, it allows both parties to evaluate the findings prior to entering into a commitment to purchase.
NB: However, we would not recommend that a buyer relies solely on the Mortgage Valuation survey as the inspection is limited and although it may cost a little more to obtain a more detailed report yourself, this could in the long run save you from making a costly mistake.
There are two types of survey available:
1. Homebuyer survey/valuation – this is the mid-range option as it is more expensive than the Mortgage Valuation but less than the Building Survey (see below).
It is a basic service and therefore more appropriate to properties in apparently good condition and conventionally constructed. The survey’s purpose is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
The objective of the Homebuyer Survey is to provide a more in depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value. Moreover, the professional opinion of the surveyor as contained in his report will also set out particular features of the property which may possibly have an effect on the present value and potential future marketability.
2. Building survey – Unlike the Homebuyer Survey, this is suitable for all types of property whether conventional or unconventional. The term “unconventional” encompasses properties that have an unusual construction, are historic or Listed Buildings, have been extensively altered or where major work is planned.