Getting started

Organising Your Mortgage

If you need a mortgage, it is important to get an agreement in principle from your lender before you do anything else. That way you know how much you can borrow.

A mortgage in principle is a certificate or statement from a lender to say that ‘in principle’ they would lend you a certain amount based on some basic information. Sellers will take your offer more seriously if you have this in place, so it puts you in the best position from the outset.

You can organise a mortgage in principle either directly through your bank or building society, or via a mortgage broker. Mortgage brokers will assess your affordability and liaise with the lender on your behalf. If you need a broker recommendation, we can suggest one.

Also remember, if you already have an existing mortgage, check the T’s & C’s to make sure it is portable and there are no hefty redemption penalties, which could delay your move.

Lastly, check how much deposit you are likely to need. This will vary, but usually is somewhere between 5% and 20% of the purchase price.

Instructing a Solicitor

You may already have a solicitor you have used before. If not, we suggest you should appoint a solicitor to act for you before your offer is accepted in order to avoid delays later on.

We have dealt with many solicitors over the years and from our experience it is crucial to get a good solicitor who is efficient and responsive as they will protect and represent your best interests.

Shepherd Sharpe isn’t affiliated with any solicitors, but we work regularly with some really good local ones, who would be happy to give you free quotes if required.

Do your research

Next, do your research. Consider what your priorities are, in terms of location, schools, amenities etc. What size and style of house or flat you would like? Do you prefer a period or new home?

If you are new to the area, make sure you do your research on the local schools, shops, parking, transport, and neighbours to get a real feel of what it will be like to live there. Your dream house may not be so idyllic after all!

There are some useful websites to help you and remember we have a wealth of local knowledge and will be happy to help you.

You may have fixed ideas on what you’re looking for, however, it can be helpful to keep an open mind and be prepared to compromise as we have seen on many occasions buyers eventually buying a completely different type of property or in a different location, than the one on their original wish list.

Get in touch with us

Most buyers will do their initial search online. We upload all our new properties onto our own website first, then onto Rightmove and On The Market (OTM) property portals.

It is also important to register your interest with us as soon as possible. This can be done over the phone, by popping into our office or by email. We will then be able to advise you of the best possible matches plus some alternative options that could suit you as well. That way we can also let you know quickly when a new property that meets your criteria is coming on the market.

Stay in touch

It’s our job to find the right property for you. We love what we do, matching the right property to the right buyer.

So, help us by keeping in regular contact. Get to know us, so you are our first thought when a new property comes on the market that meets your criteria.

Get the most out of your viewings

You’ve done your research and registered your details with us. Now make some appointments and go and view some properties. This way you can get a better idea of what you like and don’t like. Plus, you’ll have a better understanding of the market and what you can get for your money.

When you see a property you like, view it a few times at different times of the day to make sure you are happy with everything. Such as is it a quiet area? Does it have a sunny garden? Is the parking ok? And try to imagine living there with your belongings around you, making it your home.

Remember also it is a good idea to keep a checklist and don’t be afraid to ask lots of questions. Our team are all local and have loads of experience and will be happy to help and provide advice.

Also, when viewing, it’s important not to let your heart get carried away, especially if the property needs lots of work. Remember, if it needs improving, these works often cost more than you budgeted for, so get some expert advice and quotes before making an offer.

Your mortgage company will have a valuation survey; however, you may need to invest in your own independent surveyor to get a thorough report on the condition of the property.

After Your Viewing

Feedback

After viewing, we always welcome your feedback and we ask you to be as honest as possible. Loved the kitchen but wanted more outdoor space? Thought that the neighbourhood was perfect but parking could be an issue?

Tell us. It really helps us to inform our seller what ‘the market’ thinks and may even allow us to suggest alternative homes for you to view.

Making an offer

When making an offer there are no hard and fast rules. It is unlikely the seller will accept your first offer. With this in mind, you don’t want to go too high but on the other hand, you don’t want to potentially alienate the seller by starting too low.

Also, don’t be afraid to offer the asking price if it means securing your dream home and to avoid disappointment, particularly if there are others interested in it.

If you are already a homeowner, you should have agreed a sale on your own home, to give you a much better negotiating position with the seller.

Remember any offer you make is subject to contract and is not formally binding until exchange of contracts takes place (see below).

Once your offer is accepted

Once we have verified your ID, proof of funds and you have instructed a solicitor, we can then issue a Memorandum of Sale. Once the memorandum is issued, we will usually list the property as ‘Under Offer’ on our website and cease viewings, unless specifically requested by the seller to do otherwise (this is rare).

The memorandum is emailed to all parties (buyer, seller, and each of their solicitors) outlining the proposed terms of the transaction and this is the solicitors’ cue to start the conveyancing process.

What Happens Next?

Your solicitor will guide you, but you will need to transfer them the funds to order the conveyancing searches and the title deed for the property you want to purchase. These are enquiries made on your behalf to various authorities that hold information about the property, the land it sits on and any factors which may directly (or indirectly) effect it and inform your decision to proceed with the sale. They will then request a pack of information about the property (including the draft contract and fixtures and fittings form) from the sellers’ solicitor. These will all bereviewed, with questions going back and forth (known legally as ‘enquiries’), until your solicitor is satisfied with the information that they have. They will then report their findings to you and ask you to sign the contract.

At the same time, the team at Shepherd Sharpe will keep a regular check on the progress of this process, trying to unblock any hold ups that may occur and ensuring you feel informed about what is happening. They are on hand to answer any questions you may have and will work on your behalf as well as the owner of the property to ensure all parties’ needs are met.

Remember, more often than not, the likelihood is you will be involved in a ‘chain’ (where there is more than one property being bought and sold). It is our job to ensure we keep on top of those sales as well, to make sure there are no delays to your purchase.

What Else Do You Need To Do?

If you are getting a mortgage, your lender will require a Mortgage Valuation Report. You need to let them know you have had an offer accepted and they will instruct a surveyor to carry out a mortgage valuation, to check there are no problems with the property and the price you have agreed to pay is fair.

You can also have a more detailed independent survey carried out as well if you want. This is particularly useful if the property needs improvement or has possible defects.

Exchanging & Completion of Contracts

You are nearly there. Once all parties are satisfied with everything, the mortgage is lined up and a completion date is agreed. You will be asked to sign the TR1 form (the legal form which transfers ownership from one owner to another) and the contract (which binds the sale). At this point you will be required to put down a non-refundable deposit (typically 10% of the purchase price) and the contract is legally binding, and you can start packing!

Completion is the agreed day when the property ownership is transferred to you and your solicitor transfers the remaining balance of money to the seller.

This typically takes place a week or two after the exchange.

If you are in a ‘chain’ you will need to agree the completion date with everyone else involved in the chain, so that all the sales complete simultaneously on the day.

On the day of completion, we will arrange for keys to be handed over to you, once we have had confirmation from the seller’s solicitor that completion has taken place and the house is legally yours.

Help at hand after you’ve moved in

We all know, all too well, that the pressure of moving home can go far beyond the actual move in day itself. For new homeowners and particularly those new to the local area, the first few weeks afterwards can be as hectic as the move itself.

Our Buyer’s Aftercare Service is on hand to make sure you feel welcome, settled in your new home, and to help make things just that little bit easier for you. Our Buyer’s Aftercare Service is free to our buyers and just a way for us to say a big thank you to you.

So, if you are ever in need of a plumber, handyman, painter, electrician, builder, architect, you name it, we know someone who can help, and we’ll happily put you in touch. All our tradesmen are local, friendly, qualified and trusted.