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Buying Guide

Get registered

When you start your hunt to buy a property, make sure you register with morfittsmith - either through our website, or by phoning or visiting one of our branches. As new properties meeting your criteria come on the market, we'll alert you by email and/or telephone. If you are interested in viewing a property, contact us quickly as our properties don't hang around for long!

 

Making an offer

Once we’ve found a property for you that you like, discuss with us the offer you would like to make. We will ask you to confirm how you intend to fund the purchase of your property and availability of the deposit. Our whole of market mortgage advisor will contact you to confirm your offer and ensure finance is in place, alternatively we will ask you to provide an agreement in principle (AIP) document and we will require the details of your financial advisor. If you are buying without a mortgage you will also need to provide evidence of finance.

 

The mortgage offer

Once your mortgage lender has received the survey report and are satisfied the loan amount is realistic given the valuation, they will issue a mortgage offer to your solicitor.

 

Exchange of contracts

Exchanging contracts is the moment when the sale becomes legally binding on both sides. You can only exchange once you have paid a cleared deposit (usually 10% of the purchase price) to your solicitor’s account. Your solicitor will tell you and us when contracts have been exchanged. The completion date is then set by mutual agreement and is also contractually binding.

Getting finance

When, or ideally before, you start your property hunt, it's worth making sure you have your finances in place. If you have money in savings or shares, make sure you can access them easily and that there aren't any fixed timelines to withdrawal. If you need a mortgage, our whole of market mortgage adviser will work out with you what figure is likely to be available to you. For free advice call and book an appointment.

 

The survey

If you are buying with a mortgage, a survey of the property will be booked by a surveyor on behalf of the mortgage lender. This is to protect their interests by valuing the property and highlighting any major defects that would negatively affect the security of their loan.

 

Conveyancing

Once an offer has been agreed between you and the seller, we will contact each party’s solicitors to confirm the details of the sale. Offers are not legally binding until contracts have been exchanged. From now until exchange, you will need to be in close communication with your solicitor, our negotiator will also be in regular contact with you and your solicitor, as well as the sellers and their solicitor, and any other people within your chain, to make sure that your purchase goes through and on time.

 

Completion

Completion, when your property purchase is finalised – the moment you’ve waited for! Your solicitor and mortgage lender will transfer the outstanding balance to the seller’s solicitor. Your solicitor will contact you and us when the money has cleared into their account and we will then release keys to you, and it will be time to move in!