Going Ahead With A Purchase
After consulting the terms specified in the offer notice provided by the council, you may choose to go ahead and buy your home. In which case, it is essential that you inform your council of your decision in writing.
At this point, the technicalities of the property purchase will be handled by your mortgage provider, your solicitor and your council. However, the importance of seeking qualified independent advice cannot be overstated. Particularly when it comes to considering mortgage options, which can be surprisingly complex and time consuming to organise.
This is where any forward-planning you carried out is likely to prove beneficial. If you need any help or support on any aspect of the home purchase process, book an obligation-free consultation with UK Property Finance anytime.
Arranging a Mortgage and Survey
Arranging a mortgage can be the trickiest and lengthiest part of the process. Eligibility for a home loan is typically determined on the basis of income, financial status and credit history. However, there are various loan options available to suit the needs of subprime applicants.
Rather than taking your business directly to a lender, we strongly advise speaking to an independent specialist. Whatever your financial position and credit history, UK Property Finance are best placed to find the perfect loan to suit your requirements and your budget. When applying for a mortgage, the lender will organise for a surveyor to inspect and value your property.
Finding a Solicitor
The legal aspects of residential property transactions are normally too complex to be handled by anyone without extensive legal training. You’ll therefore need to hire a solicitor (aka conveyancer) to take care of the legal side of the transaction.
Use customer reviews and recommendations to find capable and qualified legal advice you can trust, being sure to establish their fee structure ahead of time.
Note – some mortgages offer a free legal and valuation service
You Wish to Proceed
It’s worth remembering that until the contracts have been signed and the mortgage advance has been transferred, you are not yet under any obligation to go ahead. It is still possible to change your mind at this late stage, but you will still be liable to pay your solicitor’s fees. If you run into any concerning issues along the way, contact UK Property Finance for advice.
Contracts, Payments and Completion
Once you’ve successfully arranged finance for your property and are satisfied with the terms and conditions of the sale, the purchase can go ahead. Deposits are not always required however if you do need to provide a deposit to qualify for a mortgage this must be with your solicitor before the transaction can go ahead.
Any fees and charges payable must also be met at the time the deal is finalised. If there are any outstanding rent payments, these must have been paid to the council by the date of completion. The transaction can be delayed or even cancelled if there are outstanding rent arrears at this stage.
When the contracts have been signed and the funds have been transferred, you are now the official legal owner of your own home.