Five Star Property recognises the fact the purchase of your home is the most important and expensive transaction you are likely to undergo.
Out database features numerous 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.
To enable you to unravel the complexities of buying your home, we have set out below an overview of the various procedures involved:
REGISTER WITH FIVE STAR PROPERTY
To find your ideal property, we need to know as much as possible about your requirements. You can register with us either online, by phone or by visiting our office, where a member of staff can assist you with your search.
Once we have a clear understanding of your requirements we will access all properties that match your criteria.
Our friendly team are available to arrange those all important viewings of your selected properties. Our office is open from 9 am - 5.30 pm Monday to Friday, and 9 am - 1 pm Saturday also we have an answerphone available 24 hours a day, if you cannot wait to ring us.
We usually conduct property viewings, if the vendor is not available. Sometimes a vendor gives us instructions and times for viewings, although we do ask them to be as flexible as possible.
After the viewing we will answer any immediate questions and usually contact you the next day for your thoughts on the property.
Please be on time for viewings. We will arrange to meet you at the property,
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.
We can organise an appointment with an Independent Mortgage Adviser if required.
MAKING AN OFFER
When you have found a property that suits your needs & requirements and subsequently wish to make an offer, simply telephone the Five Star Property sales office that arranged your viewing and speak to one of the team. The offer must be put forward to ourselves, never directly to the owner. Be prepared to provide us with as much information as possible. In addition to the actual amount you wish to offer; we will need to know your purchasing position (for example if you are a first-time buyer, if you are trying to sell an existing property or if you have accepted an offer on your current home).
We will also need to know the full details of your financial situation in regard to the purchase, including who will provide and arrange your mortgage (if applicable) and what percentage will be lent, how much deposit will be provided and whether these funds are encumbered in any way. It is also essential that any timescale requirements are conveyed at the first point of offer. If there is another party making an offer on the same property you will be informed. We cannot, however, divulge the specifics of other interest.
Any offer received will be put forward to the property owner verbally at the first available opportunity, and in writing within twenty-four hours. You will be informed verbally of the owners' response as soon as they have made one. If your initial offer is rejected and you decide to increase, the process is simply repeated.
It is at this stage that you will be made aware of any chain implications and the likely timescale of any agreed transaction. Due to nature of the buying process, any information provided by us concerning the transaction chain is not guaranteed and can change at any time.
AGREEING THE SALE
If your offer is acceptable to the property owner, Five Star Property will need to check your purchasing status. In order for us to do this, we will require, if applicable, the contact details of your broker or mortgage lender, and any estate agent dealing with your current property sale. You will also need to be prepared to instruct a solicitor/conveyancer to act for you in the purchase.
INITIATING THE PURCHASE PROCESS
You will be assigned a Five Star Property sales progressor who will be your point of contact during the purchase process. They will confirm the agreed sale in writing to all the relevant parties.
Several things need to be in place before your solicitor is able to exchange the contract of sale which ultimately secures your purchase. The time needed to get to this stage is at the mercy of many variables, but the speed with which you start the ball rolling will hugely influence the overall timescale involved. There are two basic areas: Conveyancing & Finance.
COSTS TO PREPARE FOR
You will need to allow for costs that are incurred throughout the process, such as:
- Mortgage Arrangement Fee (if applicable)
- Valuation/Survey Fee (if applicable)
- Solicitors Fee (Including Disbursements)
- Search Fees
- Deposit Requirement
- Buildings Insurance Premium
- Stamp Duty (if applicable)
- Removal Costs
If you are using a mortgage provider for any part of the purchase, you will need to submit a full mortgage application to begin the process. This will require information about yourself and about the property you are purchasing. Before your lender can guarantee to provide the funding you require, they will insist on inspecting the property. You will need to pay for this inspection and protocol requires that you include payment with the initial application. Usually your lender will offer you two types of inspection: A basic Valuation will check only briefly the condition of the property and may comment only on its value. Alternatively, a Homebuyers Report will provide much more detail on the overall condition of the property, and may make recommendations to check certain areas more thoroughly.
In either instance, we normally expect this appointment to be made within two weeks of the property sale being agreed. Any delay can often unsettle the seller and can lead to them instructing us to remarket their property, so early submission of your application is essential.
Upon receipt of your valuation report or survey, we will require that you provide us with a copy. Should this report recommend/require further investigation of any specific issues, access to the property can be arranged with advance notification. When considering the expected costs of any recommended works you will also need to consider the price at which the property has been secured, relative to the seller's original asking price.
Once your mortgage provider is completely satisfied with the value and condition of the property and your own personal situation, they will produce the Mortgage Offer. This document guarantees the finance and must be in place before your solicitor can exchange the contract of sale. We will require a copy of this document and you will be expected to forward a copy once you have received it.
The Five Star Property sales progressor will need to contact your lender or broker throughout the sale process to monitor progress and to assist with any issues so it is important that you instruct them to communicate with the sales progressor directly.
Both buyer and seller will require a solicitor/conveyancer that can act for themselves and their lender, but both parties cannot use the same person. The choice of who will act for you is entirely at your discretion. It is important, however, that you instruct a solicitor/conveyancer who will deal with the purchase of your property promptly. It is essential the solicitor is experienced in handling residential property sales, can be readily contacted and can deal with your case speedily.
You will need to furnish your solicitor with payment to start the process and they will also require funds for executing local authority, drainage and sometimes other searches on the property you are proposing to purchase. Any delay with instruction of this process and payment to the company chosen can directly affect the overall timescale of the transaction.
The Five Star Property sales progressor assigned to your purchase will stay in contact with your solicitor throughout the sale process to monitor your progress and to assist with any issues. They will liaise with all parties involved across the entire chain so it is important that you instruct a solicitor that is prepared to communicate with the sales progressor directly
During the transaction your solicitor will, amongst other things, inspect the draft contract of sale (sent out by the seller's solicitor) and check the property title deeds and land registry records, raise searches and enquiries (where they feel additional information is required) and liaise with your mortgage provider. Once they have approved the contract and all the relevant documentation is in place, you will meet with your solicitor to sign the contract & pay your deposit. The deposit required is usually ten percent of the agreed purchase price. Contracts can then be exchanged and the completion date (the day you actually take possession of the property) can be set. This is usually twenty-eight days after exchanging contracts or sooner. On completion your Solicitor hands over the remainder of the purchase money to the Vendor's Solicitor and you can move into your new home. Keys will be handed over to you by the Vendor or by us.