A guide to purchasing your property
Step 1 - Working out your affordability
Determining your budget is essential before you start your search. It is worthwhile to consult a mortgage expert because they will have access to the market and should be able to provide you with objective information.
Step 2 - Register with us
Contact us on 0191 226 1313 and we’ll happily assist you to register your details, or you can alternatively register online and a member of staff will be in touch.
Step 3 - Arranging viewings
At I1 Real Estate we will accompany you to all viewings to make the process as comfortable as possible and to understand any feedback that you may give. Our office opening hours or 9:30am to 5.30pm on Monday to Friday and 11am to 3pm on Saturdays.
Step 4 - Make an offer
Once you have found the ideal property the buyer would then make an offer.
There are no requirements for you to make an offer however the seller may only take you serious if the buyer has proof of funds meaning a mortgage agreement in principle.
Please note: When the buyer makes an offer, the offer is not legally binding until contracts are exchanged.
Step 5 - Your offer accepted and buyer instructs solicitor
Once your offer has been accepted you will need to provide your solicitor’s details and give the go ahead to your mortgage advisor. We would advise to instruct a solicitor and mortgage advisor that is understanding and has experience as this can save you a lot of time.
i1 Real Estate team will be assisting you throughout the procedure with updates and advice.
Step 6 - Survey and mortgage offer
A survey of the property you have selected must be conducted in order to proceed to the next stage of completion. Your mortgage firm will typically instruct the survey, and if everything goes according to plan, you should receive a mortgage offer.
Step 7 - Exchange of contracts and completion
All matters have proceeded well; the survey is satisfactory, your mortgage offer has been received, and you are prepared to exchange. At this stage, your approved offer becomes legally binding, demanding a deposit payment to the solicitor, typically amounting to 10%. During the exchange, you will establish a mutually acceptable completion date with the seller, and the remaining funds will be transferred on that day.
Step 8 - Collection the keys
The keys can then be collected from your estate agent, I1 Real Estate.
Considerations to keep in mind
When purchasing a house, it is essential to be aware of the associated costs. At a minimum, you will typically be required to pay for a survey and legal representation. Our team is capable of assisting you with this matter.
It is essential to understand the potential stamp duty liability you may incur. For additional information regarding stamp duty, visit here, or click here to calculate your stamp duty.