Please see below our step by step overview to buying your property.
Registration
The first step is for you to register your details and let us discuss your property requirements.
This can easily be done by email, telephone, in person or by completing our online registration
form.
Once registered, we will be able to contact you with suitable properties, as well as keep
you informed of any new properties the day they come onto the market
Viewing
Here at OC Homes we are available to arrange viewings for any of the properties we market at your convenience. Not only are the OC Homes offices open 6 days a week, you will also be given the mobile contact details of the advisor who will be viewing with you so you can contact them directly.
Mortgage
It is advisable wherever possible to get a mortgage agreed in principle before any final decision on your new property is made.
The advantage of this is not only to provide you with a clear indication of what is affordable to you, but it also shows the seller that you are in a strong position. This makes you a viable option for the seller and will put you in a prime position to secure the deal.
If you don’t have a mortgage in place or would like more advice, please contact a member of our sales team for further information.
Making an Offer
All offers must be made in writing, which will then be forwarded onto the Seller. The decision will be conveyed to the Buyer accordingly.
NB: All offers are “Subject To Contract” and therefore neither party is legally bound until an exchange of contracts.
Acceptance of Offer/Instructing Solicitors
Once your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor is required to handle all legal aspects of your purchase and formalise the transaction.
If you have not appointed a solicitor or a firm to represent you already, we will be happy to recommend one from our list of experienced firms.
At this stage, you will also be required to proceed with your mortgage application and liaise with your mortgage consultant/broker accordingly.
Property Valuation/Survey
The next stage is to obtain an official mortgage valuation, this will usually be conducted by a chartered surveyor acting on behalf of your Lender. The report is to provide a valuation as well as details of the basic condition of the property. A copy of this report will be sent out to you, which in turn will allow you to ensure that both parties (buyer and seller) evaluate the findings of the report prior to entering a commitment to purchase.
Legal Searches
Local authority searches are conducted by the buyer’s solicitor. The purpose of this is to ascertain if there is any planning consent previously granted on the property or if there are any other local issues which may have an impact on the purchase. In addition to the local search, your solicitor will also apply environmental, drainage and other relevant searches
Draft Contracts
The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional enquiries will be raised and answered before the contract is amended accordingly, subject to final approval.
Mortgage Offer
The lender is now in possession of the mortgage valuation and survey report. Subject to the findings of this report, an approval of the mortgage application will be issued with all references provided and checks conducted in a satisfactory manner. After the above is completed, the lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned.
Exchange of Contracts
As soon as the contract has been signed by both parties, a deposit (a percentage of the purchase price or other agreed sum) is paid by bank transfer. At this stage, the parties agree on a date for completion.
Completion
Completion usually follows 7 days after exchange of contracts has taken place, however it is also
possible for an agreed mutual completion date.
On completion, the balance of the purchase price is transferred by the buyer’s solicitor to
the seller’s solicitor and the keys released.