For most people, buying and selling houses is not a regular occurrence and so it is useful to know that when you are looking to move, you can rely on a team of independent mortgage advisors, backed by a wealth of experience.
At Kellands, you will find our approach is professional, friendly and jargon-free.
We’ve provided a buying and selling guide below but appreciate that each transaction is unique. If anything unexpected happens, you can rely on our guidance – we are here to help.
Ten Steps to buying and selling and how Kellands can help
- We will start by establishing how much you will be able to borrow and what you will be expected to repay each month. You will need to provide identification documents and proof of your income, such as payslips, P60s, accounts or SA302 documents.
- You will probably want to put your house on the market at this stage. We have a list of local estate agents that we can recommend should you wish. It may be wise to wait until you have viewings, if not a firm offer, before you begin to look at properties yourself.
Having sold your house, you have found the right property and you want to make an offer, the vendor’s estate agent will usually ask you for proof that you are in a position to buy the property. Acting on your behalf, we can obtain a Decision in Principle for you, which you can use to prove your buying potential.
- You will also need to instruct a solicitor or conveyancer at this stage. If you don’t have one, we can recommend a list of carefully selected, professional firms that have helped our clients with property purchases.
- The estate agent will let you know when your offer has been accepted and you should let us know straight away. The mortgage market is fast paced and deals change frequently and so it is important to research the market at the point at which you are ready to apply.
We will discuss our recommendations with you and once you have selected the most suitable mortgage for your circumstances, we will begin the application. At this stage, you will need to pay for a survey on the property as well as a mortgage application fee.
- Your Kellands advisor will also discuss financial protection, as there are a number of options designed to protect you, your family and your home should the unexpected happen. You can find more details about financial protection here.
- Once your application has been received and accepted, the lender will instruct a valuation or survey to be carried out on the property. Mortgage companies carry out surveys to check that the property is worth what you are paying for it and whether there are any major faults of which you should be aware.
There are different levels of survey available and our advisers will talk you through which one would be most appropriate, along with the differences in cost.
The lender will receive the valuation from the surveyor and, as long as there are no significant issues, will then send the mortgage offer to you, Kellands and your solicitor.
- Your solicitor will then begin the necessary legal work. They will instruct ‘searches’, which provides any information about the local area that you should be aware of, and they put questions about the property to the current owners on your behalf.
- Once the conveyancing is nearing its conclusion, your solicitor will contact you to discuss the date on which you would like to move, which is known as the completion date. This date needs to be agreed with everyone in the chain (the people buying and selling homes affected by your purchase).
- You would usually exchange contracts a week before you move, although it can take longer, especially with a newly built property, or it can be done at the same time as completion in some circumstances.
At exchange of contracts, you are legally bound to buy the property and the vendor is legally bound to sell it to you. You should put in place buildings insurance from this date.
- On completion day, you will receive the keys to your new home and move in. You will also begin to pay your mortgage from this date.
What are my options if I have not sold my property?
It may be possible for you to purchase a new home without selling yours – if you intend to let it, or before your current house is sold.
If you have found somewhere you would like to buy but have not yet achieved an offer on your home, please contact one of our advisers.
We’ll do all we can to explore your best way forward. Call us on 0161 929 8838.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Kellands (Hale) Limited is not permitted to give advice on specific debts or provide debt counselling. If you require debt advice or debt counselling we recommend contacting The Citizens Advice Bureau.