|Paul Alexander Outlines The Mortgage Process|
|The steps to achieving the dream of home ownership
THESE STEPS ARE AS FOLLOWS:
In choosing a legal representative, it is advisable to choose one that works on a fixed fee and no move, no fee basis. In order to obtain a mortgage you will need to complete a mortgage application and pay a valuation fee as the lender will wish to ascertain that it is worth the price agreed. There are basically three different types of inspection available. A basic valuation, a homebuyers report and a building survey. The differences between them being the amount of detail the inspection will go into. The more detailed the inspection and report, the more costly it is but this can be money well spent rather than potentially finding out issues and problems later. Once your legal representative is satisfied with the contract, searches and answers to enquiries and you are in receipt of a satisfactory offer of mortgage then you can sign the contract and exchange contracts. At this stage you will need to normally pay a 10% deposit and a date is set for completion. Exchanging contracts means both yourself and the seller are legally committed to complete the sale of the property.
Completion is when the property is yours and you will obtain the keys. On completion you will need to pay the outstanding purchase monies that you owe. Your legal representative will arrange for the funds from your lender to be available and you will need to provide any balance in the deposit monies. At this point you will also need to pay costs such as stamp duty and fees to your legal representative.
Congratulations! You now own your first home! There are a number of steps involved in making a purchase. We aim to make each step as smooth as possible.