As soon as you made the decision to buy a property your first goal is to acquire the amount of money a bank or mortgage company can lend you. So the mortgage appraisal is a document that show the amount of money a lender is ready to give you provided all their requirements are met. The appraisal allows you to budget the maximum amount you can spend to buy your property.

 Notice that the maximum amount you can borrow can be limited by the amount of deposit required by the bank or other mortgage companies. Besides, the more the deposit you have, the better the interest rate you get from the bank.

 Documents required for the appraisal are IDs, payslip, 3 last bank statements (some institution ask for more)…

 It is advisable to seek for appraisal from a mortgage broker to compare the market on a wide range of mortgage providers including banks and building societies.

 Weenwin Solutions will be happy to provide the service if necessary.

Call us on 020 3371 1286

Step 2: Appoint a solicitor

Although approaching a solicitor can be done as soon as you found your dream property it is advisable to have one ready to get on with the job to move as fast as possible to minimise the risk of gazumping (seller accepts a higher offer).

Weenwin Solutions works alongside extremely hardworking and fast moving solicitors.

Contact Weenwin Solutions to provide one of them free of charge

Step 3: Find your Dream property

The long journey of looking and viewing properties starts

London property market is quite vibrant and properties do not take time on the market before the seller accepts an offer. So it is always great to actively and daily look for new properties on the market on leading websites such as Zoopla, Primelocation, Rightmove… Local estates agency website for weekly update can be helpful as well.

Register to as many local estates agency as you can possibly do to maximise your chance to find a property as soon as possible.

Weenwin Solutions website is updated as soon as a property come on the market and its register members receive a text message or an email straight away... Register here

When you find the property of your dream make your offer and be ready to battle with some other interested buyers.

Step 4: Your offer is accepted

Congratulation, the tiring part of the process is now behind you.

The seller accepted your offer. So you need to provide the necessary details to the estates agent to start the buying process. This is the second stage of the whole process.

It is in your interest that the process move rather quick. So you can contact your mortgage broker to set up the earliest appointment possible to complete your mortgage application to get the mortgage offer. You will need to prepare the fee (roughly £350 to £500) for the property valuation by the bank or building society.

In the meantime your solicitor should be instructed by you to make all the necessary searches and get all the contracts ready. It is advisable that you contact your solicitor roughly every 10 days to check on the progress made and to get information on the next stage.

In addition, for your own peace of mind and in anticipation of the lender demand, a building survey should be done. This cost between £600 and £950

Step 5: Exchange of contracts

Before this stage both parties – seller and buyer – can still retract from the deal without any reason and any risk of being sued.

At this point all documents are ready: contract, mortgage offer, searches, survey…

Today you sign a binding contract with your solicitor and the seller does the same on the other side with his/her solicitor.

You transfer your deposit to your solicitor’s bank account and you will agree with the seller on the completion date.

Both parties are now binded by a legal contract and one can no longer retract without consequences.

Step 6: Completion

The buyer becomes the legal owner of the property on the completion date. You will transfer the balance to your solicitor’s bank account. The keys of the property are released to the buyer buy the seller estate agent after the confirmation of the seller’s solicitor that the money is cleared on his account.

Finally your solicitor will make all the arrangement to transfer the title of the property to your name. The earliest you may receive the title is 4 weeks from the completion date.

Congratulation for your dream home!!!

Weenwin Solutions is always happy to help so do not hesitate to contact us should you have any query.