Buying a home is a major financial commitment – perhaps the biggest you would ever make. As a result, you must ensure that you have adequate financing to continue. If you’ve been fortunate enough to gain a significant sum or have considerable investments, you’ll almost definitely need a large loan to finance your house.
It would give you a clear understanding of how much you can pay and give you negotiating power with estate agents and vendors while making an offer. Your Property Genie will initially arrange an agreement in principle (AIP) for you and this will allow you to put an offer on a house. We do need basic financial details upfront, and you are not expected to have any paperwork. After that, you’ll get a Decision in Principle paper, which will give you a maximum selling price for a property as well as the monthly payments.
Now that you’ve determined your budget and gota Decision in Principle, you can move on to the exciting part of the process: house hunting! Online property search sites like Rightmove and Zoopla are a fantastic place to start.
Once you’ve found a property you like, make sure you go and view it (multiple times) to gather as much information as possible.
Now that you’ve found the perfect place for you, it’s time to make an offer. Unless you’re dealing directly with a vendor, you’ll most likely do this through an estate agent. If you’re buying a house with the help of Your Property Genie, we can be the point of contact between you and the agent. Your Property Genie will ensure the process begins in earnest once you and the vendor have reached an agreement. (Please keep in mind that your offer is non-binding if there are any issues with the survey or contract later on.)
Your Property Genie will advise on an inspection to ensure that the property you’ve chosen is secure. They will only need a basic mortgage valuation, but as a buyer, you may want to get a more in-depth survey done to assess the property’s condition and identify any potential issues. You can use the information to decide whether to proceed with the sale or, if issues have been identified, to renegotiate the sale price based on the cost of the repairs you’ll need to make. Your Property Genie can arrange all this for you and be your single point of contact throughout.
To deal with the papers and regulatory details of the transaction, you’ll need to employ a solicitor. Get quotes from a few different solicitors if you want to find a good one who you can trust at a reasonable price. Your Property Genie can help you find reputable solicitors from which to choose, all of whom are very familiar with our documentation and processes and are ready to advise you as soon as your offer is accepted. Your Property Genie will be the in-between, keeping you in the loop. Before you sign on the dotted line, you’ll be fully informed about the situation.
Once all of the searches have been completed and the conveyancing has been completed, you and the seller must review and sign similar contracts, which will then be exchanged through solicitors. A completion deadline will be set, and you will be expected to pay a deposit, which is usually 10% of the sale price. You and the seller have now decided to conclude the deal. Your Property Genie will guide you through this stressful part, ensuring you only ever have to deal with one person.
After the contracts are signed, the solicitor will conduct a final bankruptcy check and Land Register search to ensure that nothing has changed. When both of these checks come out free, the remaining 90% of the funds are passed from your trustee to your solicitor, who then passes them to the seller’s solicitor. The deeds and keys will be turned back to you after the funds have cleared. You now own the house, and you can move into your first home. Congratulations on your success!
Your personal property genie is focused on helping you purchase your hassle-free by making 3 promises -we will save you time – we will save you hassle -we will save you money.
We arrange mortgages, surveyors, solicitors and local tradespeople, you only need to deal with one company.
For a pain-free property purchase, just sign up and leave the rest to us.