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Guide to the Mortgage and Homebuying process
1.decide where you want to live and what typre of property
you wish to purchase.
2. Source a mortgage and get a decision in principle.
3. Once mortgage decision in principle in place then
register with several estate agents in the ares you wish to search.
4. Find a solicitor and have them ready to act once offer
is made.
5. Estate agent begins to show you properties.
6. Find a property you want and make an offer through
solicitor.
7. Estate agent tells seller you have made an offer and
informs you of the decision.
8. If your offer is accepted estate agent takes property
off the market.
9. You instruct solicitor to act.
10. Solicitors requests title deeds for the property
and initiates contract negotiations.
11. Mortgage lender will request that a survey be carried
out.
12. Organise a surveyors or homebuyers report to be carried
out.
13. Mortgage lender accepts the mortgage valuation and
agrees to loan the money.
14. Surveyor sends you the survey report.
15. You send survey report to solicitors.
16. Solicitor will read survey report and give comments.
17. Solicitor will do a local authority search to find
out if alterations have been made.
18. Solicitor finalises contract with seller and confirms
mortgage details with lender.
19. You pay a deposit to your solicitor which is held
until the exchange date.
20. Solicitor exchanges contracts and sends deposit.
Completion date agreed.
21. Solicitor makes sure mortgage funds are available
for completion date.
22. Solicitor prepares transfer deeds. You and the seller
sign. They go to sellers solicitors.
23. Mortgage lender transfers money to your solicitors
account in time for completion date.
24. Solicitor transfers money. You get transfer deeds,
land registry certificate and keys.
25. Solicitor gets transfer deeds stamped, pays stamp
duty, sends deed to land registry.
26. Solicitor passes title deeds to your mortgage lender
as security and sends you the bill.
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YOUR HOME IS AR RISK IF YOU DO
NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL
LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY
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