The procedure for purchasing a home in Wales is broken down into easily digestible steps in our comprehensive guidance.
1. Figure out how much it will cost to relocate
Costs can quickly build up when you factor in things like legal fees, loan fees, removal costs, and broker commissions. Find out how much money this relocation will set you back now, so you can plan accordingly. Since Your Move is affiliated with Embrace Financial Services, you have access to expert financial advisors who can assist you in determining the total cost of purchasing a home.
2. Discover how much you can get in terms of a loan
To determine what kind of mortgage you qualify for, we suggest you schedule a no-cost consultation with our colleagues at Embrace Financial Services. Mortgage brokers are in an excellent situation to give you advice because they have access to a wide variety of mortgages on the market. You won’t be able to begin your property search without first receiving a “Decision in Principle” (DIP) from an appropriate lender, which the advisors can help you secure. A DIP is an indication from the lender that a mortgage of up to a certain sum is possible. After you’ve located a home you’re interested in purchasing, your real estate agent will use this to make sure you can afford it.
3. Get the ball rolling on your home hunt
Now that you have an approximate figure in mind, it’s time to begin your home search. You can sign up for daily updates of newly listed properties from real estate brokers and property portals. It’s a good idea to get in touch with real estate agents in the region you’re interested in. Find out where the action is, and don’t be afraid to search in unexpected places like nearby commuter towns if you’re trying to save money.
4. Set up a showing time
Schedule a viewing of the property once you’ve located one you like. Read the house-hunting advice first so you know what to expect. The majority of real estate agencies now provide online tours of available properties in addition to traditional in-person viewings.
5. Provide a bid
A “Decision in Principle” from your lender indicates that you can apply for a mortgage up to the maximum amount approved. You might also want to have your attorney on standby. Present your proposal now. Remember that you and the seller are both looking for a good deal, so don’t be discouraged if your initial offer isn’t taken.
6. There will be a sale
The transaction will be considered “agreed, subject to contract” once the seller’s estate agent has the contact information for both parties’ lawyers. A Statement of Sale will be sent to you as official documentation.
7. Seek the advice of an attorney
Conveyancing is the formal process of transferring ownership of a property from the seller to the buyer. You will need the assistance of a lawyer to navigate this complex procedure. Your Move can simplify the conveyancing process by connecting you with a qualified legal professional and providing a no sale no fee conveyancing service at a set price (excluding disbursements).
8. Put in an application for a credit
You and your mortgage consultant should reconnect now so that you can settle on a mortgage plan that works for you. Now is a good moment to start thinking about mortgage insurance. If the worst were to happen, then what? If you were no longer able to provide for your family because of a sickness or death, your heirs might feel pressured to keep up with the mortgage payments or the bank might try to foreclose on the home.
9. The assessment of mortgages
Your mortgage servicer will typically coordinate this appraisal to ensure that the home is worth the amount you are borrowing. No information about the property’s state will be provided.
10. A home inspection is a good idea
A home survey will tell you exactly what you need to know about the building’s current state. If you need guidance selecting a property assessment, our affiliate e.surv can help. You may not know about expensive maintenance that requires doing without a survey.
11. Do something to get the paperwork started
When your offer is accepted, it’s time to instruct your lawyer and begin the lengthy process of finalizing the deal.
12. The document is drafted by the seller’s attorney
The seller’s attorney will take possession of the ownership documents and draft a contract. Your attorney will receive this soon.
13. Your attorney will verify the property’s specifics for you
In order to verify what is included in the transaction, your lawyer will get in touch with the seller’s lawyer. Your lawyer will ask questions about issues like property lines, conflicts, and changes.
14. Your lawyer will do some investigating for you
Your lawyer will check records at the Land Register and the municipal government on your behalf. The property’s planning history, as well as possible road, drainage, and mining projects in the area, will be investigated.
15. The mortgage has been approved
Mortgage offer, outlining all terms and conditions, should arrive at this point. If you don’t have this, you can’t legally sign any documents.
16. Get covered
It’s a good idea to start shopping around for construction and contents insurance now that you’re nearing completion. Your Move Insurance Company provides affordable coverage from a variety of top-rated providers, and we can connect you with them. For your convenience, we can have Your Move Insurance Services get in touch with you to talk about what you require. Be sure that all necessary insurance coverage is in place as of the date of contract exchange.
17. Get on board by signing the dotted line
Once it is time to submit, your lawyer will let you know.
18. Set up plans for the move
A date for the exchange of contracts and completion will be set by your attorney and the seller’s solicitor (i.e. move in day). Setting a provisional moving day also allows you to begin requesting estimates from removal companies.
19. Contracts were traded
To the solicitor representing the seller, please remit your deposit and completed contract. This transaction will bind you legally. The time has come to activate all applicable insurance policies.
20. Notify all relevant parties of your new location
All the utility companies that need to collect meter readings from your property will need to know. And don’t forget to tell the bank, your job, and your Aunt Margaret so you can get that Christmas sweater you’ve had your eye on! The Royal Mail can arrange for mail to be redirected if required.
21. Removals
It is now time to confirm your move with your selected removal company.
22. Completion
The remaining portion of the acquisition price will be transferred from your attorney to the seller’s attorney. The keys will be handed over to you once the money has been collected by the seller’s attorney from the estate agent. You may now enter the premises and use them as you see fit. Slap on the wrist!