Moving home?

Our guide to buying property

When it comes to buying a house everyone knows the first step is to define your criteria

Price Range

Location

Type of Property

Our friendly team at Thornley Groves will help you along your property buying journey with
relevant, expert advice and locally tailored information.

But what happens when you have identified your dream home and had your offer accepted?

Read on to find out more...

Solicitors / Conveyancing

By the time your offer has been accepted, you and the vendor should have appointed a solicitor to handle your purchase and sale.

Notification of Sale

Both parties will be sent a Notification of Sale from the agent confirming the price agreed, any special conditions negotiated and the names and addresses of both solicitors. The purchaser at this stage should have an approved mortgage in principal.

 

Under Offer Sign

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    Financial Services

    Thornley Groves works with Lomond Mortgage Services who can source the right mortgage for you. Whatever your requirements, our expert advisers can help you achieve your goals by finding the right deal for your circumstances.

    For more information, speak to one of our professional Financial Advisers & see what they can do for you - after all they have the whole of market to research and find the very best mortgage for you.

    Prefer to call our mortgage team directly?
    Start by calling Mel on 0161 942 4145

    Survey/Valuation

    The purchaser's mortgage lender will arrange for a survey valuation to be carried out, although you have the choice to instruct a more detailed survey being carried out by choosing either a Homebuyers report or Structural survey.

    Access to the property will be arranged through the selling Agent.

    survey

    Property Conveyance

    The vendor’s solicitor will send draft documentation, contract and deeds of the property to the purchaser’s solicitor. The purchaser’s solicitor will start local authority searches (they will ask for funds to start this process) and send preliminary enquiries to the vendor’s solicitor.

    The mortgage offer should be sent to your solicitor within a week/10 days after the survey date.

    Funds to Exchange Contracts

    When all the enquiries have been answered to the purchaser’s solicitor’s satisfaction, the contract will be approved and sent to the purchaser for signature and return.

    Bear in mind that all searches will need to be back and you will need to be in receipt of a written mortgage offer.

    At this stage the purchaser’s solicitor should be in cleared funds to exchange. This amount is generally 10% of the purchase price.

    funds-ready

    Stamp Duty

    Stamp Duty Land Tax is a tax payable by the purchaser to HMRC. Your solicitor will usually handle this for you and send it to HMRC on your behalf.

    The Government recently announced great news for homebuyers – stamp duty, the amount of tax a buyer pays the Government when purchasing a home, has been cut for the majority of buyers.

    Buyers of an average priced home, the UK average is £275,000, will now pay £4,500 less in stamp duty than they would have done before the announcement. It means buyers will be able to put that saving towards their deposit or even some improvements which must be good for the housing market and the economy.

    A first time buyer buying at £150,000 now pays only one third of what they would have had to pay, £500 instead of £1500.

    A home buyer buying at £2 million however pays 50% more in stamp duty than they would have done previously, now paying £153,750 in tax rather than the £100,000 they would have paid in the old system.

    Under the old system, you used to pay 1% tax on the value up to £250,000 but buying a property for over £250,000 and you’d pay 3% on the whole amount i.e. £250,000 purchase was £2,500 in tax but £251,000 means you had to pay £7,530.

    The tables below set out the new charging structure up to date on 1st March 2016.
    For the most up to date information please visit the UK Government website here.

    stamp-duty

    Purchase price of property

     £0 - £125,000

    £125,001 - £250,000

    £250,001 – £925,000

    £925,001 – £1.5 million

    Over £1.5 million

    Rate of DLT (percentage of
    portion of purchase price)

    0%

    2%

    5%

    10%

    12%

    Exchange Contracts

    Once the solicitor has a signed contract, local authority search, mortgage offer and deposit money, he will be ready to exchange contracts. At this point the completion date will be set and the deposit funds transferred to the vendor’s solicitor.

    The completion date can be the same day as the exchange date or any suitable date afterwards agreeable between the vendor and purchaser.

    Completion!

    Completion is when your mortgage company sends the remainder of funds across to the solicitor and is the day you get possession of the property.

    Funds tend to clear late morning/early afternoon and keys will normally be collected from the selling agent.

    Once funds are cleared and you have the keys you can move in and start to enjoy your new home!