Buying A Property

Buying a Property with Amber & Co

Purchasing a property is an exhilarating journey filled with opportunities, yet it requires careful consideration of numerous factors. At Amber & Co, we understand that navigating the property market can be daunting, which is why we are here to guide you every step of the way. Engaging in a face-to-face discussion with our experienced property experts will provide invaluable insights and tailored advice to suit your specific needs. Below is a concise overview of essential tips and reminders for prospective buyers.

Why Choose Amber & Co?

With years of experience in the property market, the dedicated team at Amber & Co is committed to making your property search as seamless and successful as possible. We pride ourselves on our in-depth local knowledge, personalised service, and strong negotiation skills that will help you secure your dream home at the best possible price. Our agents are not just facilitators; we are your partners in this significant life decision.

Assessing Your Finances

Before embarking on your property search, it is crucial to determine your budget. This involves understanding your available finances, including savings for a deposit. We highly recommend consulting with a mortgage broker, who will clarify your borrowing capacity and identify the best mortgage options tailored to your financial situation.

A broker will help you navigate all associated costs of purchasing a property, ensuring you are fully informed about:

• Mortgage arrangement fees
• Mortgage indemnity fees
• Lender's valuation fees
• Land Registry fees
• Survey costs
• Stamp Duty Land Tax
• Removal costs
• Contingency funds for unexpected expenses
• Building and contents insurance

Searching for Properties

There are numerous avenues for finding a property, including estate agents, online platforms, and auction houses. At Amber & Co, we boast an extensive portfolio of properties, many of which may not be available elsewhere. Our agents will work closely with you to understand your preferences and guide you toward the best options.

When viewing properties, we advise exploring options slightly above your budget, as this may enable you to negotiate a more competitive offer than the asking price. During viewings, our agents will accompany you, ensuring you notice vital details, from signs of dampness to potential structural issues. Feel free to take photographs to help you recall details later. Additionally, do not hesitate to ask both the vendor and our estate agents questions; this demonstrates your seriousness and engagement in the purchasing process.

Making an Offer

Once you have identified your ideal property, our team will support you in communicating your intent to make an offer. We approach this step thoughtfully, guiding you in formulating a competitive offer that respects your budget while testing the vendor’s willingness to negotiate. If your first offer is declined, we will assist you in refining your strategy, ensuring you remain competitive in the market.

Offer Accepted: Next Steps

Congratulations! Once your offer has been accepted (subject to contract), it marks the start of a new chapter in your property journey. This stage is referred to as "sale agreed." Your solicitor will begin navigating the legal aspects of the sale and will receive the memorandum of sale from the seller's estate agent, confirming that your offer has been accepted. At this point, you (or your mortgage adviser) will also initiate the formal mortgage application.

It’s important to note that either the buyer or the seller can withdraw from the agreement up until the contracts are formally exchanged. Therefore, maintaining clear communication and understanding during this period is crucial.

Exchanging Contracts

The exchange of contracts is a significant milestone in the buying process, as it solidifies the terms of the sale and makes them legally binding for both parties. Prior to the exchange, you will need to:

• Finalise and sign your mortgage documents.
• Consult with your solicitor for a final report and review any remaining details.
• Transfer your deposit to your solicitor.
• Thoroughly review the contract terms, ensuring you understand all the details involved. If any questions arise, do not hesitate to ask your solicitor for clarification.
• Confirm which fittings, fixtures, and appliances are included in the sale.
• Sign the contract.
• Once contracts are exchanged, you can look forward to the completion date, which will be agreed upon at this time. Please remember that from this point forward, the terms of the sale are legally binding. Your deposit will be non-refundable should you change your mind, and the seller is obliged to proceed with the sale at the agreed price.

Completion

The completion date is when the funds are transferred from you to the seller, officially changing ownership of the property. Upon completion, you will receive your keys, typically held by your estate agent until the seller's solicitor confirms that funds have been received. To collect your keys, please ensure you bring a form of photo ID with you.

Completion usually occurs about four weeks after the exchange, although you may have the opportunity to negotiate a completion date that suits both parties. Your solicitor will handle the transfer of all necessary funds to the seller's solicitor, officially making you the legal owner of your new home.