Residential Mortgage – Purchase

For a residential purchase many of the steps are similar to the purchase steps described in the First Time Buyers section so please have a look there for the basics of purchasing a property. All the tests on affordability and evidence required are identical as are the steps to getting to mortgage offer and the legal work required.

What is different in this scenario, of course, is that it is highly likely you will be selling an existing property in order to make your new purchase. In this case, of course there are two parallel transaction taking place that have to coincide at the points of completion. This, of course just adds another level of complexity. So, how does this affect the work you have to do?

Firstly your conveyancer / solicitor will have the work associated with the sale to carry out in parallel to the purchase. This involves extra costs, but there is no reason why it couldn’t be the same person dealing with both transactions. Indeed this is likely to be the most cost effective and efficient arrangement. Don’t forget we can provide detailed and really competitive conveyancing quotations for you using recommended companies. just contact us for details.

The other additional complication is in reaching agreement between you, your buyer and your seller on the completion date. This has to be a concurrent date and can involve quite a bit of negotiation in order to satisfy all parties.

Once a date has been agreed then, on the day of completion, a chain of events takes place between the conveyancers involved in the sale and purchase (remember there could be an extended chain of buyers and sellers involved as buyers and sellers often have associated buyers and sellers that you may not know about) involving the repayment of existing mortgages, transfers of sale proceeds to sellers and drawing of newly arranged mortgage funds from lenders. You can understand, therefore, that you may not get your keys until later in the day of completion.

One consequence of already having owned a property is that lenders often offer you better interest rates and incentives in order to get your business. This can include free valuation (although if you want more than just a basic valuation you may have to pay some towards the cost) and / or free legal work. In this case the lender will appoint the conveyancing company to act on the purchase transaction. We can source all these different factors using our daily updated sourcing systems and provide you with a wide and comprehensive choice of mortgages and mortgage lenders.

Many lenders no longer have a High Street presence or, if they do, they may not be in the town in which you live. This doesn’t mean you can’t have access to their mortgage deals and using us makes sure that you always find the best deal available for your circumstances.