Locus Estates
Locus Estates

Buying Process

1Arranging your mortgage and other costs

Finding the right mortgage to suit your own circumstances can be daunting, with so many lenders, schemes and rates available, where do you start? Unless you’re really sure on what you’re doing, seek advice from an independent financial adviser. It will certainly help us to help you if you get a mortgage agreement in principle to enable you to move quickly if need be.

2Register your interest

You should visit estate agents in and around the area you wish to move to. Register your requirements and budget with them and get on their mailing lists. Once you’re registered, they should then send out details of relevant properties to you. You can also keep an eye on the local market by browsing the local property press or property portals like Zoopla and Rightmove.

3Finding the right property

Make yourself comfortable with a glass of your favourite tipple. Think about your ideal property and write a list of the ‘Must Haves’, the ‘Nice to Haves’ and most importantly the ‘Definitely Don’t Wants’. This can help you in deciding on which properties to view and tallying up scores for each of the properties you visit, and more importantly will give you a good list of deal-breakers so nobody’s time is wasted viewing unsuitable properties.

4Making an offer

Once you have found your ideal property you should make an offer to the agent. You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and Solicitors fees. Once the vendor has accepted your offer you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we can recommend one to you.

5Offer agreed

Once you receive an offer acceptance then the wheels are put into motion to lead up to the final exchange of contracts (which, from beginning to end, takes between 6 to 8 weeks on average). This is called Conveyancing. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible.

6Conveyancing

This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will liaise with the vendor’s solicitor while carrying out Land Registry and Local Authority searches to establish the boundaries of the property, any restrictive covenants or potential developments in the area that may affect your enjoyment of your new home.

7Survey and mortgage offer

Unless you are a cash buyer this is the time to formally apply for a mortgage on this property with your financial advisor or lender.

Your lender will require a survey for mortgage purposes, but this is merely to establish a valuation. You may also choose to undertake a full structural survey although this is usually advisable on a period property or a property of non-standard construction. Any issues highlighted may either affect the lenders ability to offer a mortgage in its entirety or impose special conditions on the mortgage offer. The survey may also highlight any expensive problems to you before you purchase the property.

8Exchange of contracts

Up until this point, either party can withdraw from the sale without financial loss. When your solicitor has received; satisfactory replies to all their searches and enquiries, a copy of a mortgage offer, a signed contract and the deposit has been paid (usually 5-10%), they can then proceed to exchange of contracts. From this point the seller and buyer are legally committed to the deal so if the buyer pulls out for whatever reason they lose their deposit.

The sales contract is signed by both you and the vendor and the deposit is transferred or paid by your solicitor to the vendor's solicitor. At that point the date is then set for completion. This can be pretty much straight away (called a Sim – simultaneous exchange and completion) or up to 28 days later depending on your requirements.

9Completion

Completion is the formal process of transferring the balance of monies due from the vendor’s solicitor to the seller’s solicitor. This process will be dependent on your circumstances and any other parties involved in the buying chain. Once the monies have been received you can collect the keys and you are the legal owner of your new home.

10Moving in

Congratulations! You are now the proud owners of a lovely new home.

We will provide you with a welcome pack providing you with everything you need to know, from the location of gas and electricity meters, mains water stopcocks, local authority details, waste collection day etc.

Remember to get your mail re-directed and don’t forget to tell your bank, your employer, HMRC, DVLA, insurance, council tax, doctor, dentist and any schools that you have changed your address.

Agree meter readings, transfer the phone lines and other utilities. Book the removal company, defrost and disconnect your white goods. Tell your friends and organise the party.

Don’t forget the cat!

Disclaimer: This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and Locus Estates accept no liability if you rely on the content of this guide and do not obtain professional advice.

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INFORMATION FOR TENANTS 

When renting a property, there are various costs that you will need to take into consideration when making an offer. 

BEFORE YOU MOVE IN 

Advance rent: Rent is usually payable in advance for each tenancy. You will therefore need to pay, as a minimum, the first months’ rent prior to the commencement of your tenancy, although the amount payable may differ dependent on the terms of your tenancy. 

A refundable holding deposit. you will be required to pay one weeks rent and this will be either returned or offset against the refundable tenancy deposit within 7 days, or up to a maximum of 15 days. This is required in order to submit your offer to the landlord. If accepted this amount will be deducted from the total monies due. The payment is refundable if your offer is not accepted.

   

Deadline for agreement if a tenancy has not yet been entered into. Locus Estates will retain the holding deposit if the tenant provides false or deceptive information which affects Locus Estates decision to rent the property to the prospective tenant, if the prospective tenant fail a right to rent check, or if the prospective tenant withdraws from the agreement. 

A refundable tenancy deposit. Five weeks’ rent 

Changes to the tenancy agreement at the tenant’s request. In the event to make changes to a tenancy agreement A tenancy swap fee of £50 (inc. VAT) plus any reasonable costs incurred if higher, will be payable by the tenant. Please note that Tenancy Swaps are subject to the landlord’s consent and reference approval. 

Default Fee - early termination of tenancies. Early Termination of Contract at the tenant’s request: In the event that you wish to leave your contract early, you will be required to pay the landlord’s costs in re-letting the property as well as all rent, council tax and utilities due under the tenancy until the start date of the replacement tenancy. The costs will be no more than the maximum amount of rent outstanding on the tenancy. 

Default Fee - late payment of rent. Locus Estates may only charge tenants a default fee of interest on rent that is 14 days or more overdue. The fee will not exceed interest of 3% above Bank of England's base rate for each day that the payment is outstanding. 

Replacement of keys or other security devices in the event that any keys or other security devices are lost and need to be replaced, you will be required to pay the costs of replacing them. If the loss results in locks needing to be changed, you will be required to pay the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s). If tenants require copy of the keys outside working hrs they will need to pay the reasonable delivery cost for the keys to be delivered to the property address.

TENANT PROTECTION

LOCUS ESTATES  is a member of UKALA (The UK association of Letting Agents) membership number : 190813, which is a client money protection scheme, and also a member of The Property Ombudsman Scheme MEMBERSHIP NUMBER : D12308 which is a redress scheme.

 

Letting Fee Information

The asking rent does not include letting fees. Our standard administration fee (which covers general administration and preparation of paperwork) is £xxx (£xxx+VAT). A security deposit, usually equivalent to six weeks rent, is also payable.

Depending on your circumstances and the property you select, one or more of the following may also be charged to you upfront;

Fees may be charged on a per person or per property basis, please call us on 020 7249 2004