Spencer Kennedy recognise the fact that purchasing a home is the most important and expensive transaction you are likely to undergo.
Our database features many fine properties and we are sure that with our local knowledge and expertise we will be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment.
To enable you to unravel the complexities of buying your home, we have set out below an overview of the various procedures involved:
REGISTRATION: The first requirement is for you to register your details and property specifications which can be provided in a number of ways i.e. by email, fax, phone, in person of by completing our registration form click here. This will give us a clear idea of your personal requirements, thereby enabling us to modify the details sent to you.
Once registered, you are in a position to receive details from us directly in person, via mail, email or full details can be downloaded and printed off from our website. We also offer an SMS text service direct to your mobile phone.
VIEWING: Our professional team are available to arrange viewings of your selected properties. Our offices are open 6 days a week Monday - Saturday and viewings are accompanied by an a Spencer Kennedy representative. Please contact us to arrange a mutually convenient time [020 8693 7835].
MORTGAGE: In order to speed up your house buying process, it is advisable wherever possible to have a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
MAKING YOUR OFFER: Once you have located the property you wish to buy, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed and exchanged.
ACCEPTED OFFER/INSTRUCTING SOLICITORS: As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing).
At this point, should a mortgage be required, you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
SURVEY: The next step is to obtain the Mortgage Valuation. This will be conducted by a Chartered Surveyor acting for your Lender. The report is to provide a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property. Since you as the buyer are also provided with a copy, it allows both parties to evaluate the findings prior to entering into a commitment to purchase. In addition to the Mortgage Valuation you can include a Homebuyer Survey Report or, for a more comprehensive examination of the property, you can choose to have a Full Building Survey. Both of these options carry out a more extensive inspection of the property with the latter supplying full technical details of the construction, materials and condition. Please call the Spencer Kennedy office for full information on the various survey options.
SEARCHES: These are conducted by the buyer’s solicitor who submits a local authority search to the local borough council. Its purpose is to ascertain if there is any planning consent previously granted on the property or if there are any other local issues which may have an impact on the purchase. In most instances, the search will include an Environmental and Drainage search.
DRAFT CONTRACTS: The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
MORTGAGE OFFER: The Lender is now in possession of the Mortgage Valuation survey and, subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned and funds requested by the buyer’s solicitor.
EXCHANGE OF CONTRACTS: Once the contract has been signed by both parties and returned to the allied solicitors, a deposit (5 or 10% of the purchase price is standard) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.
COMPLETION: The date for completion is agreed by both parties and can be a matter of days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!
SPENCER KENNEDY - THE LONGEST ESTABLISHED ESTATE AGENTS IN DULWICH VILLAGE