Buying

Waterfords recognises the fact that the purchase of your home is the most important and expensive transaction you are likely to undergo.

With our local knowledge and expertise, we hope to be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment.

Please click on the http://www.waterfordsproperty.co.uk/  to view a list of our current properties, complete with photographs.

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 step is to register your details and property specifications, which you can do by email, fax, phone or in person. This will give us a clear understanding of your requirements and enable us to identify the properties being marketed by Waterfords that meet them.

Once you have registered your requirement, we will send you  details of properties that match your needs either by post, email or in person. Alternatively you can download and print these out from our website.

VIEWING:
When you have identified a property that is of interest, the next step is to arrange a viewing. Simply call 01905 611188 and we will do the rest!  Our offices are open 7 days a week from 9.00am – 5.30pm Monday – Saturday, and 11.00am – 3.00pm on Sundays.

MORTGAGE:
In order to speed up the house buying process, it is advisable wherever possible to have your mortgage agreed in principle by a lender 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 is likely to make any offer you make for a property more attractive to the Sellers.

If required, we can recommend reputable locally-based Independent Financial Advisors who have an established record of providing mortgage solutions in the County.

MAKING YOUR OFFER:
If you identify a property that you want to buy, the next step is to make and offer through Waterfords. We will submit this to the Seller both verbally and in writing and let you know as soon as a decision is made.

Please note that all offers are “subject to contract” and therefore neither you nor the Seller is legally bound until contracts have been exchanged.

INSTRUCTING SOLCITORS:
If your offer is accepted by the Seller, you should instruct a solicitor to act on your behalf. Your solicitor will handle the conveyancing, being the legal procedures required to transfer the property into your name.

At this point, you also need to notify your lender or mortgage consultant that you wish to proceed with a formal mortgage application. 

SURVEY:

Your lender will then arrange for a Chartered Surveyor to carry out a mortgage valuation, which determines whether the property provides adequate security for the mortgage. If it is considered that the agreed sale price is greater than the market value, then your lender may not be prepared to offer you a mortgage for the full amount you applied for.

The mortgage valuation also describes the basic condition of the property. However, we would not recommend that you rely solely on the mortgage valuation as the inspection is limited. Although it may cost a little more to obtain a detailed report yourself, it could save you from incurring costly building works in the future.

There are two types of survey available:

HOMEBUYER REPORT
A Homebuyer Report is appropriate to properties in apparently good condition and conventionally constructed. The purpose of the report is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
It provides a more in-depth analysis than the mortgage valuation, which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the actual value. Moreover, the professional opinion of the surveyor contained in the report will also set out particular features of the property which may possibly have an effect on the present value and potential future marketability.

BUILDING SURVEY
A Building Survey is appropriate to properties that have an unusual construction, are historic or Listed Buildings, have been extensively altered or where major work is planned. It may also be required if problems are identified in a Homebuyer Report

The Building Survey is comprehensive and lists full technical details of the construction, materials and condition. For this reason it is more expensive than a Homebuyer Report.

If you require either a Housebuyer Report or a Building Survey, we can recommend reputable locally-based surveyors who have an established record of providing a professional service

SEARCHES:
These are enquiries made by your solicitor through a search agency to obtain vital information on your new property. These detailed enquiries deal with a host of matters including planning history, drainage and environmental issues. Your solicitor will have to pay fees for the searches and for this reason you will usually be requested to make a payment on account when you appoint your solicitor.

DRAFT CONTRACTS:
The draft contract sets out the terms of the agreement that you have reached with the Seller and is drawn up by the Seller’s solicitor.  This is sent to your solicitor, together with details of the legal title and replies to standard enquiries relating to the property. Your solicitor will then amend the draft contract or raise further enquiries if it is considered necessary to protect your interests.

MORTGAGE OFFER:
Once your Lender has received an acceptable mortgage valuation survey and satisfactory references and checks, it will send you a formal mortgage offer. At the same time your solicitor will receive mortgage instructions from the Lender, together with the mortgage deed for you to sign.

EXCHANGE OF CONTRACTS:
As soon as you and the Seller are ready to proceed, a date for completion of your purchase is agreed. This is usually between one and three weeks ahead. Each of you then signs a copy of the contract with the agreed date inserted and these are then exchanged by your solicitors. At the same time you are required to pay a deposit, which is usually 10% of the purchase price. If you are selling a property simultaneously, you will use the deposit received on your sale.

COMPLETION:
Following exchange of contracts, your solicitor carries out the pre-completion legal work. This includes making a search at the Land Registry to ensure there have been no recent changes to the legal title.  It also involves preparing the deed that transfers the property into your name, reporting on the legal title to your Lender and requesting funds required from you and your Lender. On the completion date, the balance of the purchase price is transferred by your solicitor to the Seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!