Mortgage Advice for Homeowners
Moving to a new home can be a stressful process, but with the right assistance, it doesn't have to be. At Miles & Barr, we prioritise making the process as simple and stress-free as possible by providing comprehensive support at every step.
When you're ready to embark on your search for a new dream home, it's crucial to have a clear understanding of what your maximum potential purchase price is. Buying a home involves various factors that require careful consideration, and the process can span several weeks.
Our sister company, Finamply, boasts a team of expert advisers who specialise in discussing these crucial circumstances with you. They assess factors such as your income, outgoings, savings, and future plans. By developing a comprehensive profile of your borrowing requirements, their advisers can determine the type of home that suits you, provide an estimate of your borrowing capacity, and establish a purchase price that aligns with your affordability
1 Arrange your finances
Finamply, with access to a vast network of over 90 lenders, carries out a thorough assessment of your needs and circumstances. Their expert team then conducts research to find you the best mortgage deal available in the market to fit your personal circumstances. Once you are satisfied with their recommendation, Finamply secures a Decision in Principle (DIP) for you. This DIP serves as an assurance from the lender, indicating their willingness to provide you with the mortgage, pending a property valuation and underwriting to confirm the accuracy of the information given regarding your personal circumstances.
* A DIP does not completely guarantee the lender will loan the requested amount. All applications are subject to full underwriting process.
2 Register with us
Now you know the value of houses you can buy, it is time to discover the perfect property. Register with us today, call 01304 626 444 or visit any of our 16 offices, where our knowledgeable local agents will guide you with your search.
3 Property Search
Now we know the criteria of your property wish list, we will share a selection of potential properties that best match your criteria. We will also keep you updated on the latest properties.
Once you’ve shortlisted properties you’d like to see in person, we’ll arrange viewings for you. We try where possible to offer viewing times that are flexible around your schedule.
5 Making an offer
Once you have found a property that meets your requirements, we will put your offer forward to the seller in writing and verbally, ensuring they are aware of all details and any conditions of the offer. You may be required to provide evidence that you are able to proceed at this stage, for example your mortgage in principle.
6 Sale agreed
Exciting news, the seller has accepted of your offer! These are the next steps we’ll take:
- Write to all parties to confirm the agreed price.
- Prepare the memorandum of the sale.
- Liaise with you and your Finamply mortgage adviser to proceed with your full mortgage application.
7 Application Process & Formal Mortgage Offer
The property will have a survey booked by a surveyor on behalf of the mortgage lender to advise on the property’s value in the event of any problems. At this stage, you will be asked to supply evidence to support your application. Once you have undergone the lenders checks and the valuation report is received you and the solicitors will be supplied with a formal mortgage offer. There are no legal obligations at this stage until contracts have been signed.
We will assist you in selecting solicitors if you require. The solicitors will then carry out the following steps as part of the conveyancing process:
- Bring forward any enquiries on receipt of the draft contract from the seller’s solicitor.
- Request local searches.
- Agree on a date for the exchange of contracts.
Both ourselves and your broker will be working alongside the solicitors during the process and will keep you informed with each step.
9 Exchange of contracts
Contracts are exchanged between the seller and the buyer when all enquiries have been confirmed and agreed. When the contract has been signed by all parties involved the deposit will be transferred. The completion date will then be agreed by mutual consent between the seller and buyers solicitors.
Completion occurs when the residual monies, are transferred from your solicitor to the seller’s solicitor’s account. Once this has cleared into the seller’s account, you can legally collect the keys and you will become the legal owner of your new home.
If the thought of making a move has crossed your mind, you’re exploring your options, planning for the future, or simply satisfying your curiosity, our valuation service is a great opportunity to gain an understanding of your home’s current value. We offer a complimentary, no obligation home valuation.
Call us on 01304 626 444 or complete the property valuation request form for your free valuation here.
2 Next Step
Now you know your property’s current value, now is the time to speak with an expert mortgage who can guide you through purchasing a new home.
3 Why Choose Miles & Barr
We aim to give you as much availability to conduct viewings as possible. We can also organise your EPC (Energy Performance Certificate), just get in touch with your local branch to sort this out or call us on 01304 626 444. You must have commissioned an EPC before your property can go on the market.
4 Presenting your property
Presenting your property is essential as first impressions count. You should consider addressing any jobs you have been meaning to get done, add a fresh coat of paint where applicable and ensure your rooms are empty from clutter. Once you’re happy with the presentation of your property our photographers will take photographs and we will produce floorplans as well as a comprehensive description
5 Advertising your property
Your property needs maximum exposure across all forms of media to help find a perfect buyer. Once you’ve instructed Miles & Barr to sell your property you’ll benefit from exposure on our modern website, full colour property details, email alerts and have a branch behind you with a wealth of experience.
We will be on hand at your property for all your viewings within our working hours. This way any questions from potential buyers are answered immediately and provide you with advice when required.
7 Receiving an offer
Once an offer is received, we will let you know in writing and verbally. You will be made aware of any conditions of the offer, and we will also check the buyer is able to proceed before you decide whether or not to accept the offer.
8 Accepting an offer
Upon your acceptance of an offer, we will follow up with these steps:
- Write to all parties to confirm the agreed price
- Prepare the memorandum of the sale
The solicitor will send a draft contract to the buyer’s solicitor who will then carry out the survey on your property, exchange the contracts and the proposed completion date. We will continue to give you advice at this stage and negotiate on your behalf where necessary, keeping you informed with each step. There are no legal obligations until contracts are signed.
9 Exchange of contracts
The following steps must have been confirmed and agreed before the exchange of contracts can occur:
- Preliminary enquiries following receipt of draft contract
- Evidence of a good title
- Specific issues have been highlighted in the lease where applicable
- Local search queries
- Fixtures and fittings to be included in the sale
- The buyer’s mortgage offer
Once the contract has been signed by all parties involved the deposit will be paid. The completion date will then be agreed by mutual consent.
Completion occurs when the residual monies, (usually around 90%), are transferred from your buyer’s solicitor to your solicitor’s account. Your solicitor will call you when the money has cleared into your account, and we will then be informed to release the keys and you will have completed the sale of your property.