At Kategora our overall aim is to find the most suitable deal for our clients. Our complete buying process offers not just bespoke property search, we also get involved getting involved in negotiating prices and calculating the returns, in order to make the most of the client’s invetsment.
Kategora´s broad experience in the UK property market will provide you with an added value that will give you that extra bit of security making sure that a local property expert is looking after your needs.
Our team will walk along with you during all the buying process in order to make sure that you get the best possible offer starting from the mortgage conditions and finishing in the completion of the property purchase.
At the time of purchase of a property in the UK there are 9 basic steps to be carried out:
- Finding a mortgage
When the right property comes along, you’ll want to be able to act immediately, so get your finances sorted out as soon as possible.
- Property search
Make a list of what’s important to you, including the essentials and the things that are just nice to have, and go from there. Once you’ve sorted out your mortgage and you know the kind of flat or house in London you’re looking for, it’s time to get out there and find it. If you’re buying to let, think about what your kind of tenants you would like so that you can do a more accurate property search.
- Instruct a solicitor
Buying a property involves a legal job, this is known as “conveyancing” and must be made through a lawyer. The attorney should check the contract and make the search for “local authority & title searches” to liaise with the seller and find out the conditions of the lease in the event that the property is a leasehold property.
- Making an offer
Once you’ve found a place that ticks all the boxes, you’re ready to make an offer. Let us know as soon as possible so the seller can be contacted with details of your offer.
- Offer acceptance
If the offer is accepted, the agent or the owner will do the following:
- Prepare a memorandum of sale.
- Write to all parties to confirm the sale price.
- Ask for the contact information of your attorney and your mortgage broker.
Once this process is finished by the agent or property, the process of conveyancing (transfer) can be implemented.
As part of the ownership transfer your attorney must perform the following work:
Present the preliminary investigations of the receipt of “draft contract” attorney for the seller.
- Request information from their local searches.
- Agree a date for the exchange of contracts.
- To propose a date for the completion of purchase.
- Study and mortgage offer
While the transfer process is underway, the following must occur:
- Contact the “mortgage broker” to instruct a “Survey”. This is done for reasons of the loan and to determine the structure and condition of the property.
- After receiving the assessment report of the mortgage the buyer and his attorney received a formal offer of mortgage shall be returned signed.
- Upon receipt of this document “mortgage broker” the mortgage is approved.
- Exchange of contracts
Once the contract has been signed by both parties the following will occur:
The deposit (usually 10% of purchase price) will be paid by bank transfer by the lawyer for the purchaser’s attorney that the seller will keep it until the sale is completed.
It will set a date of “completion” between the buyer and the seller.
- Termination (Completion)
This occurs when the residual amount (usually 90%) is transferred from the account of the buyer’s lawyer to the lawyer of the seller.
The keys will be given to the new owner when the transfer amount has reached the target account.