Your mortgage lender or broker will require a valuation of your house with the aid of a surveyor, to make sure that the assets is a superb enough to lend towards. This isn’t a proper survey, and could only look very superficially on the property.
You can typically both get a house valuation upgraded to a full survey, or you could commission a separate house survey. This must tell you the whole thing you want to recognize approximately the property, and provide you with a warning to any potential issues you will face after you pass in. until you are very experienced with property, additionally it is really worth getting this done.
Arrange a deposit for your house
Before you may exchange contracts, you need to arrange a deposit of 10% of the sale fee of the assets, and deliver it on your solicitor or conveyancer.
You need to both have the 10% deposit from the deposit you have arranged for the complete belongings, or is probably able to boost it from the sale of your existing domestic
Whilst you convert contracts with the seller you turn out to be legally dedicated to buying the belongings – and they are legally devoted to promoting it.
If you pull out after this with out due reason, your 10% deposit can be forfeit. See How do I change contracts?
You ought to most effective change contracts after you have got received the surveyors document, and any essential action has been taken
Earlier than you convert contracts, you need to agree a final touch date with the seller, approximately 4 weeks after the alternate
You can handiest alternate contracts after the solicitor/conveyancer is satisfied with the searches, a formal mortgage offer has been received, and preparations made for the ten% deposit.
You need to make certain which you have buildings coverage for the assets from the date of trade, as you’re accountable for it from then on