Cross & Prior
Established Since 1910

0208 715 0555

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Buying Guide

 

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We are passionate to find a place you can call home...

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Buying a property can be a long and complicated journey with many hazards looking to trip you up along the way. Therefore, it is essential you gain a good understanding of the buying process so as to avoid some of the more common pitfalls when buying your ideal home or investment property.

The clear and informative guide below has been prepared by Cross & Prior in order to outline the different stages you will encounter, so you can know what to expect. We will also be on hand throughout the process to help guide you through your own unique circumstances           

  Planning Your Move   Register with Cross & Prior   Finding a Property   Viewing the Property

  

  If you require a mortgage, it is
  recommended that you obtain
  a mortgage in principle before
  you start your search, as it will
  let you know exactly what you
  can afford, and can give you an
  advantage over other buyers
  when making an offer.

  If your purchase is reliant on
  the sale of an existing property 
  you should consider marketing
  it prior to your property search,
  as you will need to be under
  offer before any offer you make
  will be considered, and will also
  help to determine your budget.

 
 

  Once you are ready to begin
  your search you should register
  with Cross & Prior either by
  calling us on 0208 715 0555,
  coming to see us in person at
  our office, or alternatively, if
  you are short on time you can 
  Register with us online.

  It is important to register, as
  some properties are sold before
  entering the public domain. We
  recommend you provide us
  with as much information as
  possible, so we can update
  you as soon as a suitable
  property becomes available.

 
 

  Looking for a new home can
  often become time consuming
  and frustrating, but the process
  can be simplified with a little bit
  of homework and drawing up a
  detailed list of your needs such
  as location, property type, local
  schools, and transport links.    

  Our renowned website acts as
  an excellent buying tool offering
  useful advice and a number of
  guides to aid you throughout
  your Property Search. we
  ensure that our property lists
  are regularly updated to keep
  you constantly informed.

 
 

  You should shortlist properties
  you are interested in, arrange
  to view them at the earliest
  possible opportunity to avoid
  potential disappointment. All 
  viewings will be conducted
  at a time that suits both you
  and the vendor.

  You are encouraged to ask any
  questions about the property. If
  you really like a property, it is
  very important to arrange a
  second viewing, which allows
  you to check anything you may
  have missed or overlooked the
  first time around.

  Making an Offer   Agreeing the Sale   Instructing a Solicitor   Organising a Survey
 
 

  When you have found a suitable
  property and make an offer, we
  will ask you to provide us with
  information about your current
  position, for example, how you
  intend to finance the purchase,
  and if applicable details of your
  existing property.

  Your offer will be put forward for
  the vendor’s consideration, you
  will be advised if there are any
  other offers for the property
  which are also being considered
  and we will then contact you 
  straight away after the vendor 
  has made their decision.       

 
  

  Once the seller has accepted
  your offer, we will confirm in
  writing the agreed sale price
  (STC) and any conditions
  relating to it. At this stage both 
  parties are under no legal
  obligations until the contract  
  has been signed. 

  We will continue to market the
  property until we receive your
  solicitor details and proof of
  finance, unless after consulting
  the vendors and they instruct us
  to withdraw the property from
  the market. However, we will
  not show it to other buyers.

 
  

  After the sale has been agreed
  you will be required to instruct
  a solicitor or conveyancer to
  act on your behalf, and they will
  liaise with your mortgage lender
  and attend to all of the legal  
  formalities and requirements 
  that are involved.

  It is essential you find someone
  you can trust, as you will be
  reliant on them throughout the
  process. If you do not have a
  solicitor in mind we are happy
  to recommend a number of
  reliable local firms, who will be
  able to assist you.

 
 

  You will need to complete your
  mortgage application and
  arrange a survey after your
  offer has been accepted. It can
  sometimes take up to 14 days
  for a survey to be carried out,
  so you should book it as soon
  as possible.   

  We will contact you once the
  survey has been officially
  confirmed and we will keep you
  updated throughout the whole
  process. You will normally
  receive the survey results from
  your mortgage provider within
  3-5 working days.

  Finalising Your Mortgage   Exchanging Contracts   Insuring the Property   Completion
 
  

  Once you have received the
  survey report, your lender will
  write to you to confirm if your
  application has been approved.
  This is important, without a
  formal mortgage offer you may
  not be in a position to proceed
  with your purchase.             

  The written offer will confirm the
  terms and conditions specified
  by your lender, and you should
  carefully check them thoroughly
  for any discrepancies, and your
  solicitor will then be able to
  proceed to exchange knowing
  the funds are secured.

 
  

  Arguably this is considered to
  be the most significant stage
  of the buying process, as once
  contracts have been exchanged
  the agreed terms of the sale
  become binding and both you
  and the vendor are now legally
  committed to the transaction.

  When your solicitor is entirely
  satisfied with the results of their
  legal searches and enquiries
  you will be asked to sign the
  contract and pay a deposit
  (normally 10% of the purchase
  price). If you pull out at this
  point you will lose your deposit.

 
 

  From the point of exchange of
  contracts you will become liable
  for the property, and will be
  required to have an adequate
  Buildings Insurance Policy and
  any other necessary insurance
  in place, to ensure you and your
  new home are protected.

  If you are buying a leasehold
  property, the freeholder will
  generally be responsible for
  arranging the insurance policy,
  your solicitor will be able to
  advise you and liaise with the
  freeholder to make sure the
  policy is sufficient.

 
 

  The completion date will have
  been agreed by all parties
  involved in the chain prior to
  exchanging contracts. The
  length of time for completion
  is usually 2-4 weeks however
  in some circumstances it can
  happen on the same day.       

  On your completion day we will
  make sure everything goes
  smoothly, and contact you to
  arrange a suitable time to come 
  to our office and collecting your
  keys. Congratulations! You are
  now the legal owner, we hope
  you enjoy your new home.

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