Morbury Homes Buying Guide

How much can you afford?
The amount you will be able to spend on a new home depends on your income and any equity you may have in property that you will be selling. Whether you are a first time buyer or you already have your foot on the property ladder it is highly recommended that you contact an Independent Financial Adviser (IFA) who will be able to advise you on the mortgage products most suited to your circumstances. Morbury homes are happy to recommend an IFA, alternatively you can contact the Association of Independent Financial Advisers on www.aifa.net or on 0207 628 1287.

Find a house
Morbury Homes offers a wide range of homes from elegant town houses to stylish apartments; homes to suit every need. Whichever type of property appeals to you , one of our sales negotiators will accompany you around your chosen sites and will be happy to answer any questions or queries you may have.

Make a reservation
Once you have found the house for you, a reservation can be made. At this stage, the property is sold subject to contract, but you are not yet legally bound to the sale. We usually aim to exchange contracts within about 4-6 weeks of you making the reservation, however, this time scale will be dependent upon the stage of your home’s construction. We will need to take a deposit from you at this stage of the process, and the amount we will ask for will depend on the price of the property you are buying.

Appoint / instruct a solicitor
You will now need to find a solicitor to take care of the many legal issues involved in purchasing your new home. If you do not already have a solicitor that you know and trust, our sales advisers are always happy to recommend one to you. Alternatively, you can contact the Law Society’s Records Office at www.solicitors-online.com or on 0870 606 6575 or find a licensed conveyancer at the Council for Licensed Conveyancers 01245 349599.

Choose a mortgage lender
There are many different mortgage options available to you and your financial adviser will be in a position to inform you of all current deals, whether it be repayment or interest, fixed or variable. Your prospective lender will need to see an assortment of documents before proceeding with the mortgage, so do be prepared to have to hand information including your last 3 months payslips, proof of identity such as passport or driving licence and details of monthly outgoings such as personal loans, credit cards and store cards.

Arrange a survey
Before you continue with your purchase, we highly recommend that you arrange for your new home to be surveyed. Your financial adviser or solicitor will be able to advise you which level of survey you should choose. There are three levels of survey:

• Basic Valuation
  This is required by all lenders to verify that they are not lending you more money than the property is worth.
• Homebuyer’s Report
  This survey is much more detailed than the basic valuation and is recommended for houses that are under 75 years old.
• Full Structural Survey (Building Survey)
  This is the most comprehensive type of survey and is recommended for houses over 75 years old, or those constructed out of unconventional materials.

Complete your mortgage application

Contracts exchanged
You will at this stage be asked to sign a contract which will legally commit you to the purchase of the property. We, as the seller, will sign an identical copy of the contract which will then be swapped. You will also be required to arrange for 10% of the purchase price to be transferred to us at this point. Your next step will be to contact your solicitor to make sure that everything is in place ready for completion and to confirm when the outstanding balance is due to be sent to our solicitor.

Completion
Once our solicitor has confirmed that we have received the balance of your funds, we can then hand over the keys to your new home for you to enjoy.