A Step by Step Guide on How to Buy a Home from Calmor Properties
There are many aspects to buying a new home. Deciding on the house which best fits your needs, settling on a budget, applying for a mortgage, conveyancing etc. It can seem very daunting but thankfully by following these steps it will become much easier.
Step 1: Decide on a Budget
As well as ongoing costs such as mortgage payments and utility bills, you must also allow for one-off costs such as deposits and stamp duty and the annual maintenance fee payable to the management company who will maintain Gantry Lane.
Step 2: Explore Finance Options
If, like most people, you can’t afford to buy a home without borrowing money, you will most likely apply for a mortgage. The earlier you are able to do this, the better. Knowing how much you can borrow and how much of a deposit is required makes the process much easier. Most lenders will tell you how much money they are willing to lend you. This is called an ‘agreement in principle’.
Step 3: Find a Suitable Property
We are assuming that you have already found one in Gantry Lane. At this stage make contact with our selling agent, Hanna Hillen Estates. The team at Hanna Hillen will organise viewings and guide you through the remainder of the process. You will also be the first to hear about new homes as they are released. All parties who leave their details with Hanna Hillen will be contacted when houses are released. The details that they will send you will include the plot numbers which have been released, prices of each house type and booking procedures.
Step 4: Hire a Solicitor
Your solicitor will carry out the legal work involved in buying a new house. They will deal directly with Calmor Properties solicitor Gordon Bell & Son, Rathfriland. It is important that the solicitor you employ has experience in conveyancing.
Step 5: ‘Book’ the property
When this property becomes available to purchase (see step 3), you will be required to officially reserve the property by ‘booking’ it. Hanna Hillen, our selling agents, will organise this booking. When complete, no other person will be able to reserve this property. Bookings can only be made if you have secured your funding, employed a solicitor and paid a £2000 booking fee. If you do not proceed with the purchase, this fee can be refunded up until contracts have been exchanged (less a £250 administrative fee). At this stage, you will find the benefits of ‘Step 2: Explore Finance Options’
Step 6: Finalise/Arrange for a Mortgage
You may already have an ‘agreement in principle’ (see step 2). Now that you have reserved or ‘booked’ a house, it is time to arrange and finalise your mortgage. There are many options around. Speak to a reputable financial advisor and follow some of the ‘Useful Links’ below. Please note that your mortgage offer will need to be valid for 6 months to allow Calmor Properties time to build your house.
Step 7: Get the Property Surveyed/Valued
Your mortgage lender will usually want verification that the house you are buying is worth what you are paying for it and will organise for a valuation.
Step 8: Exchange Contracts
This is the point where the purchase becomes legally binding. Our solicitor, Gordon Bell & Son, and your solicitor will arrange for Calmor Properties and yourself to sign a contract. By signing this contract both Calmor Properties and you the buyer, must follow the terms of the contract. The contract will list items that are included in the sale or that you’ve agreed to purchase. It will also include any extras which you have negotiated with Calmor Properties. At this time you commit to the purchase of your new house by paying the deposit. We will keep you informed regarding the completion date so now you can start planning your move.
Step 9: Pay for the Property and Move In
After the final legal tasks are complete, your solicitor will arrange for your mortgage company to pay the remainder of the purchase price to our solicitor. When this is done, the house belongs to you and you can move in on the agreed date. This is called ‘completion’.
YOU HAVE ARRIVED AT YOUR DESTINATION - CONGRATULATIONS !
Useful Links: