Buying Property in St Albans
Are you considering buying a property in St Albans? Here at Daniels we want to make the property buying process as simple as possible. To ensure you have all the information you need to make a well informed decision, we have outlined the steps that will make your property purchase go smoothly.
Get in Touch
First things first, if you’re considering buying a house or flat in St Albans or the surrounding areas, or would like to know more about our property services contact Daniels Estate Agents, and a member of our team will discuss your requirements and get a sense of what it is you’re looking for. Whether it’s a flat for sale in St Albans city centre or a house near Clarence Park, we want to know as much detail as possible to ensure we only recommend properties you would seriously consider.
Your Property Search
If you’re new to buying a property, then there are lots of things to consider. For example, if you have kids you may need a home within close proximity to schools. If you’re a commuter, maybe you should consider a flat close to transport links? You have to think about your lifestyle and what will work for you. For most of us cost is the most important factor. Take a look at current market prices and decide on how much you’re willing to spend on your new home including the cost of purchasing the property, stamp duty, renovations and how much a mortgage will cost.
Organise a Mortgage in Principle
Also known as a decision in principle, is a certificate or statement from a lender that states that in principle they would lend you a certain amount based on credit checks and other basic information.
Arrange a Viewing
Once you’ve found a property for sale that you like its time to arrange a viewing. One of our experienced sales negotiators will organise and come to the property viewings with you.
Make an Offer Through Us
Once you’ve found a property for sale that you like its time to make an offer. Contact Daniels where one of our St Albans estate agents will be happy to assist you in all stages of the buying process.
If your offer is accepted, we will need the contact details of your solicitor and your lender. A sales memorandum will be drafted up by us and sent to both you and the sellers and both of your solicitors.
Organise a Solicitor
When purchasing a property, it is important that you use a solicitor that has experience in conveyancing and is easy to get in touch with. A solicitor can be arranged through your lender, or alternatively, if you don’t know how to choose a solicitor we can recommend one for you.
Survey of Property
If you are needing a mortgage, your chosen lender will arrange a valuation of the property. The selected surveyor will check to make sure that there are no issues with the property that might affect the cost home.
There are two types of surveys taken out on the potential purchase; a valuation and property survey:
- The Valuation Survey:
This survey is carried out by the lender to make sure that the property is worth the asking price before they approve the mortgage.
- The Property Survey:
You should aim to carry out a property survey in order to avoid any hidden expensive problems in the future. You may choose to have this done in addition to your mortgage valuation or if you aren’t raising a mortgage.
Your solicitor will handle the conveyancing the property, they will initially submit local searches in order to find out whether there are any planning or local issues that you need to know about as these can affect the potential property’s value and once they are satisfied to arrange a date for an exchange of contracts.
When all parties are in agreement and your solicitor has carried out all the necessary checks, you will be asked to sign a contract and provide a deposit. Go through the contract with your solicitor to check that all the details are correct. They will then organise a completion date for the purchase.
Once you have signed the contract you can start planning your move as you are legally bound to the property purchase. It’s at this point that you’ll need to start arranging things like building insurance.
*It is required you have building insurance before you move in in order to cover the structure of the building.
The completion date is typically two weeks after you’ve exchanged contracts although it can be sooner or later by agreement. It’s at this point that you’ll get confirmation that your payment has reached the sellers solicitor and you can then arrange a time to collect the keys. Congratulations, you have bought a new home!
If you have any queries about how to buy property in St Albans or you would like to know more about the buying process through us, get in touch, and a member of our sales team will be happy to assist you in your pursuit of the perfect property.