Buying with Michael Tuck
Buying a home is a complex and often a lengthy process and is often considered one of the most stressful things you will do. Here at Michael Tuck Estate Agents in Gloucester we are always on hand to help you every step of the way.
We have created a step by step guide of each stage of home buying, and by being prepared we can help make the process easier.
Common questions our purchasers commonly ask include the following:
How do I prepare to buy a home?
Before you start the process of buying a home you will firstly need to know how you are going to pay for it.
If you are a first-time buyer you will need to save up a deposit, and it is worth at this early stage speaking to a Mortgage Advisor to find out how much you can afford. They will be able to issue you with a “Mortgage Agreement in Principle” which will be useful later in the process.
You may also need to sell your existing home in order to afford your next one.
Speak to your LOCAL Michael Tuck office who can provide you with a free market appraisal of your property and will put you in touch with a “fee-free” independent mortgage advisor.
How do I find a home that is suitable?
Once you have an idea of how much you can borrow, you can start thinking about the area you would like to live in and the kind or property you can afford. Check out our local area guide to find out more about each location!
Think about transport links and how close you are to shops, restaurants, pubs, schools and your place of work.
Also think about the type of home that you want to buy.
Considerations will include number of bedrooms, parking, gardens and storage etc..
Now you can register with Michael Tuck Estate Agents and we will keep you informed of any suitable properties that fit your criteria.
Use the property search tool below to see whether Michael Tuck Estate Agents have any suitable properties.
How do I make an offer?
Once you have decided upon the property you want to buy, you can put in an offer.
Mention any points that stand in your favour. For example, if you’re a chain-free first time buyer, or have a “Mortgage Agreement in Principle” already prepared.
Michael Tuck Estate Agents will confirm your offer in writing and put it forward to the vendor.
The vendor will then decide whether to accept, refuse or make a counter offer. We will confirm the outcome to you in writing at stages of the negotiation.
We recommend that you read our “how to make an offer on a house” guide.
How do I get a mortgage?
Once your offer is accepted you will now need to apply for your mortgage officially. We recommend that even if you have a “Mortgage Agreement in Principle”, you should speak to an independent Mortgage Advisor to ensure that you are aware of all of your options and secure the best deal for you.
A mortgage application usually takes at least three weeks but can take longer during busy periods. There will be lots of paperwork involved so it is worth having your bank statements and pay slips to hand to avoid any delays.
Your mortgage advisor will provide you with a mortgage illustration which will outline details of the loan and after a few weeks the lender will issue a formal mortgage offer which will be required to buy the property
Speak to your LOCAL Michael Tuck office who will put you in touch with a “fee-free” independent mortgage advisor.
Read our article “What happens now I’ve had an offer accepted on a house?”
How do I Instruct a conveyancer?
A conveyancer or solicitor will need to be employed to take care of the legal side of your house purchase.
We recommend that you obtain several quotes from local conveyancers who understand the local area and are on hand for you to deliver any documents that are required.
The conveyancer will ensure that you sign all the necessary documents, will arrange all the money transfers, and ensure that the property is transferred into your name.
They will undertake checks on the property called searches to make sure you know exactly what you are buying, the conditions of ownership, where your boundaries are and any other obligations.
Speak to your LOCAL Michael Tuck office who can recommend a selection of local conveyancers.
Why should I arrange a survey?
The mortgage company will arrange for a valuation to make sure the property you are purchasing is worth at least what you are paying for it.
However, you may wish to employ a surveyor to assess the condition of the building and detect any potential problems with it.
Most surveyors provide three levels of survey – a Condition Report, a Homebuyer’s report and a Building Survey. The cost will depend on the location, size and type of property.
What is Exchange of Contracts?
Once the legal work is complete and the funds are in place, it’s time to exchange contracts. You firstly need to need to pay your deposit, which is usually 10% of the purchase price.
This is now the stage in the process where the agreement for you to buy the property is legally binding, so if you pull out of the sale after this then you forfeit your deposit.
What happens on completion day?
Completion day is the day on which ownership of the property officially transfers over to you. The date will usually be agreed in advance which is easier the shorter the chain is.
As soon as the money is transferred to the seller you can collect your keys and move into your new home.
Physically moving into a new property is exhausting work and it is often easier to employ a removals company, especially if you need to be out of your previous property on the same day!
Now comes the much more enjoyable task of starting to furnish and decorate the property to your taste – and maybe even taking a moment to simply relax. You have earnt it!
Preparation and planning are the key to any move, so use our handy moving guide to work through the list of things to do before the big day.
What information do i need to provide when I make an offer on a house?
The information that we require as a minimum may include the following:
- Full names and address of the purchasers
- Certified ID to prove the purchasers identity
- The name of the solicitor acting for you
- Proof of funds or a Mortgage Agreement in Principle
Find out more by reading our article “what happens now I’ve had an offer accepted on a house”
What's the advantages and disadvantages of buying a new build?
The answer to this is subjective and depends on your personal preference as well as your situation. As an experienced estate and new homes agent our Director Richard Tuck wrote this useful article exploring the advantages and disadvantages of buying a new build.
- What do I need to do on day of completion?
Is Gloucester a good place to live?
Gloucester is a thriving small city and is a superb location to live with many reasons to buy a property in the city’s residential areas, whether it’s to live in yourself or as an investment. Gloucester is undergoing a renaissance and rapid development is in full swing. Read our article “ The Appeal of Buying Property in Gloucester”
How can I find out how much to borrow?
Determining your budget should be the first step that you take before moving house. We recommend that you speak to an independent mortgage advisor that will be able to determine your affordability. Having a mortgage agreement in principal before you view will give you a head start against other buyers. Feel free to use our Mortgage Calculator
How long does a house sale normally take?
The average house sale currently takes between 3 to 4 months to complete from the point of sale. This can vary, however, depending on the length of the chain, the source of your buyers funds, whether it is leasehold or freehold and how quickly all parties act.