Hanover Residential recognises the fact that the purchase of your home is the one of the most important and expensive transactions you are likely to make.
Our database features a vast array of properties and we are sure that with our local knowledge and expertise, we will be able to find you a property to suit your needs, be it a straightforward move or a ‘Buy to Let’ investment. Our current properties for sale can be viewed by clicking here.
For your information, we have set out below an overview of the various procedures involved in buying a property however, please contact us on 020 7372 4499 if you have any questions regarding this process.
Registration:
The first step is for you to register your details and let us discuss your property requirements. This can be easily be done by email, telephone, in person of by completing our online registration form. This will enable us to contact you with suitable properties. Once registered, you will be kept informed of any new properties that match your requirements.
Viewing:
The Directors of Hanover Residential are available to arrange the viewings of your selected properties. Our offices are open 6 days a week and the Directors are contactable 7 days a week on their mobile phones.
Mortgage:
If you require a mortgage and in order to speed up your house buying process, it is advisable wherever possible; to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
Making an Offer:
Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing.
NB: Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
Acceptance of Offer/Instructing Solicitors:
As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf (if you have not appointed one already, we will be happy to recommend a solicitor to you). Your solicitor will handle all legal aspects of your purchase (property conveyancing).
At this point, you will also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
Property Valuation/Survey:
The next step is to obtain the Mortgage Valuation. This will usually be conducted by a chartered surveyor acting for your Lender. The report is to provide a Valuation as well as dealing with the basic condition of the property. You will be provided with a copy of the report that allows both parties to evaluate the findings prior to entering into a commitment to purchase.
Local Authority Searches:
These are included in the Home Information Pack (HIP). Its purpose is to ascertain if there is any planning consent previously granted on the property or if there are any other local issues which may have an impact on the purchase. This may also include an Environmental and Drainage search.
Draft Contracts:
The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
Mortgage Offer:
The Lender is now in possession of the Mortgage Valuation and survey. Subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned.
Exchange of Contracts:
Once the contract has been signed by both parties, a deposit (a percentage of the purchase price or other agreed sum; usually 10%) is paid by either bank transfer or banker’s draft to the seller's solicitor. At this stage, the parties agree on a date for completion.
Completion:
On completion, the balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!