Home Mover – The Process

If you are looking to move home, the first thing you should consider is how much your existing property is likely to fetch on the open market.  To get a realistic view of how much your home may be worth we recommend that you invite Estate Agents to assess the value and confirm a range for likely offers, as well as for how much they would market your home, if you decide to sell.

A growing number of people now choose to keep their existing property as a long term investment.  If you believe that your home would rent easily this might be something you wish to explore.  Ask your Estate Agent what monthly rental they feel they could achieve.  If you would like more information on a “let to buy” mortgage then please complete our enquiry form.

Your Existing Mortgage

If you already have a mortgage now is the time to dig out your original mortgage offer and latest mortgage statement.  From these documents we will be able to identify:

  • How much mortgage debt is outstanding.
  • What interest rate you are being charged.
  • When your existing deal matures.
  • If there any early repayment charges.
  • If the current mortgage is portable, i.e. can it be transferred to another property.

Initial Advice

Once you have this information you are in an ideal position to contact James Alexander FS.  We will discuss how much you might be able to borrow, what your monthly repayments will be and via an income & expenditure analysis, help you establish a budget for your new mortgage.

Get a Mortgage Agreement in Principle

Having a mortgage agreed in principle means that you know that a lender is likely to lend you the amount you wish to borrow before you find the property you wish to buy.  This puts you in a strong position when making an offer.

Making an offer

Once you have a buyer for your home and have found a property you wish to purchase, it is time to make an offer to the sellers estate agent.  You may wish to negotiate the purchase yourself or James Alexander FS can use their experience to negotiate on your behalf.

Solicitors

You will need to employ a Solicitor who will apply for local authority and environmental  searches as well as check various legal documents relating to the ownership of the property.  Their role is to ensure that you obtain a good legal title to your property and that there are no issues that could adversely affect the property and its value.  If you would like help with finding a suitable solicitor then we can recommend solicitors with a good track record of service and competitive pricing.

Mortgage Application

James Alexander Financial Services will now search the Whole of Market in order to find the right mortgage for your circumstances and taking account of your attitude to risk.  We now need to complete the application form and apply for the mortgage.

Completion

When contracts are exchanged, a date is set for completion.  On the day of completion, the balance of the purchase price is paid to the seller’s solicitor and you collect the keys to your new home.