Buying Guide
How much can we Afford
If you require finance for your purchase, it is essential before even commencing your search to establish how much you are able to borrow, based on your circumstances. Please feel free to call us and we can give you advice on where to find the best mortgage deals. We can also recommend mortgage brokers who have worked alongside us over the past years. We would always advise seeking good independent advice.
Once your application is approved by your chosen lender, you will receive a mortgage agreement in principal, which will confirm the amount available for your purchase. With your deposit amount and the mortgage in principal you are now ready to make an offer on a property.
Selecting a Solicitor
You will need to instruct a good solicitor or licenced conveyancer that will deal with all legal and administrative work necessary in order to complete your purchase. Again, Wonderlease can recommend a Solicitor that has worked alongside us over the years.
Making an Offer
Once you have decided on the property that suits your requirements, you will need to make a formal offer via a member of our sales team. Please remember that they are precluded by law from giving you details of any previous offers, or the price at which the vendor may accept.
Sale Agreed
Having successfully negotiated a price with the Vendor, Wonderlease will then issue what is known as a “memorandum of sale” which details the conditions of the sale and the price agreed. We will send this document to all parties' solicitors, and then the legal process begins.
Your lenders will then arrange a valuation survey and providing the lender is happy with the valuation, and the comparable evidence to support it, they will confirm matters in writing to you and your Solicitor, and therefore give their formal mortgage offer and authorise you and your Solicitor to proceed with the purchase.
Exchange of Contracts
Once the formal mortgage offer is received, and your solicitor is happy to proceed, a date for the “exchange of contracts” will be agreed. On this date a non-refundable deposit (equivalent to 10% of purchase price) will be passed to the vendor’s solicitor, and both parties will sign a legally binding contract. Please note should you withdraw from the purchase after the exchange of contracts you will lose the 10% deposit and risk being sued for breach of contract.
Completion of Sale
Completion usually occurs within 2-4 weeks of exchange and is the day on which the balance of the purchase is transferred to the vendor’s solicitors.
Once the funds have cleared the sale is complete, and the vendor gives vacant possession, Wonderlease will arrange for you to collect the keys.
