YOUR QUICK GUIDE TO BUYING A NEW HOME
If you have any questions about the process involved in buying a new home or the jargon that is used, this Quick Guide provides the basic answers.
When you make an offer
- We will record your offer subject to proof of purchase.
- We will ask you to produce evidence of your identity and current place of residency.
- We will let you know as soon as the seller replies to your offer.
- We will check the links in the property chain to make sure that the sale can go ahead.
- Should you need a mortgage and are prepared to advise us of your circumstances, we will tell the seller that you can afford to purchase the property, subject to your application. However, we will not reveal any confidential information.
- We will continue to market the property, pending survey request and act in accordance with our clients’ instructions.
When your offer is accepted:
- We will offer to help you complete any mortgage application and there’s no charge
- When all references have been satisfactorily obtained, the lenders will survey the property and send the report to you.
- We will discuss the survey with you and should there be any concerns discuss these with the seller.
- You need to appoint a conveyancer, usually a solicitor and if required we can offer competitive fees.
- When you are clear to proceed, we will tell all parties involved by sending them our Notification of Sale.
- The property will now be treated as sold subject to contract. But until contracts are exchanged, we are obliged to pass new offers to the seller, unless they tell us not to – however, we will tell you if any offers are received.
- When an offer has been accepted, we will ask our client whether or not we should continue to market the property. Where the property remains on the market, we will notify you.
- Your conveyancer will talk you through the legal process.
- We will keep you up-to-date with the progress of your purchase and liaise with conveyancers to make sure the sale goes smoothly.
- Please remember that, at this stage, the buyer or seller can withdraw from the sale at any stage.
When the sale becomes binding:
- When the conveyancers have carried out all the necessary checks and documentation, they will exchange contracts.
- Your sale is now legally binding and a date will be set for completion, which is the date on which you can move into your new property.
During this period we will:
- Liaise with conveyancers and others to finalise the completion date.
- Organise the handover of keys.
To comply with the Money Laundering Regulations 2007, Keystone reserve the right to use an on line anti money laundering service to verify the identity of a customer.
Electronic Verification does not require consent prior to a search taking place but does require notification. Electronic Verification leaves a non credit footprint of the search history on the customers credit file.
Your home may be repossessed if you do not keep up repayments on your mortgage.