An Expert Guide of Modern House Design

An Expert Guide of Modern House Design. The acquisition of a new house will be a substantial and essential purchase, whether it is a place to start a family, a retirement-ready downsize, a major relocation, or simply an investment decision.

It should be an exciting period, but it may also drag on unnecessarily. Our step-by-step guide has been put together with years of know-how and experience to anticipate frequent issues, provide time-saving tips, and familiar you with the procedure, all with the goal of making the experience as joyful as possible.

An Expert Guide of Modern House Design

Before you do anything else, receive an agreement in principle from your lender if you require a mortgage. A mortgage in principle, also known as a ‘Decision in Principle’ (DIP), a ‘Mortgage Promise,’ or a ‘Agreement in Principle,’ is a certificate or statement from a lender stating that they would lend a particular amount to a potential borrower or borrowers in principle based on some basic facts. If you have this in place, sellers will consider your offer more seriously, putting you in the best possible position from the start.

A mortgage in principle can be obtained straight from your bank or through a mortgage broker. Mortgage brokers will evaluate your financial situation and communicate with the lender on your behalf. We can recommend a broker for you if you need one.

To minimize delays later on, you should contact a solicitor to act on your behalf before your offer is accepted. Over the last decade, we’ve dealt with a large number of solicitors and can attest to the fact that their quality varies substantially. It’s critical to find a good solicitor (one who is efficient, responsive, and knowledgeable), as they will protect your investment and represent your best interests. The Modern House is not linked with any solicitors, however we work with a number of excellent ones on a regular basis and can supply you with free estimates if necessary.

The owner, a member of The Modern House staff, or one of our viewing hosts will conduct your viewing. We’ll send you an email with the name of the person who will be showing you around and a confirmation of your viewing appointment. We’ll also give you a reminder for your viewing 24 hours ahead of time. If you need to cancel or arrive late for a viewing, please call our office as soon as possible at 020 3795 5920 so we can give the person showing you around plenty of notice.

Feel free to ask as many questions about the property as you’d like during the viewing, but keep in mind that if you want to discuss the asking price or offers, you’ll be directed back to the office by the owners or freelance viewing hosts.

We’ll contact you after the watching to ask for your thoughts, and we want you to be as candid as possible. Are you a fan of the kitchen but wish you had more outdoor space? Considered the neighborhood to be nice, but worried about parking? Please tell us. It allows us to educate our seller about what ‘the market’ thinks, and it may even allow us to propose other homes for you to look at.

Please contact us by phone or email if you desire to make an offer. We’ll need to ask you a few questions about your job (are you part of a chain, for example) and how you plan to pay for the purchase. To make the process easier for you, we’ll provide you an offer letter to fill out so that we can present your offer in the best light possible. We will notify our customer and send you a copy of the offer receipt once we get this from you in writing (through email).

If and when the seller accepts your offer, you will be required to undergo some identity checks as well as produce your mortgage agreement in principle or proof of cash money. Sending a certified copy of each buyer’s passport or coming into our office to verify your passport will be used for the identification checks (s). At the Post Office, you can swiftly and easily certify your passport.

If you’re buying with a mortgage, we’ll need either a letter from your broker confirming your affordability and confirmation of your deposit, or an agreement in principle and proof of your 10% cash deposit.

Copies of bank statements with your name and the amount kept, as well as a headed letter from your financial advisor or a solicitor, can be used as proof of cash. If you’ve been given money, we’ll need to talk to the person who gave it to you directly to make sure they gave it freely. We won’t be able to publicly or legally consent to the transaction unless we have full evidence of funds, so don’t be insulted if we ask for it! It will not be shared with anybody else and is an important element of the due diligence process we must complete.

Finally, even after a property is classified as ‘Under Offer,’ all estate agents are legally required to communicate any offers they receive to the owners. While we actively endeavour to avoid gazumping at all costs and will not share information about your offer with other parties, it is nevertheless an unwanted practise that can occur.

We can provide a Memorandum of Sale once we have confirmed your ID, evidence of cash, and that you have instructed a solicitor. Unless the seller requests otherwise, we will normally publish the property as ‘Under Offer’ on our website and stop showings after the memorandum is issued (this is rare).

The memorandum, which outlines the intended parameters of the transaction and is the solicitors’ cue to begin the conveyancing procedure, is emailed to all parties (buyer, seller, and their legal representatives). It’s game time!

Your solicitor will assist you, but you must deposit monies to them in order for them to order the conveyancing searches and title deed for the property you wish to buy. These are inquiries made on your behalf to various authorities that hold information about the property, the land it sits on, and any circumstances that may directly (or indirectly) affect it, in order to help you make a choice about whether or not to proceed with the sale. They will then ask the sellers’ solicitor for a packet of information regarding the property (including the draught contract and fixtures and fittings form).

All of them will be scrutinised, with back-and-forth inquiries (technically known as ‘enquiries’) until your solicitor is satisfied with the information they have. They will then present you with their findings and request that you sign the contract.

The designated agent at The Modern House who is responsible for the home you are purchasing will keep a close eye on the status of the transaction, attempting to resolve any delays and ensuring that you are kept informed. They are available to answer any questions you may have and will work with you and the property owner to ensure that all parties’ needs are met.

A Mortgage Valuation Report is required by your lender if you are applying for a mortgage. You must inform them that your offer has been accepted and ask them to schedule a mortgage valuation with your Modern House point of contact. The appraisal normally costs between £200 and £500, and you can pay an extra fee to have the surveyor perform either a Home Buyers Report or a Buildings Survey.

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