Episode 142

Reality of the buying process


August 17th, 2022

35 mins 29 secs

Your Hosts

About this Episode

This week Stuart and Simon are talking through the purchase process - what are the steps and what do you need to do to be prepared and make it through the process smoothly.

The chat this week includes:

  • The process and paperwork when buying a property.
  • Offer accepted!
  • Anti Money Laundering (AML) checks - with agent and perhaps others.
  • Proof of funds.
  • (Maybe) company bank account - ID and proof of funds (again).
  • Engage solicitor - check prices.
  • Sales memorandum, shared with all parties including solicitors.
  • Get a mortgage (offer).
  • (Maybe) Pay admin fee, valuation fee, and others for your mortgage.
  • Property schedule - a spreadsheet of your current portfolio.
  • Wait for / help valuation to take place.
  • Business plan.
  • HMO licence and planning approval.
  • Last 2-3 tax returns - or at least calculations.
  • Evidence of recent rent receipts.
  • Start/request the searches - a fee to your solicitor.
  • Fixtures and fittings report.
  • Title plan and deed (with any covenants).
  • All the search results, queries and answers.
  • Draft sales contract.
  • Sign the contract.
  • Move money (deposit).
  • Arrange buildings insurance (starting from exchange).
  • Exchange!
  • Move more money including mortgage money.
  • Complete!
  • Collect the keys.
  • Find us on Twitter or LinkedIn: Stuart, Simon.

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