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).
- Move more money including mortgage money.
- Collect the keys.
- Find us on Twitter or LinkedIn: Stuart, Simon.
Please leave us a rating and review if you're enjoying the show.
This podcast is produced in association with PaTMa, the leading application for self managing landlords who want to save time and stay compliant. Easily track properties, tenancies, tenants, repairs, rent, mortgage payments and safety certificates. Get your FREE account today.