Reality of the buying process

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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