As a mortgage broker in Leeds, we understand the excitement and relief that comes with receiving a mortgage offer.
It’s a significant milestone in your journey towards owning a home. However, it’s important to know that there are still several steps to take before you can move into your new property.
Here’s what you can expect after your mortgage offer is issued.
Review the Mortgage Offer
Firstly, it’s crucial to carefully review the mortgage offer document. This document outlines the terms and conditions of your mortgage, including the interest rate, repayment schedule, and any special conditions.
As your mortgage broker in Leeds, we will go through this document with you to ensure you fully understand every detail. If anything is unclear, don’t hesitate to ask questions.
Instruct a Solicitor
Once you are satisfied with the mortgage offer, the next step is to instruct a solicitor or conveyancer.
They will handle the legal aspects of your property purchase, including conducting local searches, checking the contract, and ensuring there are no legal issues with the property.
Our team will help you with this part, recommending which solicitors to use for the legal parts of the mortgage process.
Property Valuation and Survey
The lender will usually require a property valuation to confirm that the property’s value is in line with the amount you are borrowing.
This is typically arranged by the lender, but you might also want to consider an independent survey to identify any potential issues with the property.
There are different types of surveys available, and we can advise on which might be most suitable for your needs.
Sign the Contract
Your solicitor will work with the seller’s solicitor to finalise the contract. Once both parties are satisfied, you will be asked to sign the contract.
At this point, you will also need to pay a deposit, typically 10% of the purchase price. This stage is known as “exchange of contracts” and is legally binding.
Arrange for Buildings Insurance
It’s essential to have building insurance in place from the date of the exchange of contracts.
This ensures that the property is protected from any damage that could occur between exchange and completion. We can help you find comprehensive insurance policies that suit your needs.
Finalise Mortgage Arrangements
In the period between exchanging contracts and completion, your lender will prepare the funds for your mortgage.
You will also need to ensure that your deposit is ready to be transferred to your solicitor. During this time, it’s important to stay in close contact with your solicitor and mortgage broker in Leeds to address any last-minute issues that may arise.
Complete the Sale
Completion is the final step in the process. This is when the remaining balance of the purchase price is transferred from your solicitor to the seller’s solicitor.
Once the seller’s solicitor confirms receipt of the funds, you will receive the keys to your new home.
Congratulations, you are now a homeowner in Leeds!
Post-Completion Tasks
After completion, there are a few more tasks to take care of.
Your solicitor will register the transfer of ownership with the Land Registry and pay any Stamp Duty Land Tax on your behalf.
It’s also a good time to set up your mortgage repayments and start organising moving into your home.
Using a Mortgage Broker in Leeds
At Leedsmoneyman, we are dedicated to making the mortgage process as smooth as possible. From the initial application to receiving your mortgage offer and beyond, our team of experienced mortgage advisors are here to guide you every step of the way.
We provide personalised advice tailored to your unique circumstances, ensuring you feel confident and supported throughout your home-buying journey. Whether you are a first time buyer in Leeds or are looking at moving home in Leeds, we highly recommend seeking advice during your mortgage process.
For more information or to schedule an appointment, contact us today. We look forward to helping you secure your dream home in Leeds.
Date Last Edited: September 20, 2024
