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Buying through Charles Faye

Buying a new home can be a daunting experience at the best of times, however our buyers guide is designed to explain the necessary steps involved throughout the process. Buying a property in the UK can be a drawn out affair and can take on average 2 -3 months depending on your circumstances. We hope you find this brief overview useful in planning what in most cases, is the largest financial commitment you will ever undertake.

Financial Preparation

If you require finance for your purchase, it is essential before even commencing your search to establish how much you are able to borrow.

Charles Faye have no in-house financial services, we do however work with a number of local financial advisors who provide independent financial planning and advice, whether you are purchasing a new home or wishing to re-mortgage. For a quick check though, there are many online mortgage calculators you can use to gauge how much you may be able to borrow. Please note we would always advise you to seek professional advice before progressing with any commitment.

Before being able to make an offer on a property, you will need a “Mortgage agreement in Principal” which will confirm the amount available for your purchase and enable you to progress with a ‘proceedable offer’.

Making an offer

Once you have decided on your proposed purchase, you will need to make a formal offer. This can be done via a member of our sales team either verbally (over the phone or in person), or in writing. We are unable to provide you details of any previous offers, or the price at which the vendor may accept.

Choosing a solicitor

We appreciate that buying a property can be a costly experience, however we do encourage you not to choose a solicitor based on their fees alone. We would strongly advise using a firm that has local knowledge, our experience has shown that online solicitors or ones that have little or no experience of the local area can delay the process and cause unnecessary stress. With that said, our role is to ensure we take as much of the stress out of the buying process and will work with whoever you chose to appoint – after all, it’s your purchase.

Sale Agreed

Once we have successfully negotiated a price with the Vendor, a “memorandum of sale” is issued detailing the conditions of the sale and the agreed price. This is sent to both parties and their nominated solicitors for the legal process to begin. Unlike many online estate agents, our dedicated staff work hard to provide a service that makes the entire process as simple and efficient as possible for all parties concerned, ensuring we liaise with all estate agencies and solicitors involved in your chain.

Exchange of Contracts

Once the formal mortgage offer is received, and your solicitor is happy to proceed, a date for the “exchange of contracts” will be agreed. When the buyer and seller are happy with the contract, both sides need to sign final copies and send them to each other. This contract is legally binding. Should you wish to withdraw from the purchase after the exchange of contract, neither party can pull out without paying compensation.

Completion of Sale

Completion of your sale usually occurs approximately 7 days after exchange, but can vary from depending on circumstances. This is the day on which the balance of money is transferred from the buyer to the seller via the solicitors. Once the funds have cleared, we are reliant on the seller’s solicitor to advise us as to when we are able to release the keys. At this stage the sale is complete, and the property now belongs to the buyer.

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