Embarking on a Property Journey

Buying or selling a home is an exciting journey, and at PJ McIlroy & Son, we’re here to guide you every step of the way. Our comprehensive guide outlines the essential steps to ensure a smooth and successful experience.

1. Arranging a mortgage

Before you start viewing properties, it’s advisable to secure a mortgage. If you haven’t already, our Mortgage Adviser can assist you in arranging this as soon as your bid is accepted. An Agreement in Principle (AIP) can be provided which not only strengthens your position as a serious buyer but also speeds up the process. Call us at 02820762353 for assistance.

2. Choosing a Solicitor

Finding a reliable solicitor early in the process is crucial. They will handle the legal aspects of your transaction. Personal recommendations often lead to the best choices, as a good solicitor is an invaluable investment in your property journey.

3. Understanding Surveys

A surveyor's report is essential to identify any structural problems with the property. Your mortgage lender typically nominates a surveyor to conduct a basic survey for mortgage purposes and to confirm the property provides satisfactory security for the lender.

There are three types of surveys:

  • Level 1 – Basic Survey with Mortgage Valuation: Frequently free of charge or low cost
  • Level 2 - Homebuyers Survey: Structural survey for more modern properties
  • Level 3 - Full Building Survey: More extensive structural survey usually for older/larger properties.

Investing in a thorough survey is in your best interest; it may uncover issues that could justify negotiating a lower price. Older and more expensive properties especially benefit from a full building survey, which details all problems and necessary remedial actions.

RICS Choose The Right Survey

4. Conveyancing

Conveyancing is the legal transfer of home ownership. It involves coordination between your solicitor and the seller's solicitor, addressing issues like land disputes and verifying the seller's legal right to sell.

Conveyancing is often quite an involved process. The seller's solicitor must obtain the deeds to the property, any other relevant legal documents, then prepare the contract.

The buyer's solicitor makes a local authority search. This provides details of who is responsible for the roads and sewers, and states also whether there are any other factors affecting the property, for example road-widening.

5. Exchange and Completion

Once all requirements are met, both parties sign the contract, committing to the sale. A completion date is agreed upon; on this date, funds exchange hands between solicitors, finalising the sale. You will then receive the keys to your new home.

6. The Chain

The buying and selling process can become complex if you are part of a chain of buyers and sellers. It's essential to coordinate the exchange of contracts on your purchase and sale simultaneously. Otherwise, you risk selling your home without a place to move into or purchasing a new home before selling your current one.

We are NAEA Propertymark Protected

As members of NAEA Propertymark, we adhere to higher industry standards than those required by law. Our experts undergo regular training to stay at the forefront of developments in the industry, ensuring the best possible moving experience for you. Click here for more information.

Client Money Handling Procedures

P J McIlroy & Son is also a member of the Client Money Protection (CMP) Scheme. You can view our Client Money Handling Procedures at the following link: Client Money Handling Procedures. If you require a hard copy, please contact us, and we will provide one free of charge.

Contact Us

Ready to start your property journey? Whether you’re buying or selling, we’re here to help. Call us today at 02820762353 or email us at property@pjmcilroy.co.uk for expert guidance and support throughout the process.