Mortgage IQ

Making an offer

Remember that the sale price is what the seller hops to get, not what they realistically expect. Many buyers will put in an initial offer of 10% under asking price - you can always increase the offer if they reject you at first. But your second offer should be a final, serious one. Your Mortgage IQ adviser is always at hand to help advise you on how best to tackle this and deal with the estate agent.

Also, bear in mind that popular properties may go for asking price - or even above asking price - when the market is booming. Make your offer subject to contract and subject to survey, so you can withdraw if problems arise. If your offer is accepted you may be asked for a deposit, but you are not obliged to pay it at this stage.

Arrange your mortgage with a Mortgage IQ adviser

Surveys

This will all be discussed with you at mortgage application stage. They will send out a valuer, or carry out an automatic valuation, to ensure that the property is worth at least the amount they are lending. You often have to pay for this valuation (typically about £300 on a £100,000 property).

The valuation is cursory, however, so you should also commission your own Homebuyers Report, which will cost about £200 extra. If the property is older, you could have a comprehensive buildings survey carried out, which will inspect every nook and cranny.

Legal work

Buying a home is a legal process, and a solicitor or conveyancer is usually used. The legal process of transferring property is called conveyancing.

The solicitor or conveyancer checks all the legal documents such as the title deeds. They also check with the local authority that nothing will impact on the value of your property. They will also check the lease of a leasehold flat, and what is included in the sale.

Once everything is in order, you sign a contract, which is exchanged with the seller, who signs an identical contract.

A date can now be set for completion, which is usually within four weeks. On completion day, the legal ends are tied up, you collect the keys and move in.

Mortgage IQ will hold your hand throughout the whole process, right up until the final move. They will liaise with the solicitor on your behalf and the estate agent.