◌ Metropole Properties recognises the fact that purchasing your home could be the most important and expensive transaction you are likely to undergo. In order to enable you to unravel the complexities of buying your home, we have set out below an overview of the various procedures involved:
▣ The first requirement is for you to register your details and property specifications which can be achieved in a number of ways i.e. by email, fax, phone, in person or by completing our registration form. This will give us an insight into your personal requirements, thereby enabling us to select the particulars to be sent to you.
▣ Once registered, you are then in a position to receive details from us directly in person, via mail or email.
▣ Our friendly team are available to make arrangements for viewings of your selected properties. you need to contact us to arrange a mutually convenient time.
▣ If you are a mortgage buyer, and in order to speed up your property buying process, it is advisable wherever possible; to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers.
▣ Once you have located your ideal property, your offer will be submitted by us to the vendor for their consideration. This is done both verbally and in writing. Noting that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
▣ As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing).
▣ At this point, if you are a mortgage buyer, you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
▣ The next step is to obtain the mortgage valuation, as required by law. This will be conducted by a chartered surveyor acting for your lender. The report is to provide a valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property.
▣ These are conducted by the buyer’s solicitor who submits a local authority search to the local borough council, in addition to searches submitted to Freeholders and Management Company if it is a leasehold property. The purpose is to ascertain that there are no legal issues which may have an impact on the purchase.
▣ The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
▣ In case it is a mortgage buy, once the Lender is in possession of the Mortgage Valuation survey and, subject to the findings of this report; receipt/approval of the mortgage application and provided all references and checks have been conducted satisfactorily, the Lender will send a formal mortgage offer to the buyer and their solicitor. The document is then signed and returned and funds requested by the buyer’s solicitor.
▣ Once the contract has been signed by both parties, a deposit, normally 10% of the purchase price is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.
▣ Completion usually follows a few days or weeks after exchange of contracts, however, it could be agreed for the exchange and completion to happen simultaneously. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys are then released. Congratulations! You are now the owner of your new home!
▣ Metropole Properties portfolio features variety of properties in Central London and around, that could match your requirements. Yet, we are confident that with our local knowledge and expertise, we will be able to find you a property to suit your needs, be it a family home or an investment property.