Buying Process


1Arranging your mortgage and other costs

Finding the right mortgage to suit your own circumstances can be daunting, with so many lenders, schemes and rates available, where do you start? Unless you’re really sure on what you’re doing, seek advice from an independent financial adviser, Motis Estates have an in-house advisor from MyMny who can discuss what is required. It will certainly help us to help you if you get a mortgage agreement in principle to enable you to move quickly if need be.

2Register your interest

You should visit estate agents in the Folkestone and Hythe area. Register your requirements and budget with them and get on their mailing lists. Once you’re registered, they should then send out details of relevant properties to you. You can also keep an eye on the local market by browsing the local property press or property portals like Zoopla and Rightmove. We recommend that you set up alerts with both portals so you don’t miss any new listings.

3Finding the right property

Think about your ideal property and write a list of the ‘Must Haves’, the ‘Nice to Haves’ and most importantly the ‘Definitely Don’t Wants’. This can help you in deciding on which properties to view and tallying up scores for each of the properties you visit, and more importantly will give you a good list of deal-breakers. Think about the locality to transport, schools, leisure facilities, etc.

4Making an offer

Once you have found your ideal property you should make an offer to the agent. You must carefully consider how much you can realistically afford. Add up the mortgage offer plus any equity you have in another property. Don’t forget to allow for Stamp Duty and Solicitors fees. Once the vendor has accepted your offer you should instruct a solicitor to start the buying process. If you don’t already have a conveyancer or solicitor in mind, we have a list of partners that we work closely with in the Folkestone area.

5Offer agreed

Once you receive an offer acceptance then the wheels are put into motion to lead up to the final exchange of contracts (which, from beginning to end, takes between 6 to 8 weeks on average). This is called Conveyancing. We will liaise between your solicitor and the vendor’s solicitor, working up and down any chain, to ensure that your purchase goes through as smoothly as possible.

6Conveyancing

This is the legal term for the transfer of ownership of a property from one party to another. Your solicitor will liaise with the vendor’s solicitor while carrying out Land Registry and Local Authority searches to establish the boundaries of the property, any restrictive covenants or potential developments in the area that may affect your enjoyment of your new home.

7Survey and mortgage offer

Unless you are a cash buyer this is the time to formally apply for a mortgage on this property with your financial advisor or lender.

Your lender will require a survey for mortgage purposes, but this is merely to establish a valuation. You may also choose to undertake a full structural survey although this is usually advisable on a period property or a property of non-standard construction. Any issues highlighted may either affect the lenders ability to offer a mortgage in its entirety or impose special conditions on the mortgage offer. The survey may also highlight any expensive problems to you before you purchase the property.

8Exchange of contracts

Up until this point, either party can withdraw from the sale without financial loss. When your solicitor has received; satisfactory replies to all their searches and enquiries, a copy of a mortgage offer, a signed contract and the deposit has been paid (usually 5-10%), they can then proceed to exchange of contracts. From this point the seller and buyer are legally committed to the deal so if the buyer pulls out for whatever reason they lose their deposit.

The sales contract is signed by both you and the vendor and the deposit is transferred or paid by your solicitor to the vendor's solicitor. At that point the date is then set for completion. This can be pretty much straight away (called a Sim – simultaneous exchange and completion) or up to 28 days later depending on your requirements.

9Completion

Completion is the formal process of transferring the balance of monies due from the vendor’s solicitor to the seller’s solicitor. This process will be dependent on your circumstances and any other parties involved in the buying chain. Once the monies have been received you can collect the keys and you are the legal owner of your new home.

10Moving in

Congratulations! You are now the proud owners of a lovely new home.

Remember to get your mail re-directed and don’t forget to tell your bank, your employer, HMRC, DVLA, insurance, council tax, doctor, dentist and any schools that you have changed your address.
Agree meter readings, transfer the phone lines and other utilities. Book the removal company, defrost and disconnect your white goods. Tell your friends and organise the party.

Disclaimer: This information is provided as a guide only and may not reflect your individual circumstances. You should obtain professional advice when buying or selling a property and Motis Estates accept no liability if you rely on the content of this guide and do not obtain professional advice.

Valuations

We would be happy to value your property without obligation or charge. Our knowledgeable & experienced team will provide you with an honest & accurate market appraisal of your property based on market trends. We can also offer advice on current legislation and how best to present your property to prospective tenants & purchasers.

Specialist Marketing

Good marketing begins with appealing images, an accurate floorplan and an appropriate description with supporting information. In order to ensure full exposure, as well as on our own web site, we advertise on the major property portals, social media and other selected mediums. Once we have these solid foundations, our talented and experienced sales team takes over!.

Property Management

We offer a very polished and thorough management service. We are able to deal with all aspects of the day to day running of your tenancy on your behalf and are able to advise on contractual and legislative matters in what has become an increasingly complex contractual and legislative environment.

Project Management & Design & Build

We offer a complete service and are able to deal with all aspects of your refurbishment and/or build including; architectural services, planning applications, building control, general contractors, specialised contractors, finishes and management.

Featured Properties

Fees

TENANT FEES - NEW ASSURED SHORTHOLD TENANCIES (AST's) SIGNED ON OR AFTER 1 JUNE 2019

Reservation Fee - One week's rent.

Security Deposit - Five weeks rent if rent per annum below £50,000, six weeks rent if above £50,000

Unpaid Rent - Interest at 3% above the Bank of England Base Rate. Interest will not be applied until the rent is 14 days in arrears.

Lost Keys -  Tenants are liable for the cost of replacing any lost keys and/or security device including the costs of replacing any locks and/or security device if required. 

Changes to the tenancy agreement (Tenant's Request) - £50 inc. VAT (or reasonable costs if higher). 

Early Surrender of tenancy (Tenant's Request) - Should a tenant require an early surrender of their tenancy and should the landlord agree, the tenant will remain liable for the rent due under the tenancy until the date a new tenant takes up occupation of the property. The tenant will be required to cover the landlord's costs in connection with the  surrender of the tenancy and the re-letting the property