Mortgages - First Time Buyer

Are you a first time buyer? Buying your first home is a major undertaking. So how do you know which deal will be best for you? There are so many factors to take into consideration.

Arranging a mortgage and moving home can be a confusing experience.

You'll need to get to grips with the latest mortgage deals, insurance products, investments, and so on.

And the jargon that many lenders, solicitors and estate agents take for granted,
may make you even more confused. So be sure to check out our mortgage jargon guide.

Moving House - The Process

Typical stages of conveyancing when purchasing a
residential property in the UK:

 

• Initial correspondence with all parties    

• Request and consider draft contract    

• Submit a local authority search    

• Raise the necessary contract enquiries     

• Consider search results/answers to enquiries

• Submit other appropriate searches    

• Amend and approve draft contract        

• Send contract and report to the client   

• Obtain client’s signature on contract      

• Exchange contracts/agree completion date        

• Peruse the title of the property     

• Draft and send requisitions on title        

• Consider replies to the above    

• Prepare the draft transfer          

• Engross the above       

• Conduct bankruptcy searches   

• Submit land charge and registry searches    

• Draft the financial statement          

• Transmit the purchase monies

• Complete the purchase transaction  

• Peruse the title deeds       

• Arrange registration of title            

• Stamp the transfer/dispatch title deeds    

Typical stages of conveyancing when selling a residential property in the UK:

• Initial correspondence with all parties

• Locate and obtain the title deeds

• Draft a contract for purchaser's solicitor

• Dispatch the above

• Obtain office copy entries

• Prepare Epitome of Title

• Answer preliminary enquiries

• Acknowledge approved contract

• Send contract and report to the client

• Obtain client's signature on contract

• Exchange contracts with the purchaser

• Agree the completion date

• Reply to requisitions on title

• Peruse the draft transfer

• Amend/approve draft transfer

• Obtain client's signature on transfer 

• Draft the financial statement          

• Request any estate agent invoice

• Complete the transaction

• Report to the client

• Send title deeds to purchaser’s

• Settle any relevant accounts

• Account to client for sale proceeds

Independent Mortgage Services and IMS are trading styles of Neale Morton (IMS) Limited which is authorised and regulated by the Financial Services Authority.

IMS firm reference number is 307533. You can check this on the FSA’s Register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234