Buyers Advice

step 1

FINANCES - WHAT CAN YOU AFFORD?

Almost all property purchases are made using a mortgage. To find out how much you can borrow and repay, you should book an appointment with a mortgage advisor. Since new lending rules were introduced in 2014, the mortgage application process has become more detailed, and borrowers have to declare all their financial commitments during the application process, as well as illustrate how they would repay their mortgage should interest rates rise. Be prepared to reveal all your monthly outgoings - including spending on food, luxuries and leisure activities

step 2

YOUR DEPOSIT

Buying a home with a mortgage requires a deposit. For those purchasing their first home, this will need to be an amount of cash held in a bank account, of which your mortgage lender will need evidence. The bigger your deposit, the lower the rate of interest your mortgage will have. For existing homeowners, a deposit is usually substantiated by equity in the current property, although additional funds can be used to boost the deposit or should the property be in negative equity.

step 3

CONDUCTING SUCCESSFUL VIEWINGS

We suggest you view a number of properties to be able to get a good feel for the area and types of property. We offer accompanied appointments arranged at times to suit you and the vendor.

Prepare a checklist and a set of questions before you visit any property, including commuting times, council tax bills; find out about any parking problems or restrictions; check what appliances are being left behind and ask if the boiler has been regularly serviced.

step 4

MAKING AN OFFER

Any offer must be submitted in writing, at which point it will be submitted and discussed with the vendor for their consideration. You may need to show your ability to proceed (documentation of your mortgage agreement in principle).

Any negotiating over the sum and the contents of the property will also be handled by Jason Oliver experienced negotiator. Please note there are no legal obligations on either party until exchange of contracts.

step 5

THE LEGAL BIT

As soon as an offer is accepted, you will be asked to instruct a conveyance solicitor and we will send Terms of Memorandum of Sale to all parties to begin the process. Your solicitor will be responsible for steering the legal side of the purchase through exchange and completion, making sure that the relevant searches, documents and finances are in place before you become the new owner of the property. Their work will include verifying that the current owner has the right to sell the property; that any structural work to extend/alter the property had planning consent and that there are no detrimental environmental factors affecting the land or the local vicinity.

step 6

THE SURVEY

Your mortgage lender will send a surveyor to the property you are buying to establish two main things: that the property is actually worth the money the lender is loaning, and to qualify the condition of the property in respect of structural faults. There are three different surveys you can request, depending on how thorough you want the building inspection to be. The results of the survey may influence whether you go ahead with the purchase or reduce your offer. If you have checked the survey results and are happy to proceed, both parties' solicitors will issue contracts to be signed and returned. This is the last point at which you can pull out of a purchase without financial loss.

step 7

EXCHANGE OF CONTRACTS

This is when the signed contracts are exchanged between the buyers' solicitor and the sellers' solicitor. It's also the point at which your deposit will be transferred to the sellers' solicitor. Once complete, the purchase becomes legally binding. Should you wish to pull out after this point, you would lose your deposit and potentially pay legal costs. As a buyer, you are now legally responsible for the property and it is essential to have buildings insurance in place, even if you're not living at the property. We will negotiate a moving date with the sellers' estate agent, so you can book a removal company.

step 8

COMPLETION AND MOVING IN

Completion normally occurs around two weeks after the exchange of contracts have been signed and usually coincides with the actual moving day. On the day itself your solicitor will organise for the mortgage funds to be transferred to the sellers' solicitor. When the funds have cleared, seller’s solicitor will call us giving permission to release the keys to you, the new owner.

Close

Letting Fee Information

Tenant charges

VAT is charged @ 20%, where applicable

To be paid when making an offer for an AST
Holding deposit *per tenancy - equal to one week's rent

To be paid when making an offer for a non-AST
Holding deposit *per tenancy - £500
Referencing charge:
- per individual applicant (including 'right to rent' check) and/or guarantor - £180 (inc. VAT)
- per company applicant and/or guarantor - £180 (inc. VAT)
Preparation of tenancy agreement, per tenancy - £300 (inc. VAT)
Inventory check-in, per tenancy - £150 (inc. VAT)
*Please ask to see the conditions on the holding deposit receipt form as to whether all or part of the above will be refunded should the tenancy not proceed.

To be paid prior to tenancy starting
Initial rent (less holding deposit** above) as per tenancy agreement
Tenancy deposit:
- For ASTs with an annual rent of under £50,000 - equivalent of 5 weeks' rent
- For ASTs with an annual rent above £50,000 - equivalent of 6 weeks' rent
¿ All other tenancies - as agreed between parties
**The holding deposit will be offset against the initial rental payment if the application is successful.

Rechecking 'right to rent' ID verification
To be carried out as and when necessary during an initial Tenancy, renewal or periodic tenancy, per tenant or adult occupant (other than for AST tenants) - £30 (inc. VAT)

Addendum
Change or amendment to terms during tenancy, requested by tenant (ASTs) - £50 (inc. VAT) or reasonable costs
Change or amendment to terms during tenancy, requested by tenant (all other tenancies) - £150 (inc. VAT)

Change of sharer during a tenancy (ASTs)
(this is subject to landlord agreeing and treated as a new letting)
For new tenancy (ASTs) - £50 (inc. VAT) or reasonable costs

Change of sharer during a tenancy (all other tenancies)
Referencing charge per individual applicant and/or guarantor - £180 (inc. VAT)
Preparation of tenancy agreement, per tenancy - £300 (inc. VAT)
Inventory check (if required by the landlord), per tenancy - £150 (inc. VAT)
Tenancy deposit protection administration, per tenancy - £150 (inc. VAT)

Late rental payments
Arrears charged at 3% above Bank of England Base Rate
(levied from 14th day of arrears period but charged from 1st day of arrears period)

Visit our website at for further details of the above charges and of any penalties you may incur should you break the terms of your contract.

Jason Oliver Properties is a member of the Propertymark Client Money Protection Scheme, and also a member of the Property Ombudsman, which is a redress scheme. More details can be found at or by contacting your local branch directly.