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How to buy a real estate in England, part two

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Once I had chosen a suitable location and browsed about 150 ads on the Internet, I planned around 20 house tours to find out the situation on the market. 

The whole process, however, took seven months, since this area is near universities in Manchester and therefore it is very lucrative for local investors, so something interesting comes across rarely.

Then it was a mortgage broker time. The price of these services was 300 pounds. This was a one-time fee and is valid forever. The range of financial products was really wide.

Then you must find an attorney’s office, so called solicitor. Here it is important to do contracts exchange between seller’s and buyer’s solicitors as soon as possible, especially if the real estate is sold by a bank. I had only one month for the whole process, otherwise a lot of fees may be forfeited. 

Among the fees are - the estimated real estate value for 265 pounds, a fee for registration in the Land Registry and other various acts of the solicitor. Approximately it is 700 pounds. The total price was 2000 pounds including a detailed report on the condition of the house.

Solicitor provided very good services. I was informed about everything in advance and they always accommodated my questions. They sent me something like a pre-contract by post, which summarizes the conditions for buying a house and details on the mortgage. I sent it back signed with a check for 10% of the price of the house. After about a week, I received a final contract, which I had signed before a witness and sent by post along with the second check. This time, it was a check for 15% of the price of the property, an additional payment to a total deposit of 25%.

At this moment, I have the property selected, a mortgage consultant, solicitor, signed contracts, house insurance and I brought a painter and other staff to estimate the reconstruction price. Now I’m waiting for the documents exchange between my solicitor and the attorney of the bank, which sells the house. In order to complete all the paperwork, the checks I had sent with contracts must be paid.

Solicitor is keeping the cash and when the contracts are exchanged, he transfers it to the seller and also instructs the mortgage bank to pay. The whole process took about 6 weeks and we were really fast, so to speak. Now, we can start the reconstruction. 

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