It may have taken an age, one of the biggest amounts you’ve ever saved up, but just what happens when you’re ready to finally take the plunge and put in a property offer on a house you’ve been eyeing up?
It’s a regular occurrence at Warrington Mortgage Centre, perhaps even daily that we’re asked: “I want to put an offer in on a house I’ve found, but what do I need to do?”
Don’t worry, we were once in that very same situation, wondering how and when we’d ever get on the property ladder.
What an estate agent will ask for
Estate agents are good people (despite what some may say!), but they won’t just take your word that you have a deposit ready and waiting, they’ll want to verify your situation first.
Believe it or not, there are plenty of housing scams out there, so it is in their interest to ensure that your property offer is 100% genuine before they put it across to the vendor.
So you’ve got the deposit, and you’re ready to put in the offer, the estate agent will likely ask for the following things:
- Photo ID – this will help to verify that it is indeed you, looking to purchase the property and with your money
- A bank statement or photocopy of your savings account. This ensures that you have the funds required
- Alternatively, if it’s a family member that is gifting the deposit, then they may need written proof to ensure that they are happy to use their money for your deposit
- A decision of principle. This is effectively a credit check, it is run by the lenders and it determines whether they are happy that you can lend x amount of money based on the data that has been provided by the estate agent or the banks.
- A solicitor. Only needed on rare occasions, where it is not a straightforward home purchase.
Once that is all sorted, then it’s time to sit and wait, and hope that the offer is accepted.
Once accepted, should there be no complications, you should expect to receive the keys for your new home within 12 weeks.
How We Can Help
The above can all seem like a complicated business, but that’s where we can help at Warrington Mortgage Centre.
If you need any help about making that initial first offer, we can support you at every step of the way.
Whether it be before or after making an offer, then please get in touch and we’d be more than happy to assist.
Our team can be contacted on 01925 573328, or alternatively, pop into our central Warrington offices for a chat and a brew!