Miles & Barr Insights

Completion occurs when the residual monies, (usually around 90%), are transferred from your buyer’s solicitor to your solicitor’s account. Your solicitor will call you when the money has cleared into your account, and we will then be informed to release the keys and you will have completed the sale of your property.

Finamply, with access to a vast network of over 90 lenders, carries out a thorough assessment of your needs and circumstances. Their expert team then conducts research to find you the best mortgage deal available in the market to fit your personal circumstances. Once you are satisfied with their recommendation, Finamply secures a Decision in Principle (DIP) for you. This DIP serves as an assurance from the lender, indicating their willingness to provide you with the mortgage, pending a property valuation and underwriting to confirm the accuracy of the information given regarding your personal circumstances.

* A DIP does not completely guarantee the lender will loan the requested amount. All applications are subject to full underwriting process.

Now we know the criteria of your property wish list, we will share a selection of potential properties that best match your criteria. We will also keep you updated on the latest properties.

Once you’ve shortlisted properties you’d like to see in person, we’ll arrange viewings for you. We try where possible to offer viewing times that are flexible around your schedule.

Exciting news, the seller has accepted of your offer! These are the next steps we’ll take:

• Write to all parties to confirm the agreed price.
• Prepare the memorandum of the sale.
• Liaise with you and your Finamply mortgage adviser to proceed with your full mortgage application.

The property will have a survey booked by a surveyor on behalf of the mortgage lender to advise on the property’s value in the event of any problems. At this stage, you will be asked to supply evidence to support your application. Once you have undergone the lenders checks and the valuation report is received you and the solicitors will be supplied with a formal mortgage offer. There are no legal obligations at this stage until contracts have been signed.

We will assist you in selecting solicitors if you require. The solicitors will then carry out the following steps as part of the conveyancing process:

• Bring forward any enquiries on receipt of the draft contract from the seller’s solicitor.
• Request local searches.
• Agree on a date for the exchange of contracts.

Both ourselves and your broker will be working alongside the solicitors during the process and will keep you informed with each step.

Contracts are exchanged between the seller and the buyer when all enquiries have been confirmed and agreed. When the contract has been signed by all parties involved the deposit will be transferred. The completion date will then be agreed by mutual consent between the seller and buyers solicitors.

Completion occurs when the residual monies, are transferred from your solicitor to the seller’s solicitor’s account. Once this has cleared into the seller’s account, you can legally collect the keys and you will become the legal owner of your new home.