Cooke & Co Experts Help You Throughout the Buying Process
Buying a property can feel complicated, particularly for first time buyers. At Cooke & Co we guide purchasers through every stage of the process, from registering your search through to completion and moving day.
Our aim is to make the buying process as smooth as possible while ensuring that all legal and regulatory requirements are followed correctly.
First Let’s Get You Registered
You can register with Cooke & Co in several ways. You may visit one of our Thanet offices, register by telephone or register online through our website.
Once registered we will begin searching for suitable properties across all our branches and offices. We will keep you informed of new listings and opportunities until you have found a home or ask us to stop your search.
Finding a Mortgage
Finding the right mortgage is an important part of the process. Mortgage products vary considerably and obtaining the correct advice early can save significant time and stress.
Our recommended mortgage advisers can discuss the various mortgage options available and help determine how much you may be able to borrow.
You can also use the mortgage calculator on our property pages to obtain an approximate estimate of monthly payments.
Accompanied Viewings
We aim to make viewings as convenient as possible and offer flexible viewing appointments including evenings and weekends.
We strongly recommend arranging early viewings to avoid missing out on properties that attract strong interest.
Our staff accompany viewings so we can answer questions about the property immediately and provide guidance where required.
Making an Offer
Once you have found the right property we will present your offer to the seller both verbally and in writing.
Your offer may include special conditions such as proposed timescales or survey requirements.
Occasionally there may be a delay if the seller is away or lives abroad, but we will always communicate progress as quickly as possible.
Financial Disclosure and Proof of Funds
Estate agents are required by law to confirm that buyers are able to proceed financially before a sale progresses.
This normally involves providing evidence such as:
- Mortgage agreement in principle
- Proof of deposit funds
- Recent bank statements
- Evidence of sale of an existing property
Sensitive information such as account numbers can be redacted where appropriate.
Anti Money Laundering (AML) and Identity Checks
Estate agents in the United Kingdom are required to carry out Anti Money Laundering checks under the Money Laundering Regulations.
This means we must verify the identity of buyers and confirm the source of funds used for the purchase.
You may therefore be asked to provide identification documents such as:
- Passport or driving licence
- Proof of address
- Evidence of where deposit funds originated
These checks help prevent fraud and financial crime and are a mandatory part of the property buying process.
Offer Accepted – Congratulations
Once the seller accepts your offer we will confirm the terms in writing to all parties involved.
At this stage you should formally instruct your solicitor or conveyancer and begin the mortgage application process if required.
Your solicitor will require identification documents and may request an initial payment to begin the legal work.
Memorandum of Sale
Once instructed we will prepare and circulate a Memorandum of Sale to the buyer, seller and both solicitors.
This document confirms the agreed price and the details of all parties involved so the legal process can begin.
Do Not Delay
It is important to respond promptly to any requests from your solicitor, mortgage lender or estate agent.
Until contracts are exchanged the agreement is not legally binding, so delays can create uncertainty or risk the transaction falling through.
Conveyancing
Your solicitor or licensed conveyancer will now begin the legal process known as conveyancing.
This includes examining the legal title to the property, raising enquiries and reviewing documentation supplied by the seller.
We can recommend experienced local solicitors who work efficiently and keep all parties informed as the transaction progresses.
Searches and Legal Checks
Your solicitor will carry out a series of searches including local authority searches, environmental searches and land registry checks.
These searches confirm whether there are planning issues, restrictions or legal matters affecting the property.
Surveying the Property
Your mortgage lender will normally arrange a valuation to confirm the property's value.
Many buyers also choose to arrange a more detailed survey such as a Homebuyers Report or full structural survey for additional reassurance.
Cooke & Co can assist in arranging surveys through trusted professional surveyors if required.
Mortgage Offer Confirmation
Once your mortgage application has been approved your lender will issue a formal mortgage offer.
This document sets out the terms of the mortgage and confirms the amount being lent.
If any issues arise during the survey or valuation we can often help negotiate solutions between buyer and seller.
Exchange of Contracts
Once the legal work is complete both parties sign the contracts and the deposit is paid to the seller’s solicitor.
Contracts are then exchanged and the agreement becomes legally binding.
Completion normally takes place between two and four weeks after exchange.
Solicitors usually require cleared funds before exchange and may not accept large cash payments due to anti money laundering rules.
Completion Day
On completion day the remaining purchase funds are transferred to the seller’s solicitor and ownership of the property passes to you.
You can then collect the keys and take possession of your new home.
We wish you every happiness in your new property.
Costs When Buying a Property
There are a number of costs involved in purchasing a property and it is wise to budget for them in advance.
- Mortgage arrangement fees
- Solicitor or conveyancing fees
- Survey fees
- Local authority searches
- Land registry fees
- Removal costs
Our team are always happy to explain these costs and help you obtain quotations where necessary.
Helpful Moving Checklist
- Arrange removal dates
- Arrange mail redirection with the Post Office
- Update insurance policies
- Arrange buildings insurance from exchange
- Take meter readings on moving day
- Arrange broadband and telephone services
- Settle any outstanding bills at your previous address
Cooke & Co are here to help guide you through the buying process from start to finish.
