LOCAL BRANCHES ACROSS THE MIDLANDS
STAFFORDSHIRE
DERBYSHIRE
SHROPSHIRE
HEREFORDSHIRE
WEST
WEST
WORCESTERSHIRE
LEICESTERSHIRE
WARWICKSHIRE LEICESTERSHIRE
NORTHAMPTONSHIRE
GLOUCESTERSHIRE
WELCOME
Founded in Shipston-on-Stour in 1843, the Sheldon Bosley Knight business was built on auctions and on-site farm sales. In the years since, our business has survived two world wars, seen seven monarchs, successfully navigated recessions and depressions, and watched in awe as men landed on the moon. Very few UK independent businesses have the heritage we do.
Our business has also grown and developed significantly since we started in 1843, into an estate, land and property agency, with a team of more than 250 and trusted by thousands of happy customers.
We now have 10 specialist departments - residential sales, residential lettings, commercial property sales and lettings, block management, strategic land and development, rural land agency, valuations, planning and architecture, new homes and auctions and it’s rare we meet someone we can’t help with their land and property needs. With offices across the Midlands, we are proud to be embedded in the local communities we serve.
Mike Cleary Custodian / Co-Owner
07714 745683
mike@sheldonbosleyknight.co.uk
WHAT TO EXPECT
Buying your first home can feel overwhelming but it doesn’t have to be. This guide walks you to expect when buying a property, the legal and financial services you’ll need and answers all questions so you can sail through the process.
LET MORTGAGE BROKER KNOW
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GET AN AIP (AGREEMENT IN PRINCIPLE)
A statement from a mortgage lender saying they could lend you a certain amount of money based on basic checks.
FIND A SOLICITOR OR CONVEYANCER
It’s recommended to have a conveyancer to handle all the legal elements of a property purchase and ensure everything is legally sound.
VIEWINGS
Now the fun can begin. Start viewing properties and narrow them down until you find one you’d like to make an offer on.
MAKE AN OFFER
Decide what you are willing to pay for the property and put forward your best offer to the estate agent, who will negotiate with the seller.
OFFER ACCEPTED
If your offer is accepted, you’ll be notified by the estate agent and informed of any next steps that need to be completed, such as AML checks.
INSTRUCT SOLICITOR
Once your offer is accepted, instruct your solicitor to begin the conveyancing process so they can keep the transaction moving.
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If you need a mortgage, your broker lender will need to know your offer accepted so they can provide an official mortgage offer.
SALES PROGRESSION
The conveyancing process is underway, and you’ll need to sign and check legal documents, provide proof of funds, more, as instructed by your solicitor seller’s estate agent.
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ARRANGE BUILDING INSURANCE
Before you exchange contracts and becomes legally binding, you’ll need buildings insurance in place.
EXCHANGE OF CONTRACTS
The point where the sale becomes legally binding. You’ll typically pay your deposit this stage, too.
COMPLETION - PICK UP KEYS
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When the property officially becomes and you get the keys! All the deeds funds will be transferred at this point, you’ll be free to move in.
The exact time everything takes will differ for every property transaction, but here’s an overview that needs to happen before you pick up the keys to your new home.
you through what those pressing overview of everything INSURANCE the sale need to have legally deposit at becomes yours and point, and KNOW broker or has been official underway, legal funds, and solicitor or the
WHO SHOULD I SPEAK TO FIRST?
1. SPEAK TO A MORTGAGE BROKER FIRST
Before viewing properties, it’s crucial to get an accurate picture of what you can afford. A mortgage broker helps you do this, but they’ll also help you:
• Get an AIP (Agreement in Principle)
• Understand your deposit and monthly cost expectations
• Spot hidden costs so you can be confident in your budget
This step saves you time and heartache - it’s no fun falling in love with a home that’s out of reach. You may also be able to afford more than you first thought!
2. CONTACT ESTATE AGENTS
Once you have an AIP from your mortgage broker or lender, you’ll be seen as a serious buyer. Now you can:
• Register with estate agents
• Book viewings
• Make offers
3. CHOOSE A SOLICITOR
The legal work doesn’t start until your offer is accepted, but it can pay to find a solicitor in advance. By starting the paperwork before you make an offer on a house, you can shorten the timeline by a couple of weeks. It can also make you look like a more serious buyer, which looks good to a seller.
YOUR SOLICITOR WILL:
• Ensure your purchase is legally sound
• Carry out searches to uncover potential issues with the property
• Handle the transfer of funds, including the deposit and any Stamp Duty requirement
• Transfer ownership of the property to you
FIRST STEPS, GETTING A MORTGAGE IN PRINCIPLE
After an initial meeting with a motgage broker, you’ll hopefully walk away with an Agreement in Principle (AIP), also known as Mortgage in Principle. This is a statement from a mortgage lender saying they could lend you a certain amount of money, based on basic checks.
Although it’s not a guarantee of how much you can borrow, an AIP shows estate agents and sellers you’re serious about buying a property and can make your offer more enticing.
Some estate agents and sellers will request you have one in place before they arrange any viewings for you.
Please note: An AIP is typically valid for two to three months
READY TO GET CLARITY ON WHAT KIND OF PROPERTY YOU CAN AFFORD?
BOOK A CALL WITH ERNEST GRANT MORTGAGES
WHY USE A MORTGAGE BROKER INSTEAD OF GOING DIRECTLY TO THE BANK?
When it comes to getting a mortgage, you can choose to go direct to a lender or use a mortgage broker. There are pros and cons to each, but we typically recommend using a broker for several reasons.
ACCESS TO DEALS
IMPATIALITY
TIME & EFFORT
APPROVAL CHANCES
COST
PANEL OF LENDERS
MORTAGE BROKER DIRECT TO LENDER
Wide access to deals from multiple lenders and banks
Advice tailored to your situation and wider market options
Broker does the legwork for you
Brokers know which lenders suit your circumstances (based on your credit, income, residency, etc)
May charge an additional fee if you proceed. Typically earns commission from the lender
Some brokers are whole-ofmarket while others have limited panels. Always check how many lenders they work with
Only offers their own mortgage products
Advice may be limited and biased to their own products
You’ll need to contact several lenders yourself to compare deals
You may apply to unsuitable lenders, risking rejection and wasting time
Usually no broker fees. You’ll just pay any mortgage set up fees
Only offer their own products
Our top tip: Do your research to find a broker who works with a wide range of lenders, offers transparent fees and takes the time to understand your personal circumstances.
HOW DO I CHOOSE THE RIGHT MORTGAGE BROKER?
If you decide to use a broker, finding the right one can be overwhelming. Here are a few things to check to ensure you’ll receive a good service and the best advice for your circumstances.
• Check they’re registered with the Financial Conduct Authority (FCA). Using a financial service authorised by the FCA greatly reduces any risks.
• Check for a broker that’s wholeof-market. Some brokers only offer mortgages from a small panel of lenders, while a whole-of-market broker can access every available mortgage and recommend the most suitable lender and deal for you. This can save you a lot of money and increase your chances of getting accepted for a mortgage.
• Ask about their initial consultation. Most mortgage brokers offer a free initial consultation to assess your needs. Some require this to be in person while others are happy to talk on the phone.
• This initial meeting is key to create a budget and understand how much you could borrow. A good broker will ask a lot of questions about your employment, residency, salary and more, to get a complete picture of your circumstances.
They’ll also be able to advise you on the house buying process and any costs involved, as well as answer any other questions you have.
You may walk away from this initial meeting with an AIP and a clear idea of the deals available to you.
• Understand any fees and charges. It’s normal for a mortgage broker to earn commission from a lender for arranging a mortgage but some also charge a separate fee for their service.
• It’s useful to understand whether they charge a set fee, hourly fee, % of the mortgage amount, or offer a free advice service and only take commission from the lender. A broker must be transparent about any fees they charge or commission they may make.
• What’s included in the service they offer? Do they handle any admin, chase the lender, have a sales progressor?
All these things can save you time and stress as the transaction progresses, so it’s worth keeping an eye out for someone who provides a little extra.
• Check customer reviews. Check customer feedback on an impartial financial services review site like VouchedFor. Look out for comments about advice and communication to understand the level of service provided.
Jason [at Ernest Grant Mortgages] went above and beyond in providing us with all the answers we needed and helped us in understanding the buying process as first-time buyers.
He was faultless in the delivery of his advice and we had full confidence in him. Jason was only an email, call or even a text away and was very responsive in all circumstances. Jason was calming and reduced any sort of stress we might have had with the buying process.
We would 100% recommend [them] to anyone seeking advice.
CAN’T I JUST GET AN AIP ONLINE?
Most online AIP services only run basic checks to decide what you can afford, meaning the AIP you receive is likely to be inaccurate.
An AIP doesn’t guarantee you can borrow from that lender. That’s why we recommend using a broker who does a more thorough check upfront, so you can get an accurate picture of what you can afford before you start viewing properties.
This can save you from losing out on your dream property further down the line.
Book your free call with Ernest Grant - a top-rated, whole-ofmarket mortgage broker – and walk away with a clear picture of what you can afford. BOOK YOUR FREE CALL
CHOOSING THE RIGHT LEGAL SUPPORT
The legal part of the house buying process can be one of the most time-consuming, so choosing legal support is important. We recommend doing your research instead of opting for the company offers you a cheap deal – the old adage of you get what you pay for is often true. Here are some look out for:
Check they’re on your mortgage lender panel.
If a solicitor isn’t on your mortgage lender panel, it’s likely you won’t be able to instruct to complete the transaction for you. If you decide to move forward anyway, this can incur extra fees and even delays.
Communication.
Check how often they communicate and how. Are they reachable by phone or only email? Do they provide updates on progress?
If possible, ask what will happen if they’re on holiday. A property purchase can sometimes take several months, so you’ll want to know that if they’re away during an important part the process, things will keep moving.
Are their fees itemised and transparent upfront?
You’ll be charged separately for things like:
• Searches
• Bank transfers
• Land Registry fees
• Stamp Duty and other taxes
• Using a Lifetime ISA (LISA) to purchase property
• Buying a shared ownership property
There are also charges for the service provided by the solicitor for conveyancing and any additional required for more complex transactions.
If the quote is itemised before you instruct a solicitor, it’s easy to see whether there will be any costs throughout the conveyancing process.
choosing the right company that some things to additional services surprise extra purchase a them incur email? sometimes part of
I cannot recommend Ella [at Jephson Legal] enough. Her expertise and professionalism really helped the buy and sell process and reduced the levels no end.
I felt like Ella really was invested and understood my concerns and that I just part of the buy and sell process.
Definitely recommend using Ella and the [Jephson Legal] team!!!!
FIRST-TIME BUYER GLOSSARY
When buying a house, you’ll likely come across terms you’ve never heard before. There’s a lot of industry jargon and most people won’t stop to explain it to you unless you ask! We created a glossary for first-time buyers with all the key terms you’re likely to encounter during a property purchase. From arranging viewings to exchanging contracts and everything in between, we’ve got you covered. and stress I wasn’t
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