Buyers' Guide

Whether you are looking to purchase your first home, upgrade your family space, buy for investment or downsize, we have expert knowledge on the local area. We listen and match the right buyer with the right property, in a high-tech age Kerr and Co pride ourselves on combining traditional customer service with market leading practices and communication.

We have an active mailing list which we notify of properties coming to the market in advance of them being launched across the internet platforms . Kerr and Co have over 30 years of expert local knowledge , a significant high street presence and experience in a diverse range of property in West London which has enabled us to give all our clients a customer lead service .

 
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The Buying Process

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Affordability

How much do you have as a deposit? It is normal for a buyer to have at least 5% but more likely 10% of the purchase price as a deposit upon exchange of contracts. For most the remainder of the purchase price would be in the form of a mortgage.

What mortgage can you raise? Different lenders have different criteria and allow different multiples of income to be borrowed. The standard is normally three times your single annual income excluding bonuses or two and a half times your joint annual income for couples again excluding bonuses. It is worth shopping around for the product that best suits your needs.

It is advisable to get a mortgage agreed in principle as early as possible, as this will speed up your mortgage application and allow you to realise how much you can afford to spend on your new home. You can either speak to an Independent Financial Advisor or direct to a Lender, either way be certain you are getting the right mortgage product for you.

Affordability

How much do you have as a deposit? It is normal for a buyer to have at least 5% but more likely 10% of the purchase price as a deposit upon exchange of contracts. For most the remainder of the purchase price would be in the form of a mortgage.

What mortgage can you raise? Different lenders have different criteria and allow different multiples of income to be borrowed. The standard is normally three times your single annual income excluding bonuses or two and a half times your joint annual income for couples again excluding bonuses. It is worth shopping around for the product that best suits your needs.

It is advisable to get a mortgage agreed in principle as early as possible, as this will speed up your mortgage application and allow you to realise how much you can afford to spend on your new home. You can either speak to an Independent Financial Advisor or direct to a Lender, either way be certain you are getting the right mortgage product for you.

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Finding your home

When you have a clear idea of your requirements let us know and we will set about finding the perfect property for you. We will contact you as and when properties within your price range and which fulfil your requirements come onto the market. We will do this in several ways: e-mail you the details, post you the details or contact you by phone to tell you about each and every property we have in your price range.

In order for you to be successful in your search we would recommend that you view every property as soon as possible as other will be doing the same.

Finding your home

When you have a clear idea of your requirements let us know and we will set about finding the perfect property for you. We will contact you as and when properties within your price range and which fulfil your requirements come onto the market. We will do this in several ways: e-mail you the details, post you the details or contact you by phone to tell you about each and every property we have in your price range.

In order for you to be successful in your search we would recommend that you view every property as soon as possible as other will be doing the same.

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Making an offer

Once you have found the right property, you would submit forward an offer to the estate agents handling that particular property. The estate agent will ask you to provide details of your financial arrangements including with whom is your mortgage is placed and where is the deposit coming from. They will also ask you various other questions in order to substantiate your ability to purchase your desired property.

Once the estate agent has received this they will converse with their clients and should write confirming the level of offer and what, if anything, it is subject to. Invariably there will be a little toing and froing between the sellers, estate agents and yourself.

However once an offer has been accepted it is our recommendation to our clients that the property is withdrawn from the market to allow the buyer to start the process of buying the property. This practice allows us as the agent to have more control over the process and minimise the risk of gazumping, a practice we at Kerr & Co frown upon.

Making an offer

Once you have found the right property, you would submit forward an offer to the estate agents handling that particular property. The estate agent will ask you to provide details of your financial arrangements including with whom is your mortgage is placed and where is the deposit coming from. They will also ask you various other questions in order to substantiate your ability to purchase your desired property.

Once the estate agent has received this they will converse with their clients and should write confirming the level of offer and what, if anything, it is subject to. Invariably there will be a little toing and froing between the sellers, estate agents and yourself.

However once an offer has been accepted it is our recommendation to our clients that the property is withdrawn from the market to allow the buyer to start the process of buying the property. This practice allows us as the agent to have more control over the process and minimise the risk of gazumping, a practice we at Kerr & Co frown upon.

Next Steps

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Completion

A few days prior to the set completion date your solicitor will request the monies from your mortgage lender and you if you are raising a smaller mortgage. On the day of completion your solicitor will transfer the balance of the purchase price to the sellers’ solicitor. Once that has happened we will be contacted by the sellers solicitor to say we can release the keys to you the buyer.

Completion

A few days prior to the set completion date your solicitor will request the monies from your mortgage lender and you if you are raising a smaller mortgage. On the day of completion your solicitor will transfer the balance of the purchase price to the sellers’ solicitor. Once that has happened we will be contacted by the sellers solicitor to say we can release the keys to you the buyer.

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Timescales

You should allow yourself approximately at least four months from the time you have decided upon an area and type of property you are after to find the home you want to buy. From the time solicitors are instructed you should allow approximately eight weeks (although some transactions do take longer than this) to get to the point of exchange.

From exchange to completion is dependent upon both you and the seller agreeing a mutually acceptable timescale for the transaction to complete. However we would suggest you allow approximately two weeks before the property becomes legally yours. These timescales do change and are dependent upon all parties in the transaction, however the can be shorter than those we have suggested.

Timescales

You should allow yourself approximately at least four months from the time you have decided upon an area and type of property you are after to find the home you want to buy. From the time solicitors are instructed you should allow approximately eight weeks (although some transactions do take longer than this) to get to the point of exchange.

From exchange to completion is dependent upon both you and the seller agreeing a mutually acceptable timescale for the transaction to complete. However we would suggest you allow approximately two weeks before the property becomes legally yours. These timescales do change and are dependent upon all parties in the transaction, however the can be shorter than those we have suggested.

Sales Enquiry

Glossary of Terms

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