• What does an estate agent do?

Their role:

The estate agent is required to market and sell homes, and if you are looking to buy, they will be responsible for showing you round the properties that they believe suits your criteria. They should be able to inform you of any details about a property that you consider making an offer on, such as how much ground rent is payable and what the service charges are, if any.

Furthermore, the estate agent is the individual who liaises between solicitors, buyers and sellers, with the intention of speeding up the buying process. It is in their interests to do so as they will be paid commission on any property that completes. Commission rates, which are paid by the property seller, typically range from 0.75% up to 3% of the property purchase price, although some will charge an upfront fee.

What else do you need to know:

• It is advantageous to register with several estate agents when you are buying to enable you to see as wide a selection of properties as is feasible.
• An estate agent may recommend a particular mortgage lender, surveyor, solicitor or protection provider, but you are under no obligation to use their suggestion.
• Once your offer has been accepted, ensure the estate agent has asked for the property to be taken off the market (if you have asked them to do so).

• What does a mortgage broker do?

Their role:

A mortgage broker or adviser’s role is to research the mortgage market on your behalf and ensure you find the best deal to suit your needs. They will begin by talking to you about the sort of mortgage you desire and what timeframe you plan to work to. It will be their job to ask about your income and outgoings, as well as your budget so that they can determine how big a mortgage you can afford.

Your broker will then discuss the different types of mortgages that are available to you. Once they have made their suggestions they can guide you through the application process.

What else do you need to know:

• Gathering all your financial information together before you consult a broker can make it quicker for them to advise you which mortgages are viable. These details may include how much you earn and your household expenditure.
• Some brokers and advisers are restricted to a certain number of lenders, whereas others can recommend deals across the whole mortgage market, enabling you access to a greater range of choice.
• Mortgage brokers are required to tell you how much you will have to pay them from the outset. All brokers receive a payment from the lender when the mortgage completes. Some do not charge any fees whilst others may charge you a flat-fee or a percentage of the mortgage amount.

• What does a mortgage lender do?

Their role:

A mortgage lender’s role is to ensure that you can afford the mortgage that you have selected, and that it is suitable for you. Each lender will provide a range of different mortgages which means it is important to research what they offer and explore what other lenders can provide before you commit to a particular deal.

What else do you need to know:

• It is advisable to get a ‘decision in principle’ before you start your property search. This shows how much they will provisionally be prepared to lend you.
• Prior to applying for a certain mortgage, make sure you understand what your monthly payments will be both during the term of any special deal, and what you will pay once the deal has ended.
• Remember to check the overall cost of a mortgage as opposed to the headline rate alone, including any arrangement fees.

• What does a solicitor/conveyancer do?

Their role:

The solicitor is responsible for carrying out the conveyancing, which means the process of legally transferring the property you are buying from the seller to you. It is their job to conduct various searches before the property purchase can go through.

The solicitor will deal with the exchange of contracts as well as the contemplation of the deal, which requires handing over the funds required to purchase the property. It will also be their responsibility to arrange for the property to be registered with the Land Registry. Conveyancing fees commonly cost between £850 to £1,500 subject to the purchase price, while searches are likely to cost around £200-£300.

What else do you need to know:

• You will be asked to provide the name of your solicitor by your estate agent as soon as the offer is accepted.
• Solicitor searches usually take around two to three weeks to complete, but do remember that their results may prompt the solicitor to carry out further enquiries.
• After contracts have been exchanged by your solicitor and the seller’s solicitor, you will be committed to purchasing the property.

• What does a property surveyor do?

Their role:

The surveyor’s role is to check the value and the condition of a property. Your lender will require a surveyor to conduct a valuation, but the surveyor can provide a more in-depth survey should you desire one to identify any potential structural problems or issues such as damp.

If the report completed by the surveyor indicates there are major repairs required, you are able to reduce your offer to reflect the cost of carrying these out. A basic survey usually costs around £250 (depending on the property value), but if you want a more comprehensive building or structural survey, expect to pay upwards of £600.

Surveyors are also able to advise on property renovations and how to obtain planning permission.

What else do you need to know:

• You can only obtain a firm mortgage offer from the mortgage lender once they are satisfied with the surveyor’s valuation.
• Ensure you check your surveyor’s credentials; the surveyor must be a member of the Royal Institution of Chartered Surveyors (RICS), and be accepted by your proposed lender.

Despite the temptation to cut costs and choose a basic survey, a more in-depth survey could prove a worthwhile investment if it identifies any major issues with the property.