Are you looking to buy a home?
We are here to guide, assist and help you through the buying Process
Financial Preparation
You will want to be in the best position possible when searching for your dream homes, and making sure
that your finances are stable will put you ahead of other buyers. Below are essential things that you should consider
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Credit score Do you know about your credit score? Your credit score could affect your mortgage borrowing ability.
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Deposit Do you have enough money saved for your deposit? This is often the first question people ask when looking at homes.
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Budget With a specific budget in mind, it is easier to make the right decisions when looking at homes.
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Mortgages The mortgage is the single most important financial decision that you will make in your life. You need to get it right, so get independent professional advice.
Locating your ideal Home
Here are some tips to make sure you find the perfect new home.
Property type Think about the type of property that would suit your needs. Would you like to buy new build or second hand? Are you happy being attached, detached and with how many bedrooms does it need?
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Tenure Do you know the difference between freehold and leasehold properties? Freehold – Outright ownership of the property and land on which it stands. Leasehold – means that you own the property, but the land upon which the property is built is owned by the freeholder.
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Location Do you want to live near work, good transport links, your friends and family? Think about the future, will you have a family and need to think about schools?
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Viewing Property
Make sure you know what to look for when viewing a property to be certain that it not only meets your own search criteria but also that you won’t get any nasty surprises if you decide to proceed and make an offer. Here are some things to consider:
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Construction Type Check what type of construction the property is. Not all properties are brick built
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State of Repair Does the property require updating? If so, is it just minor cosmetic work, or more major structural improvements?
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Property Size Are the rooms big enough – for now and years to come? Do you need one or two bathrooms? Is there sufficient storage? If not, could extra space and storage facilities be added?
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Running Costs Ask to see the current bills – council tax, utilities, to help get an idea of actual costs to live there. A good source of information is the Energy Performance Certificate.
Making An Offer
Do you know about making an offer on a property?
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Initial Offer This is where you put forward a price that you would like to buy the property for, to the Estate Agent acting on behalf of the seller. The Estate Agent will put your offer to the seller and the property becomes ‘Under offer’, if accepted. The Estate Agent must confirm to you in writing that the offer has been put forward, accepted or rejected
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Revised Offer If your offer is rejected you could make another higher offer if your budget allows
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Offer Accepted Once your offer is accepted then you can proceed with the purchase and application for a mortgage. The property is usually taken off the market at this point and the property becomes 'Sold' subject to contract (SSTC), this is normal practice once survey is booked.
Legal Process
Do you know the legal process of buying a property?
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Conveyancing This is the legal work necessary when buying a property. It can involve local searches to check there is no major work due nearby, ensuring the property and land are legally owned by the current owners and the boundaries are as they are claimed to be, amongst other things. Why not get an instant conveyancing quotation.
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Exchange and Completion You are legally bound to the purchase of the property at exchange of contracts and you may be required to pay a deposit. Ownership passes to the buyer on completion, at which point the money is transferred to the seller’s solicitor and the deeds to the purchaser or their mortgage lender.
