Buying a property is an exciting time but there are lots of things that you need to consider.
Ideally you need to be speaking to a financial adviser before you start looking for a property so you know what your budget is if you are purchasing with a mortgage. Don’t forget to think about solicitors fees, survey, moving costs, stamp duty etc.
Write a list of what you are looking for in a property and then rank them according to importance. It is inevitable that you will have to compromise on some things so start thinking about what compromises you could live with.
Speak to an estate agent and talk through your wish list, the more information that we have the more suggestions that we can give. As an agent we know that normally people buy a property which was different from what they originally started looking for, if we have a good idea of what is important to you we will be able to offer alternatives.
Arrange viewings on a range of properties, this will help you to determine what is most important to you, eg is it off road parking or an extra bedroom, outdoor space or location? Write notes as you go to remember the key features. We will call you after your viewings for feedback.
When you find a property which meets your requirements put forward an offer to the estate agent, you need to be sure that you have you finance in place as if the offer is accepted you will need to be able to show that you can purchase the property (proof of funds- both your mortgage and deposit). If you are offering less than the asking price explain your reasons why.
When your offer is accepted and you have provided proof of funds you will also need to provide contact details for your solicitor. Our panel of local solicitors work on a ‘ No sale, No Fee’ basis and will also offer a fixed price however you are able to use your own solicitor. We will send a sales notification to the solicitor giving them the details of the property and the sellers solicitors contact details.
We highly recommend that you obtain a survey for the property which you are buying (particularly if you are buying with cash). The survey will highlight areas of concern in the property (you can arrange for surveys of varying detail).
Your solicitor will send you information regarding the property including a ‘fixtures and fittings’ list which tells you what the seller is leaving in the property (ie what is included in the sale price). Double check this carefully, don’t assume that everything will be left! Your solicitor will check the title of the property and make sure that you are made aware of anything which will affect the property.
If you are purchasing a property with a mortgage your lender will normally arrange for a survey and then provide a mortgage offer. Formally confirming the amount of money that they are prepared to lend you to buy the property.
Once your solicitors are satisfied that everything is in order and the mortgage offer is in place they will set the dates for exchange and completion.
Exchange of contracts is the when you are legally bound to buy the property and completion is the date at which the full balance of the purchase price is paid to the sellers solicitors and you will be able to collect the keys for your new home!
Throughout the sales process our experienced team is there to help and will always be happy to answer any of your questions.