Handy tips for buying
Whether you are looking for your first home, upsizing or downsizing, we are here to help! To start your buying process, look no further than Linley & Simpson
Speak to your mortgage advisor or bank regarding your circumstances and how much money you are able to borrow, this will help you in your property search and knowing what you can afford. It is often a good idea to get a 'Mortgage in Principle' agreement as this can speed the buying process up. We can help by offering a free consultation with one of our recommended mortgage advisors.
Arrange to view the houses that you like, make sure you visit properties at different times of the day to make sure that it is the house for you.
Make an offer on the property
Either contact us at the branch or come in to see us to make your offer. We will then contact the vendor to discuss your offer. We will contact you as soon as we get an answer from the vendor.
Once the offer is accepted
When your offer is accepted the buying process can begin.
If you haven't found a solicitor already we will be able to advise on local solicitors. You need a solicitor to deal with the legal aspects of buying and selling property.
Unless you are purchasing without a survey, your mortgage lender will arrange for a qualified valuer to do a brief survey, called a valuation, which you pay for. Provided the lender is satisfied the property offers enough security for a loan, you will be offered a mortgage.
There are three types of survey. It is in your interests to chose the one that best suits your requirements.
A mortgage valuation will cost in the region of £150 to £200.
A homebuyer's survey costs in the region of £250 to £400 - depending on the price of the property. It should reveal any serious defects.
A full building survey costs between £400 and £1,000+, depending on the type and value of theproperty in question. It goes into detail about the condition of the property and any remedial action the surveyor thinks will be necessary.
Now is the time to sign the contract and exchange with the seller. At this stage you have to pay a deposit; (usually 10%) of the total price.
Once this happens the buyer and seller are committed to the sale.
This is where the property actually becomes yours. You get the keys and the deeds... there are some items to settle.
- The remaining cost of the property (usually 90%). This is transferred from your mortgage lender to your legal representative and then to the seller's representative.
- Estate agent's fees, if you have a related house sale.
- Your solicitor or conveyancer's fees.
- Stamp duty (a government tax). Payments will be arranged by your solicitor or conveyancer.
- Any removal costs.