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HELP GUIDE - HOUSE BUYING |
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Complete guide from Start to Finish Below are the steps to home buying success, it is important that you take your time to fully read and understand these points. If at any time you would like to talk through your options and receive good, honest, free advice, call our Free Phone Help Line and one of our friendly advisers will help guide you through your options.
What do I need to do first? It may sound obvious, but first you will need to work out how much you can reasonably afford to borrow. This will be your spending limit and will determine which properties you can afford. To work out how much you can reasonably afford to borrow use our UK Mortgage Calculators. Note. Any mortgage calculator is only a guide and cannot be guaranteed. If you are serious about getting a mortgage, it is well worth getting some good independent advice.
For free independent advice that you can trust, please contact us. Once you have made contact with us, we can discuss how much you want to borrow and what are your options. You could consider an ‘Agreement in Principle’ mortgage quote before you start searching for your new home. An ‘agreement in principle’ mortgage quote could give you an edge over your competition when you come to making an offer on a property.
Preparing to look for a property Before you start looking for a property, you need to have some idea of what is your ‘Ideal Home’. It is a good idea to register with as many local Estate Agents in the area where your new home will be. Give a copy of your completed ‘Ideal Home Check List’ to each estate agent, this will help them to suggest only suitable homes for you.
Start house hunting Before you start viewing property, you should print out our 'House Viewing' Check List this will be used later to choose the property's you would like to see again. Arrange with the estate agent a convenient time and see as many relevant property's as possible to give you maximum choice. Fill in one ‘House viewing check list’ for each property you visit and don’t be afraid to ask about any problems. Take a camera, your memory can play tricks on you. Whatever you do, don’t get to attached to one particular property until you know it’s definitely yours. Using the ‘House viewing check lists’,
Up my street and any other information, make a short list of property's you would like to visit for a second time. Try to make the second visit at a different time of the day to see if the neighbourhood changes. Also find out what is included in the selling price i.e. carpets, curtains, blinds, light fittings, cooker, fridge, freezer, wardrobes, shed, greenhouse etc.
Making an Offer When you find a property you want and before you see the sellers estate agent, decide how much your offer will be. This offer is entirely up to you, but don't offer more than you can really afford! Contact the sellers estate agent and ensure your offer is 'subject to contract', which means that you and the seller have agreed in principle to go ahead with the transaction but neither of you are legally bound.
Offer is Accepted When your offer is accepted you need to get a mortgage, this is where we can help you. We do not charge brokers fee’s and many of our deals have no valuation fee, no application fee, no legal fee. If you would like us to help you, then filled in our simple, free, no obligation,
Mortgage Application Form Or If you would prefer to talk through your options call our Free Phone Mortgage Help Line
Appoint a Solicitor You will need to let the seller’s estate agent know your solicitor’s details. Your solicitor handles all legal aspects of purchasing a property, this is know as coveyancing. If you do not have a solicitor, ask friends and colleagues who have bought property, who they used and whether they were satisfied.
Arrange a Survey and Valuation The mortgage lender will usually undertakes a survey for valuation only of the property to see if it is worth the amount offered. It may also be worth arranging a survey on the property especially if the property is a period property. This more detailed survey may show evidence of building works being required and therefore may give you cause to renegotiate the price.
If you would like a more detailed survey and you do not know a surveyor,
ask friends and colleagues who have bought property who they used and whether they were satisfied.
Exchange Contracts Once your solicitor has carried out all necessary searches and the contract terms have been agreed, the contracts can be exchanged. Once each party has signed the contracts and they have been exchanged, they are binding and will also include a completion date, which is the date that the property becomes yours. At exchange of contracts any deposit required has to be paid and you will need to arrange buildings insurance so that the property is insured from that day.
Completion This is the day when your solicitor will have completed the purchase on your behalf and you can pick up the keys and move in to your new home. The Transfer Deed, the document confirming you as the owner, will then be sent to the relevant registry for an update to the title showing you as the new freeholder.
Moving Once you receive a completion date – this is the day the property become yours, you can think about organising your move. You can hire a van to move yourself in, although it might be worth hiring a removal firm so they do the manual work. If you do not have a removal firm, ask friends and colleagues who have bought property who they used and whether they were satisfied.
It is worth packing a separate box with essentials, i.e. tea, coffee, biscuits, etc. this can help you settle into your new property and relive some of the stress. Don’t forget to label all your boxes with exactly what they contain.
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