Leonard Peters

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Saturday, 20 Oct 2018

Leonard Peters | Guide to buying property

Whether you are looking for a new home or a buy to let investment contact our office and we help you with your search.

You can use our search function to view our current list of available properties.

We can not only help you find a new home but we have close links with independent mortgage advisors to help you with your finances and we can recommend the best solicitors locally who will work for their fees.

Buying property can be a minefield with many obstacles and is often the largest and most important purchase we make in our lifetimes, that's were we can help with our knowledge of the local market.

View our guide to the buying process

 

Step 1 (finances)

Speak to a Financial Advisor, work out the monthly payments you can afford to pay and then get confirmation of what lenders will be prepared to offer you (offer in principal). This puts you in a stronger position to proceed when you come to make an offer and prevents any heartache by being refused a mortgage for the property you already have fallen in love with.

Bear in mind the following expenses will be incurred through the buying process.

Solicitors fees, valuation fee, stamp duty (increases dependent on the value of the property), Land registry searches, Local authority searches, Mortgage fees, Building insurance and removal costs.

 

Step 2 (Criteria)

Think about your criteria, we all want the perfect home straight away but in reality this isn't always an option.

Decide on what things you must have i.e outside space, off street parking, must it be a house ? Or would a large flat be adequate. Once you've complied your list of essentials you can start to think about the luxury items that would be a benefit.

Decide on the areas that are suitable or more importantly the ones that are not, drive around the streets that interest you and get a feel for the area and people that may soon be your neighbors.

If this is going to be your family home then take a look at the local school reports www.ofsted.gov.uk/Ofsted-home/

 

Step 3 (Viewing properties)

We don't always fall in Love with the first property we see so try to view a range of properties that fit your criteria, the more you see the more you will define your criteria and feel confident in your search.

If you like a property make sure you view it a 2nd time before you offer, it always looks different the 2nd time round and make sure you have viewed the property/area at night.

 

Step 4 (Making an offer)

Let the Estate Agent know the details of your offer and make sure you are in the best position to negotiate. Have your mortgage agreement in principal, if you have a property to sell then make sure it is already on the market and ideally at this stage it should be under offer.

Once your offer has been accepted the sale has now been agreed so make sure the vendor takes the property off the market.

The next step is to contact your mortgage advisor and solicitors, give them the details of the property and request a valuation quickly this will illustrate your commitment to the vendor.

 

Step 5 (Exchanging contracts and completion)

Make sure your deposit is readily available so as not to delay exchange of contracts and provided all has gone well you can start to make arrangements for moving in.

Make sure you keep your title deeds and transfer documents in a safe place (ideally in a fire proof cabinet) and somewhere you will remember to find them when you come to sell.

 

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