Below you will find some handy hints and tips for buying a home. These apply whether it's your first home, or if you're just on the move!
The most important part of buying any home is your mortgage, you need to speak to a Mortgage Advisor who will help you work out how much money you can borrow, by considering your individual circumstances and income.
Viewing a house
It’s always a good idea to view a house on more than one occasion, go to view at different times of the day, this will help you decide if the house is your dream home.
Making An Offer
If you think you’ve found your dream home contact us at the branch or come in to see us and make an offer! We will then speak to the vendor on your behalf and discuss the offer, as soon as the vendor decides we’ll be back in touch.
Once the vendor has accepted your offer then the buying process can start.
You will need to use a solicitor to deal with all the legalities of buying and selling a property, we can offer you advice on local solicitors who can do just that.
Normally your mortgage lender will arrange for a survey to be carried out on the property that you are buying, this is to ensure that the property valuation is in line with what you are borrowing and that the property offers your mortgage lender enough security for the loan. This is called a valuation.
There are 3 types of survey:-
- Mortgage Valuation
- Homebuyers Survey
- Full Building Survey
It's up to you to choose the survey to meet your individual needs
Exchange of contracts
This is when you sign a contract and exchange with the vendor, this is the time when you will need to pay a deposit on the property, usually 10% of the purchase price. Once this has happened both yourself and the vendor are committed to the sale!
This is when the property is yours, you will receive the keys and the deeds to your home at this point.
At this stage you will need to pay the remaining cost of the property, normally 90%. Your mortgage lender will transfer the funds to your solicitors who in turn pay the vendors representatives. You will also need to pay estate agents fees, the solicitors conveyancing fees and any stamp duty owed. Payments will normally be arranged by your solicitor.
For more information on buying a home please Contact Us.