Buying a house can often be one of the largest purchases you may ever make, so it is important to be fully conversant on how it all works.
Who Can Help?
There are a bank of specialists who may advise you when buying a house; from your local estate agents to conveyancing solicitors, mortgage lenders to insurers and surveyors. Ensure you find out all the facts before proceeding.
Before searching for a new home, book an appointment through your local mortgage advisor. Gain two comparable quotations if need be, that way when you are talking to your local agent you’ll be confident what price you can afford to look up to.
Share Ownership & Low Cost Housing
Ideally approach your local council and complete their online eligibility form BEFORE asking to view a shared equity property. This will give the vendor more confidence that you are a serious potential buyer and have the ability to proceed should the house fit your requirements. Ask your estate agent for further advice.
Mortgage Advice Preparation
Ensuring you have a reliable source of income, a healthy deposit and good credit score will all aid you get accepted for a mortgage through a broker. As you book your appointment ask what you need to bring with you in terms of copy payslips, proof of deposit, etc. Turn up well prepared.
Estate agents, solicitors and mortgage lenders will all ask for a copy of your ID and proof of address, producing documents such as your driving licence, passport and copy of a utility bill will usually suffice.
Now the fun bit… choosing your new home!
Generally people start their search online with portals such as Rightmove, Zoopla or OnTheMarket – although nowadays agents often readily use social media as a form of advertising medium. Go to Facebook, Instagram or Twitter to potentially seek out properties in your area and do not forget to register with your local estate agents directly.
Choosing a home
Affordability, Location and Road Links, number of bedrooms & reception rooms, has it a garden/garage/outbuildings or off road parking will all be at the forefront of your search. You may not find the exact house you require straight off, but look with an open mind: could you extend? could you use a bedroom as a home office? do the outbuildings lend themselves to being used for a separate purpose and so on…
Remember you can easily decorate and/or change the kitchen or bathroom (budget allowing) but you cannot move the house… so location and price are key! Drive down the street if you are local, at different times of days to get a really good understanding of the neighbourhood prior to viewing.
Also consider how long you intend to stay at the property. Ensure to ask what the chain details are (ie those who are above and below you in the sales chain). Is the property FREEHOLD or LEASEHOLD and if leasehold how many years remaining and what is ground rent/service charges? All factors to consider when buying a house.
Making an offer
The negotiation process is key! but your estate agent will help you with this. They are experienced in ensuring all parties achieve the desired outcome so make use of them. If you are not experienced at negotiating leave it to the professionals!
Do not be afraid to go in with a low offer to start negotiations off. Consider what is included, what the property is worth, what you personally would pay for the house and the current interest the property is getting. This coupled with the vendors forward plans will set the scene for the negotiation.
SEDGE ESTATE AGENTS are experienced in putting deals together so talk to us, call 01775 713888
In our next blog we’ll cover what happens AFTER you shake hands on the property…
SEDGE ESTATE AGENTS Tel 01775 713888 Email firstname.lastname@example.org
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