Tips for Buying
Whether you are looking for your first home, looking for something bigger or smaller, the team at 5 Towns are here to help!
Get in touch with a mortgage adviser or bank regarding your circumstances and what level of mortgage you can obtain. It is usually a good idea to get a ‘Mortgage in Principle’ as most vendors will expect you to prove you can proceed before making an offer. Our team can help by offering a free consultation with one of our recommended mortgage advisers either at our offices or at your home.
Arrange to view all the properties which you think may be suitable, this will give you a much better perspective on the properties matching your criteria. Remember often you cant truly appreciate a property until you view it.
You can make your offer over the phone or in person at our offices. We will then contact the vendor quickly to discuss your offer. You will be notified as soon as we get a decision from the vendor.
If your offer is accepted the buying process can begin. Dont feel afraid to ask any questions you are unsure of, as its important that everyone understands the process. Our team will make the process as easy and transpaent as possible.
If you dont have a solicitor in place our team will be able to advise on local solicitors. You will need a solicitor to deal with the legal process of buying the property. Our team work in conjuntion with both the buyers and sellers solicitors to guide the sale through to completion.
If you are obtaining a mortgage, your lender will arrange for a valuer to do a brief survey, called a valuation, which you pay for usually directly to your mortgage lender. There are normally three types of survey. You should carefully consider which survey you opt for, as the survey carried our by your lender will normally be fairly basic.
A mortgage valuation will cost around £150 to £250.
A homebuyer’s survey will cost in the region of £250 to £450 being dependent on the value of the property. It is faitly detailed and should reveal any serious issues with the property.
A building survey costs between £400 and £1,500+, being dependent on the type and also value of the property. This type of survey goes into detail about the properties condition and any remedial work the surveyor feels may be required.
Both buyer and seller will now sign contracts with their solicitor and normally pay a deposit; (usually 10%) of the total purchase price.
This is the final step where the property actually changes hands and becomes yours. You get the keys and are registered on the official title register. There is normally a slight delay on the completion date whilst each set of solicitors in your chain actually confirm receipt of monies from the various mortgage lenders. Your estate agents fees if selling, will be discharged directly to the estate agent from the sale balance by your solicitor. Any stamp duty payable on your purchase and solicitors and related costs will also be paid by your solicitor from your balance.
* This guide is for information only and does not constitute legal or other form of advice. You should not rely on this information to make any decisions.