Looking to purchase your new home or simply buying a property to let, our buyers guide lays out key aspects of each stage to ensure your purchase is as smooth as possible.
Financially Prepared?
Have a budget in mind for you house and consider how much you can afford to spend on your mortgage by reflecting on your expenses and outgoings. If you would like some assistance with this click here to fill in our mortgage contact form and our mortgage advisor partner agent will contact you to assist. They will be able to provide you with bespoke advice and provide you with an insight to what different criteria lenders may require or even how they calculate the amount they are willing to lend you.
Our FREE mortgage calculator tool will also provide an indicator of how much you could expect to pay depending on the property price. Please click here to get started.
Deposit
In the UK, you usually need at least 5% of the purchase price as a deposit. If you are financially able to save more and pay a higher deposit, this often reduces your monthly mortgage payments and provides you with a cheaper mortgage.
Credit Score
Your credit score can affect your mortgage borrowing ability. Take a look at your credit score on reliable sites such as Experian or Clear Score that will provide information on how to improve this, so you put yourself in the best position when purchasing your home.
Where to Start?
Take a look at our sales page for a full list of our current properties for sale that are on all major property platforms including Zoopla and Rightmove, or, you can register for property alerts by clicking here and you will be notified as soon as there is any properties that match your criteria.
Property Type
Have you thought about the type of property you wish to purchase? Do you now how many bedrooms you would like, a new build property, would you like a garden or drive way to park your vehicles?
Tenure
Always check to see if the property is a leasehold or freehold. A Freehold is a type of tenure that means you own the property and/or the land and there is no time limit to the period of ownership. A Leasehold tenure is the opposite of this in the sense that you own the property for as long as stated in the lease i.e. 99 years, and you are granted to live there by the freeholder. At the end of the leasehold term, the property becomes the possession of the freeholder unless you agree with them to renew the lease. The majority of leasehold tenures reside in properties such as flats although there may be instances where some houses are leasehold.
Area of Residence
Another important aspect is to consider the area you wish to live in. Some aspects to consider are to see if the area nearby local amenities such as the gym and shops. Do you wish to live near your friends or in a catchment area for you children to go to school to? Depending on your means of transport, is it within close proximity to local bus/train routes
Mortgage process
When having a meeting with our Mortgage advisor partner agent, they will look to assess your needs and offer you the best and suitable mortgage from a lender.
Agreement in Principle
Once you have decided on the mortgage you wish to apply for, they will assist you with applying for a mortgage in principle from the lender. This is a legal document confirming in writing the lenders intent to provide you with the funding. Please note, this is not a formal mortgage offer and is subject to terms and conditions.
Mortgage Application
Once you have found your dream home and have made an offer, you will then need to apply for a mortgage application. For all mortgage advice, please click here to book an appointment and get started.
Property Viewings
Buying a property is a big deal, especially if you are a first time buyer. Be sure to know what to look for to ensure your requirements are met and so you don’t have any further complications, once you proceed and make an offer.
Property Condition
Is the property in a good living standard? Is there any major structural improvements? Reach out to a handyman or builder who may be able to assist with this on your viewing as they can help identify any works that may be required to bring the property up to a set standard you wish to achieve. Depending on the scale of the works, this could be used to help you negotiate on price.
Running Costs
Having the capital to purchase a property is one thing, however maintenance is an aspect that is not to be overlooked. Ask about the running costs of the property and if possible, request to see what the latest bills are such as energy and council tax bills. This will provide you with an indication of the actual costs that are required to live at the property and ultimately if this will fit into your budgets.
Further Requirements
Are you happy with the existing layout of the property? Are the room sizes sufficient for the long term? Look to consider long term and if the existing layout isn’t exactly what you want, try and plan for the future and see if your requirements can be met i.e. is there enough space to add an additional bathroom or storage area.
Make an Offer
Happy to proceed? Make an official offer on the property with the estate agent acting on behalf of the seller. The first offer you make is classed as the initial offer whereby your offer is put forward to the seller and the property is deemed as under offer. If the seller decides to reject your offer, you can ask the state agency for feedback and look to increase your offer, should wish to proceed. Finally, once your offer is accepted, you can proceed with the purchase including application for a mortgage at which point the property is taken off the market and becomes sold subject to contract.
Legal Process
There is a few areas to consider legally when purchasing your property that are a requirement during this process:
Conveyancing
This legal aspect involves processes such as searches to check there is no major work necessary nearby, ensuring the property and land is legally owned by the existing owners and confirming boundaries for the property are where they are claimed to be.
Completion
You are legally bound to proceeding with the purchase of the property at the point of exchanging of contracts i.e., completion sale date and you may be required to pay a deposit. The ownership of the premise is transferred to yourself on completion.
