To help we have listed some pointers to have in mind when thinking of buying a property:
Get Financially Qualified: Ensure you’re financially qualified and set a budget. If you need a mortgage to purchase your property, we’d advise that you’re financially qualified and that you set a budget before looking at properties. By doing this you will know approximately how much you can borrow and also what your monthly repayment costs will be. To get financially qualified, you will need to arrange a mortgage in principal with a mortgage provider (i.e. with a bank or building society).
You can contact banks and building societies directly, or to make things easier you can speak to our independent financial advisor based in our office in Bordon free of charge. Our advisor is updated on a daily basis with the latest deals and rates and can compare hundreds of different mortgages and rates on your behalf and help you make the decision that is right for your personal circumstances. Appointments can be made for in our office or in the comfort of your own home.
Once you have a mortgage in principal many providers will issue a certificate that proves what loan you can get, making you a more credible buyer.
Calculate the Costs: Work out how much buying a property will really cost. This includes factoring in the mortgage arrangements fee, stamp duty, the valuation fee, surveys and removal costs. We can assist with all aspects of obtaining costs including mortgage and financial advice and solicitor / conveyancing.
Be Open-Minded: Keep an open mind and see lots of different types of property do not rely on pictures seen on the internet or on house sales particulars. If a property that you have seen does not look attractive from the pictures or the outside, it could feel really homely once you step inside and that’s what really matters. A viewing does not cost anything accept time and allows you to get a feel for different types of properties and what suits your requirements.
Try to Compromise: It has been said that it is almost impossible to find everything you want in a property so we advise that you make a list what’s important and what you would be willing to compromise on. By making a list it will be clearer in your head when you attend viewings, especially if you’re buying with someone else as everybody has differing must haves and maybe’s when searching for a property.
Get Legally Prepared Early: By instructing a solicitor when you first start viewing properties you can save time when you find a property you like. It’s often best to find a solicitor or licensed conveyancer through a recommendation. If you choose a solicitor, make sure they specialise in property. Conveyancing has a bit of a reputation for slowing down the home-moving process, but If you choose a good firm this is less likely to be the case. As agents we can assist you to get quotes from solicitors and conveyancers that we use frequently or have used in the past.
Your Deposit: A deposit, ( usually a minimum of 10% of the purchase price,) is paid over on exchange of contracts by the buyer to the seller via the solicitors. Paying the deposit is to prove good faith about going ahead with the transaction. If you are selling and buying, it is sometimes possible to use the deposit received on your sale as the deposit for your purchase. You may need to top up the amount of deposit if you are buying a more expensive property. Always be aware that the seller has the right to keep the deposit should you as the buyer refuse to complete the purchase after the exchange of contracts. Your solicitor or conveyancer will deal with this for you.
Survey: When buying a property, you buy it ‘as seen’ with all of its defects. A mortgage valuation is not a survey so it may be recommended that you have a survey carried out before buying a property to determine any major defects that are potentially missed when viewing the property.
If buying with a mortgage, your bank or building society will possibly insist on a survey. Some banks and building societies offer free surveys as part of their ‘deal’, our independent financial advisor based in our office in Bordon can give you advice on these free of charge.