There's nothing like a face-to-face conversation with an expert, but here's a rundown of helpful tips and reminders for shoppers.
FINANCE IN ORDER?:
Before you do anything else, we advise you to do your research and find out how much you can actually afford to spend on real estate. Take into account all the cash you have for the deposit, and then talk to a mortgage broker or several service providers and find out what they are willing to lend you. Make sure they put their ““principal”” proposals in writing. Don't forget, you'll need to put money aside for the stamp duty land tax, too.
LOOKING AT PROPERTIES
When looking around a property, use the estate agent and ask questions. You might want to think about things like:
MAKING AN OFFER:
You've found a property you're sure you want to buy. Call the estate agent and let them know how much you're willing to offer. Don't be surprised if your first offer is declined – that's the name of the game and buying a property is all about negotiation. If there are a number of people keen to buy the property, you might be invited to take part in a sealed bid. Fingers crossed.
EVERYTHING IN ORDER?:
When your offer is accepted, you'll need to employ a conveyancer. This legal specialist will manage any negotiations to do with the purchase of the property on your behalf. They'll check all the paperwork is in order and look after the details of the contract for you. Most people hire a chartered surveyor, too. The surveyor will do a full survey of the property, highlighting any possible problems that might need looking at. There are two types of survey you can buy; a homebuyer's report and a building survey
MONEY, MONEY, MONEY:
Buying a property costs money; a lot of money. You'll be asked to hand over your hard-earned cash throughout the process.
Mortgage arrangement fee
Mortgage indemnity fee
Lender's valuation fee
Conveyancing
Land Registry fee
Surveys
Contingency fund (there are always unexpected costs along the way)
Building and contents insurance