Thinking of Buying a Property?
Are your finances in order
The financial markets are always changing and levels of lending can change dramatically from one month to the next. So it’s important that before you start searching for your next move that you find out how much you can actually afford to spend on a property.
Take into account any available cash you have towards your deposit and then speak to a mortgage broker or a selection of providers and find out how much they’d be willing to lend you. Make sure they put their ‘in principle’ offers in writing. Finally, don’t forget that you may need to put money aside for the stamp duty too. If you would like us to recommend an excellent local, independent mortgage advisor then please contact us.
Looking at Properties
So you’ve searched the estate agents websites and windows, pored over the property portals and scoured the streets figuring out where you might like to buy. Time to start booking some viewings. When looking around a property remember to use the estate agent, and ask questions. Below are a few helpful things you may like to think about:
• The number of years left on the lease (if it’s a leasehold property)
• Does the property have things like gas central heating, modern insulation and double glazing? If not these are expensive items to get fitted.
• The council tax band the property falls into.
• Local schools, supermarkets and amenities
• Any service charges.
• Local transport links and distance from your place of work.
• Outdoor space and parking
• If you like the property, be sure to get in a couple of viewings at different times of the day and invite friends and family along for second opinion.
Try to be as flexible as possible when it comes to viewing times. You might prefer to view on evenings and weekends but the seller may not. It might be worth being willing to take a day off work and lining up multiple viewings. Be punctual for all your appointments otherwise you risk annoying the seller who no doubt went to some trouble for your viewing. Finally, If you can’t make a viewing, let the agent know at the earliest opportunity.
Making an Offer
So you’ve found your perfect property and this is definitely the one you want to buy. Call the estate agent and let them know how much you’re willing to offer. When you make an offer make sure to let the estate agent know your position, like how flexible you are with moving dates and whether or not you have a mortgage offer. You’ll be in a much stronger position in a bidding war against a buyer who doesn’t have their finances in order or an offer ‘in principle’ from a lender.
If you love the property try not make really low offers that will no doubt be refused. You may end up annoying the seller. However, don’t be surprised if your first offer is declined – that’s the name of the game as buying a home is all about negotiation.
Once your Offer is Accepted
When your offer is accepted you will need to instruct a solicitor to represent you in purchasing the property. This legal specialist will manage any further discussions to do with the purchase of the property on your behalf and liaise with the seller’s solicitor. They’ll check all the paperwork is in order and look after the details of the contract for you. At Sylvester Properties we work with a top legal team who have offered their services at a very competitive rate – contact us if you would like their details, as we would highly recommend them.
Most people when they have an offer accepted like to 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 homebuyers report and full building survey. One is more thorough than the other and the costs associated reflect this. Surveys can take a few days to organise and although it’s an extra cost a survey could identify any serious problem and save you thousands in the long run.
We’re Here to Help
At Sylvester Properties we’ve helped hundreds clients in a similar position to your own, meaning we can be as hands on or off as you want us to be. So if it’s your first purchase or you’re unsure of any aspect of the sale we’re only a phone call away at any time. Likewise, if you’ve done this many times before we’ll keep you informed at every step without bothering you with minor details.