We have provided you a step by step guide to make the buying process easier.
Property buying guide
In today's world where access to finance is more challenging, it may appear to many First Time Buyers that a property purchase is a very simple process. It is, however, very important to give due consideration to various points before taking steps towards selecting a suitable property.
It is vital to establish the level of borrowing that you are comfortably able to repay and take into account the fact that interest rates may rise. Remember, that the mortgage that you will undertake may last for a considerably long time, so job security will be a very important requirement. Speak to our Independent Financial Advisor, who will be able to give you unbiased advice in respect of all of the financial aspects regarding your house purchase. They will be able to source you a financial package available from a wide variety of Lenders, which they will then be able to process immediately when required.
Once you feel comfortable with the level of borrowing you can take steps to select the right property for your needs.
It is extremely advisable to approach a Solicitor who will advise you of the legal process of purchasing your home and they will be able to give you a quotation for the costs involved. If you are happy with the quote they have provided then you can appoint them to act on your behalf and tell them that you will contact them once you have had an offer accepted on the property you intend to purchase.
There are many types of houses in many different areas - from Residentially based areas with varying levels of convenience and amenity, to the more rural property which may still be quite convenient or isolated. The majority of purchasers tend to prioritise the quality of the location in association with accessibility, as this is becoming an increasingly important requirement in today's hectic working environment.
Consider the following aspects when making your choice:
- Location: Close to amenities, such as good schools, shops, transport networks, sport and leisure facilities, surrounding towns and motorways for commuter access.
- Location: Rural - Secluded environment close to countryside, convenient or isolated - local amenity, such as village schools, shops and other facilities.
- Accommodation required i.e. number of reception rooms, bedrooms, garaging, size of garden or surrounding land.
- Property type (Old or Modern). A modern property may provide greater convenience, lower running and maintenance costs, but often the accommodation is limited in size. Alternatively, an older property may have more character, but maintenance costs need to be taken into account.
Appointments can be made through ourselves to view selected properties of your choice and once you have found a property that suits your needs, you can then make an offer to the owners via us, at which time we will require:
- Full names of those who are to make the purchase.
- A forwarding address and contact telephone numbers.
- The name and address of your chosen Solicitor.
- Financial status:- they will need to know how you intend to finance the purchase and if by mortgage, which lending institution/building society you will be using and the percentage of borrowing required.
- How much you are prepared to offer for the property and the likely time scale for completion. Note: A First Time Buyer purchase, on average, should take approximately 4-6 weeks, if acceptable to the Seller.
Your offer will then be sent to the Seller for their consideration and if accepted the Estate Agent will inform you and your Solicitor accordingly.
Now is the time to inform:
- Your Solicitor who will now commence the legal process.
- Your Financial Advisor / Bank or Building Society who will process your mortgage application and instruct a Surveyor to carry out a Mortgage Valuation / Survey.
Should the survey be completed satisfactorily without revealing any problems and the legal process runs smoothly then your Solicitor will ask you to sign the contract of sale. Exchange of contracts will then take place and a completion date will be set at this time, either immediately, or at a date specified on the contract.
You will need to take the following into account when assessing the cost of your proposed purchase:
- The purchase price of your property.
- Costs associated with the property i.e. Council Tax, Service Charges and any Repairs / Alterations required, etc.
- Solicitor’s fees which can include Land Registry Fees, Search Fees, Stamp Duty - if applicable.
- Valuation / Survey fee and associated Mortgage costs.
- Moving Costs, vans, etc.
Buying your property will probably be one of the most important financial commitments that you will make and it is, therefore, imperative that you seek honest and objective advice to guide you through this process.
Gower Dawes have consistently provided a caring approach in all matters relating to a house purchase and has gained the reputation as one of the most trusted and respected practices throughout the Thurrock area.
We can, if required, introduce you to a local solicitor or financial advisor, who like ourselves, will provide you with the best advice, to ensure your house purchase runs as smoothly as possible.