property search...
Find me a property in:
A guide to buying a property
Whether you?re a first time buyer or looking to relocate, our step by step guide will hopefully help you through the stages of buying your home.
1) Your Mortgage
Before you can begin looking at properties, you need to decide how much you can afford to borrow. Why not ask us to help and we can put you in touch with one of our associated independent mortgage advisers* from Blackett Hart & Pratt who can assist you to choose the mortgage product best suited to your needs.
2) House Hunting
The reasons for choosing a property are different for everyone but generally people want to live in the right area for work, schools, shops and amenities. When it comes to actually choosing a property you have to ask yourself what age and style of property would you like and how easy would it be to sell? Always ask questions and make further viewings of the property at different times of day.
Here are a few things to remember:
External: consider neighbouring properties and their condition, nearby local amenities, , parking facilities, off street parking, garage, general condition of the exterior and gardens. Ask yourself how well has this property been maintained overall.
Internal: Are there any security systems? Level of décor. Don?t get carried away by unusual features as they are not to everyone?s taste when you come to sell. What fixtures and fittings are included in the price, i.e. furniture, appliances etc. Condition of the windows, size of rooms, potential to extend or develop.
From 14th December 2007 all properties require a Home Information Pack or HIP. This pack of information should be made available to you by your estate agent or vendor of the property. The pack will contain useful legal and other information about the property. For more information visit our section on Home Information Packs.
3) Making an offer
Usually sellers are optimistic about their property value so bear this in mind when making an offer and start with less than the asking price. However, if a house is very desirable and in a popular area it is quite common to see buyers offering more than the original asking price.
Golden rule is to base your offer on what the property is worth to you bearing in mind everything you have seen. Take into account the costs of any repairs, that may be required. When you have decided upon a price you?re prepared to pay then contact the estate agent and make an offer but add that it is only subject to a valuation and survey.
4) Applying for a mortgage
Once your offer has been accepted by the sellers then the next stage is to apply and begin to process your mortgage. Always speak to an independent financial adviser who can recommend the mortgage best suited to you from a variety of deals on the market.
Independent financial advisers provide you with information about all mortgages currently on offer in the Blackett Hart & Pratt LLP provide in-house independent mortgage advice from independent financial advisers. If they know in advance that you require assistance with sourcing a mortgage they can assist your earlier in the process to save time towards completion.
5) Arranging a valuation and survey
Once you apply for your mortgage and your application is received, your proposed lender will usually appoint a surveyor who is instructed on your behalf to carry out a professional valuation of the property you intend to buy.
Depending on the age and condition of the property you may wish also to consider instructing your own surveyor to undertake a more in-depth survey of the property. It may be possible to use the same surveyor for this purpose and thereby save costs.
6) Conveyancing
This is the legal process that transfers the property from the existing owner to you which is carried out by a solicitor or conveyancer.
7) Mortgage Offer
The mortgage offer is received once a successful valuation and survey has been carried out by your mortgage lender.
8) Exchange of Contracts
This is when both sellers and buyers are committed to the transaction. It is at this stage when the deposit which is usually 10% of the purchase price is paid through your solicitors. As soon as both you and the seller have exchanged you are committed to proceed and neither party can pull out. Your solicitor will remind you that you must now insure the property so it is important to have made enquiries and the necessary arrangements. Also at this time a ?completion date? is fixed which is when you collect the keys to your property.
9) Completion
The day on which the property becomes legally yours.
10) The move
When packing make sure all your boxes are clearly labelled for the correct rooms. Make sure that fragile items are packed separately and marked accordingly.
Take one box yourself when you leave that includes essential items such as a mobile phone, contact details for energy suppliers, some food and drink, a torch, light bulbs, a small toolset etc.
11) Letting people know
Firstly make sure you have made arrangements with Royal Mail to have your post redirected to your new address. You can normally arrange this for three, six or even twelve months.
Blackett Hart & Pratt LLP can assist you with all elements of your move including placing your home on the market for sale through our Solicitors Property Shop and Estate Agency team.
We can also arrange your mortgage with help of our in-house independent mortgage advisers together with undertaking all the necessary legal work with the help of our conveyancers.
Why not call to discuss your requirements and find out more about our all inclusive fee packages that incorporate all of the above.