HBC™ Quick Guides
HBC™ Quick Guides
When Buying – A Check List
Our checklist has both serious and lighter notes to it. It’s no secret that moving home can be a challenge, but remember that you’ll most likely only do this a few times in your lifetime. For many people a house is a home with many memories. It is important that on your moving day you try to take time to enjoy the moment and the excitement of such a big event. You’ll be busy, but that’s the nature of a home move!
Remember the Small Print In Your Mortgage…. If In Doubt Ask Us.
Organise your survey and mortgage; Contact Conveyancing Lawyers for your solicitor; Organise your removal specialists; Calculate your deposit and have it ready; Arrange buildings insurance for your new home; Check out the utility suppliers; Work out the stamp duty if applicable; Enroll the kids at school if moving far afield; Arrange your new doctor and dentist; and Have a takeaway number ready for your first meal while unpacking!
LOOKING FOR A PROPERTY? - It may seem obvious, but there is a lot to consider: the area you want to buy in; the space you’ll need to live in; the price of property that you can afford; the condition of properties you are happy with – the list goes on. So, where to start? Many people look at online estate agency portals these days. The days of print are diminishing and there are many free to use online brands who offer a wide variety of property options when it comes to buying property. You can refine your search parameters to only include properties that might be of interest to you. You can also sign up to mailing lists where you will receive emails about properties that are new to the market that suit your needs.
WHAT'S IT WORTH - The magic question. The value of any property is what someone will pay for it. That may sound fluffy, so here are some suggestions as to help you figure out what it’s worth to you. Make sure you obtain a copy of the Home Report for any property you like the look of. This will be available through the marketing estate agent. The Home Report will give you a ballpark valuation and indication of what the property is worth taking account of location, size and condition. View the property. Always do this as it will help you make up your own mind as to how you feel about it. You may only live in the property for a short while or maybe for the rest of your life, but the value is at least partly pegged to your own expectations. Consider whether the property is in a locale that would enable you to sell at least at market price, should you wish to at some point in the future. Be level headed. Just because you think you love it, it doesn’t mean everyone else will. You’re spending a lot of money so you’ll at least want to know that you’ll get it back if you sell.
TYPES OF OFFER - he type of offer you make for a property will often depend on the way it is marketed. The most common methods are ‘offers over’, ‘fixed price’ and ‘offers around’. By knowing what the seller hopes to achieve, you can better fine tune your offer strategy. ‘Offers over’ usually is the first pitch at a newly listed property and indicates that the seller and their agent are confident of an offer in excess of the price. Whether they achieve this or not is another matter. The remaining two tend to reflect a more agreeable and negotiable position. They are often where the seller is looking for a quick sale or has been struggling to generate enough interest.
MORTGAGES - Mortgage lending is a competitive business. There are many deals out there and you should shop around. You can either go directly to the lenders or go through an intermediary called a mortgage broker. The advantage of an mortgage broker is that they should be able to offer you an enhanced choice of lenders. Beware of excessive fees. If using a mortgage broker, make sure that they are fully regulated by the Financial Conduct Authority (FCA) and ask what they charge for their service. Some mortgage brokers will not charge a fee for their services as they will receive payment from the mortgage lender for selling the product. Also be aware that often mortgage brokers may have associations with legal firms and may recommend their services. This is rarely a free of charge service and may result in you paying higher costs than if you went direct.
WHEN YOUR READY TO OFFER - You may end up offering for more than one property, especially where there is a lot of interest in the properties you like. Don’t become disillusioned! You’ll need a solicitor to make a formal offer for you and if you need to do this more than once, you don’t want to end up with large legal bills before you’ve even had a successful offer accepted. At Hayes-Bower Conveyancing, we’ll make sure that each offer is free of charge until we help you offer for, and eventually buy your chosen home. It’s very important to make sure that your mortgage lending is in place as it can take some time for your lender to complete the required documentation and issue your offer of loan. Delay equals expense – so be organised.