Know your agent – and let them get to know you
Choosing the right agent is a critical decision; it can have a huge impact on the process of buying your home.
Ask some key questions such as; what are their fees? Are they regulated by an accredited body? Will they carry out viewings and keep me informed? Do they have a good reputation?
When buying a property it’s paramount that it’s perfect which is why you should get to know your local agent, and let them get to know you and your requirements. It’s also important to ensure the agent knows the area your home is in to be able to advise you properly throughout the process.
It’s important to ensure you and your agent are on exactly the same page when it comes to finding your perfect first home.
At Keatons we spend a substantial amount of time prior to viewings ensuring we know exactly what our buyers want. We actively spend time with our clients to ensure we discuss every possible option and do what’s best for them.
Find a mortgage
Unless you’re a cash buyer, you will need to secure a mortgage to purchase the property. You will need to provide some important documentation order to obtain a mortgage, see the full list of requirements here ‘What You Need to Obtain a Mortgage’ and for further advice, contact Coreco Mortgage Brokers.
Put an offer down
You’ve found the perfect place and now need to make an offer.
At Keatons we guide our clients through the process. Once you’ve decided on a suitable offer, your agent is required to put it forward to the vendor in writing.
You can do this without having a mortgage agreement in place, however it’s more likely to be accepted and go smoothly if this is already arranged.
You will begin the legal process of acquiring the house; from the deeds to mortgage payments. You will need to instruct a solicitor to deal with the legalities and represent you throughout the process.
The vendor is has accepted your offer – and now you must begin the paperwork to turn your offer into a purchase.
Paperwork – leave it to the professionals
It’s best to leave the legalities to the experts. However ensure you read your contracts thoroughly yourself to make sure you’re completely happy with the decision.
Your solicitor will deal with all of the legal aspects of buying your property. They will also check whether there are any planning or local issues that may affect the property’s worth.
Arrange a survey
Your mortgage lender will insist that your property is valued to ensure it’s worth the price you are paying.You have three different types of survey; Condition report, Homebuyer report or a Building or Structural survey. The Condition report is the cheapest of the three, and with that is the most basic. It does not include a proper valuation or look into any future expenses, such as repairs.The homebuyer report is a step-up, however more thorough. It examines inside and outside of the property, and also has an added valuation.
This will also give you a chance to see whether there is any necessary work which will cost you a substantial sum; you may wish to negotiate with the seller on price if there is something you may have missed.
The building/structural survey is more suited to older properties – it’s the most comprehensive option out of the three.
A surveyor will inspect the entire property for any potential problems.
Once you have the approval of both your solicitor and surveyor, it’s time to sign the contract and exchange with the vendor.
When it gets to this point, you will usually have to submit a deposit which is typically around 10%-20% of the total price. Once this is in place, the buyer and seller are committed to the sale. If you back out, you could face losing your deposit and still have the remaining fees from your solicitor and having the survey done.
Once you complete – the property is completely yours! You’ll have the keys and the deeds to the property; however there are some remaining costs you will need to pay.
You will need to pay a few remaining legal costs; the solicitor fees, the conveyancer fees and stamp duty, which is a government tax, however these will be arranged by the solicitor.
Finally you will need to pay the remaining cost of the property, however this is transferred from your mortgage lender through your legal representative and then onto the sellers legal representative.
If you have any queries on buying your first home, then please contact one of our several offices to discuss buying your first home.