A guide to buying your home

Finance


It is important to keep a realistic budget in mind when looking for a property. Very often, buyers can forget additional costs, which can impact on their spending power if they are not taken into account.

When buying, remember you will need to allow for:

  • A deposit payable on the exchange of contracts – normally 10% of the purchase price
  • Lender’s charges and arrangement fees
  • Stamp Duty
  • Mortgage Guarantee Premium if a substantial mortgage is required
  • Valuation and Survey fees
  • Solicitors, Land Registry and search fees
  • Removal costs
  • Calculating affordable mortgage repayments

Finding your home


If you are marketing a property to sell and looking to find a new home, the decision whether to find the new home first or wait can be a conundrum. Flick & Son can offer the best advice as this decision is very often related to the current market conditions.


Agreeing a price


Before you make an offer, make sure you know what exactly is included in the price. Items mentioned in the property particulars will be included but there may be other items in place which could be negotiated with the vendor.


Subject to contract


When your offer is accepted it is always ‘subject to contract’. This means that either side could still pull out of the transaction right up until sale and purchase contracts are exchanged.


Ongoing marketing


It is worth checking whether the vendor will continue to advertise the property for sale or agree to withdraw for a time while contracts are prepared. The agent selling the property should be able to clarify the position. for a time while contracts are prepared. The agent selling the property should be able to clarify the position.


Arranging a mortgage


You will need to be ready to pay the purchase price at the time contracts are exchanged so if you need to organise a mortgage or release investments, this is the time to start making arrangements.


Surveys and searches


The mortgage lender will want to make their own valuation and you may also want to commission a building survey or HomeBuyer report yourself for your own peace of mind. Flick & Son can recommend suitably qualified local surveyors who can carry this out for you.


Instructing a solicitor


Your solicitor will need to be instructed to start local authority and environmental searches as applicable. Once they are satisfied with all the legal aspects of the purchase, and you have the finance in place, contracts can be exchanged.


Exchanging contracts


It is likely to be a minimum of four weeks after an offer is accepted before contracts can be exchanged. It can take longer. Once this process is completed you are required to pay the deposit. The sale is then legally binding with no further negotiation although you do not own the property quite yet.


Property insurance


Once contracts are exchanged it is advisable to take out buildings insurance even though the vendor should maintain cover until completion of the sale.

Completion


This is normally a further period of around four weeks after exchange when the formalities of the purchase are completed. At this stage the property is yours and you can move in.


I wanted to let you know what an exemplary job Grace did. She was always charming, efficient and very professional.

I also think she should be commended for her desire to help with any question I threw at her - way beyond the call of duty from the remit of an estate agent! Her recommendations were sound and competitive.

Ella Holmans

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