A Guide to Buying Your Property with Flick & Son Organise Your Finances
When it comes to deciding on a budget for your property, remember to keep additional costs in mind. When buying, you will need to account for these things on top of the property:
- 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
Also, before you make an offer, it’s important to 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.
Property is Subject to Contract
No matter what, when your offer is accepted, it is always subject to contract which means either side of the sale could still pull out of the transaction. During this time, it is worth checking if the property will still be advertised for sale or agree to withdraw for a time while contracts are prepared. The agent selling the property should be able to clarify this for you.
Mortgage, Surveys & Searches
The next step is to make sure your mortgage arrangements or investment release are in place in time for when contracts are exchanged. Also, as the mortgage lender will require their own valuation, it may be a good idea to commission a building survey for your peace of mind. At Flick & Son, we can recommend suitably qualified local surveyors who can carry this out for you. As well as this, we also recommend Solicitors and Wealth Management Services, if necessary, to assist you further financially.
As well as conducting building surveys, now is the time to instruct your solicitor to necessary start local authority and environmental searches. Once all legal aspects of the purchase are complete and you have your finances in order, you can move onto the next (and last) stage.
Exchange, Insure & Complete
This is what you’ve been waiting for – the last stage of the buying process. After an offer is accepted, it can take between 4 weeks and longer before contracts are exchanged. Once this process is completed, you will pay the deposit and the sale will be legally binding with no further negotiation.
Although you don’t technically own the property yet and the current vendor should maintain cover until completion, we recommend taking out buildings insurance. And, finally! After around another 4 weeks after exchanging contracts, the purchase will complete and the property is all yours ready to be moved into.
Our Buyer’s Guide has all the key points of your buying journey, but we are always on hand if you need further help or information. We are trusted estate agents that you can rely on.
Flick & Son’s branches in Aldeburgh, Leiston, Saxmundham and Southwold have an excellent selection of property covering the Suffolk Heritage Coast and many thriving communities further inland.
Please take a look at our area guides for more information on some of the key towns and villages served by Flick & Son. One of them could be the perfect place for you to settle in Suffolk.
What our clients say Testimonials
Read some of our testimonials to hear about our amazing service and success stories first-hand.
“Great dealing with Flick & Son, turned out to be a quick sale and I was kept informed throughout the process. Very pleasant staff and helpful in all aspects. I would happily recommend them.”Mr Nash
“The service from Flicks has been first class. Matt went out of his way patiently helping us in our search for a suitable property in Aldeburgh. He truly added to Flicks professionalism and responsiveness.”Mr David
“5-star service all round. Very prompt at fielding queries. Very efficient at arranging and conducting viewings. Very quick providing feedback. Charming, friendly, and knowledgeable staff, especially Devon and Isobel.”Mr Palmer
“Very professional service with friendly and courteous staff. All the Agents went out of their way to help us. Would definitely recommend Flick and Son.”Mr Middleditch
“Very happy with Flick & Son Aldeburgh and their handling as sole agent of our recent property sale. A smooth, responsive, and courteous service through to completion.”Mr Nicoll
“Fantastic team at Saxmundham, Jack was right on the ball from the start finding me the properties I was after quickly and at a great price, the team also looked after me right up from purchase to Let.”Mr Denholm
“An excellent, highly professional and always accessible Letting Team who are looking after my properties. I am impressed and grateful with the service I have received to date.”Mr Brent
“Helen and Melissa provide an excellent lettings process, both very efficient and helpful. Thank you.”Ms Marshall