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Buying your first house…? Be prepared

According to figures recently published by the Office for National Statistics the average house price for first time buyers rose by 11% in the year to November 2014.

A busy market makes it more important than ever that when you decide to take that first step onto the housing ladder you are fully prepared.  Hopefully you will then be in a position to proceed quickly when you find your dream home.

So, here are 3 top tips for being prepared:

1.       Get your finances sorted

Before you start looking at properties you need to know how much you can afford to spend.  Make an appointment with an independent mortgage advisor who will be able to advise you how much you can afford to borrow and will look across the whole mortgage market to find the best deal for you.

2.       Get a surveyor

If you are buying with mortgage finance your lender will require a mortgage valuation to be undertaken.  This is a basic inspection of the property for mortgage purposes only.  It is often the case that only your mortgage lender is covered if an error is made in this valuation report, so it is well worth getting a more in-depth survey.  Get in touch with a RICS qualified surveyor early on and be ready to instruct them to inspect your property as soon as you put an offer in.

3.       Get a good lawyer

You don’t need to wait until you have found a property before you find a lawyer to deal with the conveyancing work for you.  There will be some preliminary checks that your lawyer needs to make before matters proceed – so instruct them early.  Make sure you instruct a lawyer who specialises in conveyancing and is accredited by the Law Society’s Conveyancing Quality Scheme.  Remember, a house is the most expensive thing you are ever likely to buy, so don’t just go with the cheapest quote – it’s well worth spending a little extra to get a better quality service.  A few extra pounds can make a huge difference in the quality and speed of the transaction.

If you would like to understand more about the conveyancing process take a look at our Guide or feel free to contact a member of the Napthens’ team on 0345 671 0276