We understand buying a home is exciting, but it can also be overwhelming, so we have created 5 top tips to make your move as smooth as possible:
- Budget: consult a mortgage broker to assess the affordability of the house you want to purchase with your deposit. Don’t forget to factor in council tax, utility bills, removals and the fees for conveyancing and broking.
- Survey: this will give you an indication of the condition of your property so there are no nasty surprises after completion! There are three different types of survey which offer varying levels of detail and can be used to negotiate the price if repairs are required.
- Chain transactions: as a first-time buyer you will not be reliant upon the proceeds of a property sale, but you must bear in mind delays – if the home you are purchasing is not vacant and your seller intends to only move once their sale and purchase is ready. Property chains can vary in length, but this could go on and on until the chain is complete. It is important you ask the right questions to your estate agent to understand the chain you are involved in.
- Returning information: complete information requested from you as promptly and as accurately as possible to enable the transaction to move forward swiftly. If anything changes throughout the transaction remember to notify your conveyancer/broker/estate agent so they can act on this information and avoid errors.
- Timescales: Once you have appointed your conveyancer and the initial client care documentation is complete, pay for searches as soon as possible. The return of searches can sometimes take up to 6 weeks – so the quicker they are requested, the less delay you will face. The tenure of the property you are buying can also affect timescales. Freehold transactions generally reach completion sooner whilst leasehold properties/flats/new build homes/tenanted properties can take longer. This is due to the involvement of third parties, such as management companies and a higher volume of work results from this.
Lastly, don’t forget to enjoy this experience. Buying your first home is certainly an amazing achievement!
For more information or support please contact the team here.