A guide to buying a property.
Research the market and start early:
It is important to get an idea of the market trends before embarking on your buying journey. Do your research and look at online portals, newspapers, websites to understand what houses are selling for, how long they are on the market etc. This will give you an idea of what you are going to get for your money at that time, and if it is the right time to buy.
Work out what you can realistically afford:
It is time to do some sums, and use an affordability calculator to determined what you can realistically afford. Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt. It is easy to miss out additional fees that crop up when moving that you will have to take into consideration, so make sure you have accounted for stamp duty, removals, surveys, conveyancing fees, agency fees and more
Seek out your mortgage in principle:
You know what you can afford, but now it’s time to ascertain how much you will have to spend. Do some research on the lenders and the current rates, and then see if you can get a decision in principle. This will depend on your current financial circumstances. If you want additional help on this then speak to Knights as we will ordinarily be able to put you in touch with someone we work closely with in order to get you the best deal and clarify your purchasing position.
Start your search online and register with us!
The next stage is the exciting one, as its time to start looking for your new home or investment property. Visit our offices, we will pop on the kettle whilst you go through your list of requirements with one of our consultants and then we will get straight to work with assisting you with your search. We will access all properties that match your criteria, and then keep you in the loop with suitable properties going forward.
Make an offer:
Fantastic! You have found the property that you want to buy and now it’s time for you to decide how much you want to offer. It is now up to Knights to put your offer forward to the seller verbally and in writing. The offer will be subject to a contract being signed, meaning there is no legal obligations on either side until this part of the process has been completed. Sometimes you may enter into a process of price negotiation and by working with us or another reputable estate agent, we will use our expertise to ensure an agreeable outcome delivers the best scenario for all.
Get a survey done
There is always a standard survey instructed by the Mortgage company, but you can organise a variety of options in addition to give you more confidence. The mortgage valuation is the cheapest route, this offers a basic appraisal of the property to confirm to the lender and yourself that it is structurally sound and worth the value you are paying for it. A home buyers report, is the next grading – which, whilst more expensive is a more thorough inspection of the property and makes recommendations for future schedules of maintenance. The final and most comprehensive of the surveys is a full structural survey. These are rare as they are expensive and a lot of the observations would be covered off by a home buyers report. However, the comprehensive survey is of great assistance if you are buying a property of non-standard construction, a listed building or something that has clearly had structural defects historically.
Once the sale is in solicitor’s hands, they will examine the contract paperwork including the deeds, the lease (if there is one) and collate the other legal information including the searches and transfer documents. Although estate agents are unable to significantly influence the process, Knights will be on hand to oil the cogs, aid the communication and deliver documentation.
Exchange of contracts
Exchanging contracts is the pivotal moment when the sale is legally binding. At this point a completion date will be set, and your home is just a few days away.
You are about to get the keys to your new home. Completion day is the day when all the funds are settled and the balance paid. You will receive confirmation from your solicitor that all has been completed, and it is then that you will get a call from the estate agents to pick up the keys to your new home!