How to go about finding the right property
- When do you want to move? You must consider the time it takes the average sale to proceed to completion, on average the sales process takes up to 12 weeks
- Speak to a financial adviser to explore what mortgage products are currently on the market and find out exactly your affordability.
- Consider your position, i.e. do you have a property to sell as this will compromise your ability to negotiate
- Source a good Conveyancing Solicitor as this may cost you your new home
- Look at all costs i.e. stamp duty cannot be added to the mortgage for example
- What is your “must have” criteria - what won’t you compromise on?
- How much would you be prepared to pay for the right property?
- View as many properties as you can to help you make the right decision when you find the property you love
- Make enquiries regarding service charges and ground rents (if applicable)
Viewing Arrangements
Make sure you always confirm the viewing with the negotiator and if something comes up and you can no longer make the appointment let the negotiator know in advance and they will happily re arrange a suitable appointment time.
What is stamp duty?
Stamp duty is a tax payable as a percentage of the value of the property
- Up to £125,000 - 0%
- Over £125,000 to £250,000 - 1% (first time buyers rate is 0% in this category)
- Over £250,000 to £500,000 - 3%
- Over £500,000 to £1,000,000 - 4%
- Over £1,000,000 - 5% (from April 2010)
Conveyancing solicitor
Conveyancing fees differ depending on the value of the property and whether the property is Leasehold or Freehold. It’s important to speak to several solicitors and obtain quotes before instructing them to act on your behalf. On top of this cost there will be disbursements again depending on the local council etc these costs may vary.
When you’ve found a suitable property
- When making an offer include any special conditions such as kitchen appliances, moving dates etc as this can prove to be a problem later on in the transaction if not agreed from the outset.
- Upon acceptance of your offer, you will need to instruct your chosen conveyancing Solicitor. Who will in turn request all relevant documentation and information from the seller’s solicitor.
- Provide your financial adviser with all the property information and arrange a survey.
- Once the solicitor has received all the documentation and is satisfied he will proceed to an exchange of contracts. (This generally can only be done when a mortgage offer has been received)
- An exchange of contracts binds you legally to purchase the property. (Generally a 10% minimum deposit is required). A completion date will be set for when the remainder of the balance is forwarded to the vendors solicitor and the keys to your new home can be released to you
For any further information you may require please do not hesitate to contact one of our offices and speak to one our experienced sales negotiators.
