Wed 22 Jan 2020
How to Make First Time House Purchasing as Simple as Possible
by naomi fiddes-baron
It’s a well-known fact that buying and selling property is often pretty stressful; this is particularly so if you’re about to buy a home for the very first time. We’ve put together our top advice, to make your first step on the property ladder as smooth as possible!
First Things First – Get a Mortgage in Principle
In order to buy any property, you will need a mortgage agreement in principle (AIP) which basically is confirmation from your chosen lender that you have passed affordability checks and are “good for the money” so to speak. If you haven’t already ticked off this step, we recommend booking an appointment with an independent mortgage advisor who can look across the whole of mortgage market to include high street lenders and your own bank. They will be able to help you make the best decision on who to go with and also take on the leg work for you!
Having the advisor produce you an AIP will help when trying to secure offers on property since an agent will ask to see proof of your deposit along with AIP to confirm with their sellers that they have a formal and qualified offer.
Set a Realistic Budget
Having enough deposit to buy your home is one thing, but remember the extras will add up. Don’t forget to hold enough funds to cover:
- Valuation fee;
- Surveyor costs;
- Legal fees;
- Mortgage product fees;
- Moving costs!
Check out our handy blog all about the secondary costs of buying a house here.
Finding your Dream Home
The simplest option may appear to be trawling through the internet to find the perfect home when in actual fact your first port of call should be the local high street estate agents. Call into their offices registering your details and make yourself known to them so when properties come up similar to your search criteria the agent will be in touch with you before the property has reached the internet – this will increase your chances of being one of the first to view and securing your dream home!
It is important that buyers build relationships with estate agents so the agent better understands what it is you are looking for and what best suits your budget; potentially saving valuable time viewing properties that are not suitable for you at all and missing out on properties that would have been more ideal.
Making an Offer
We are regularly asked what people should offer to secure a property; simply put, the offer should be what you feel you can comfortably afford and asking price offers if you believe the property is worth it! If a property is priced a little higher than you’d ideally like to pay, don’t be put off making an offer since sellers may be willing to negotiate.
The Legal Bit
Why do you need a solicitor to help with purchasing a house? Well, a conveyancer is will give legal advice, handle contracts, undertake property searches, deal with the Land Registry, and then finally, the transfer of funds – all pretty important stuff! At Oulsnam we have close links with local solicitors and conveyancers in the West Midlands to carry out all conveyancing during sales that we manage.
Be patient through the legal process; we know how much you want to get into your new home, but it’s so critical that all relevant I’s are dotted and t’s crossed. There’s a lot of paperwork to deal with, but getting it right is really important, so keep with it!
When looking to purchase your home, it is important you feel comfortable and trust the advice you are being given. From the point of walking into an estate agents office through to the time of completion, the agents, the mortgage brokers, the solicitors will all play a fundamental role during the purchase period and it will be essential to making the process as stress free as possible that you can rely and depend on those offering you their services.
If you would like more advice or to register with us please get in touch with your local Oulsnam sales estate agent branch .