Buying a property in the UK requires careful planning and decision. This guide takes you through the process or buying your first property including applying for mortgage and saving your deposit.
Most first time buyers make the mistake of not confirming broker fees, legal and lender fees. It is expedient to work out how much your move will cost to avoid unforeseen events. There are professional financial consultant that can help with your move calculations in the house buying niche.
First, we advise that you have an initial appointment with a financial consultant on the type of mortgage you can afford. Then with access to a full range of mortgage across the market, mortgage advisors are in the best position to guide you on a range of options to choose from.
Having chosen what mortgage you can afford, now is the time looking for the property to buy. Many property portals and Estate agents permits registering for new properties updates daily. You can also minimize cost by looking afield in commuter towns or tops tips for some new neighborhoods.
You can do this when you have finalized what property you are interested in and would love to inspect.
Now you have the 'Decision in Principle' i.e. your lender is ready to consider your mortgage application for a stated amount. Having a solicitor with you is also an advantage. Now is the time to make an offer, do not get discouraged if your initial offer is not accepted, you and the seller are working on the best price.
When seller's real estate agent has the agreed details of both parties solicitors, this is where sale is confirmed and subject to contract. A Memorandum of Sale will be issued to you for confirmation.
Ensure you do all that is required legally to make the property yours officially. Although 'Conveyancing' can be a confusing process, you will require the expertise of a solicitor.
This is the time you need the expertise of your mortgage advisor to decide on a suitable mortgage deal for you and complete the application. It is also an awesome time to protect you mortgage. Due to unforeseen circumstances to avoid the lender taking possession of the property if the mortgage is not paid for.
Most times, your mortgage lender will want to arrange the valuation which may confirm that the property is worth the amount. However, the details of the property condition will not be given, hence why you should book a house inspection ahead of valuation. Without house inspection, you may be ignorant of the costs of work to be done in the house.
When the offer has been accepted, now is the time to commence tightening lose ends of the paperwork and other complex legal matters by instructing your solicitor.
About buying a property or still in thoughts? You need to be sure that your finances are sorted ahead of having a meeting with the mortgage bank or lender. We have highlighted some basic things you should do to increase your chances when applying for mortgage.
1. Collect Important Documents. Most mortgage lenders want an impressive view of your financial situation, hence why the following is asked by the mortgage lender;
2. Get familiar with spending pattern. Prior to getting a mortgage, mortgage lenders or advisers will want to understand your habit of spending so as to recommend an affordable mortgage for you. To do this, an interview of about 1-3 hours will be held. Even though the interview may later be in process, getting familiar with yourself with the areas you will be question about is a good idea.
As a continuation of the first article on the process you need to go through when you want to purchase your first property in UK. Below are the following process you need to complete as regards legal and financial process to owning your first property in the UK.
As soon as seller's solicitor receive title deeds from the seller, the solicitor will draft out a contract which will be sent to your solicitor.
Your solicitor and seller's solicitor will both confirm all that is included in the property sale. Your solicitor will ask about boundaries, alterations, and any disputes that have been made.
Your solicitor will have to perform searches of Land Registry and Local Authority information. Your solicitor will be searching for planning history and also any possible developments around drainage, roads, and mining near the property to be purchased.
During this time, your mortgage offer will be received and also with all the terms and conditions attached to the mortgage. This is needed before contracts are exchanged.
Getting your property insured is important. Therefore, this is where you can get quotes for your building and contents insurance. You can search for companies that have Insurance service departments who offer several competitive products from panel of insurers. Also, relevant insurance policy is needed to exchange contract dates.
This is the point where your solicitor advises you when the best time is to sign the contracts.
Both solicitors (yours and the sellers) will approve a specific date for the exchange of contracts and for completion. Also, it is a good time to start getting quotes for removals as well so as to set a potential moving day.
Deposit will be sent to your seller's solicitor alongside the signed contract. This makes you legally bound to purchase the contract. All relevant insurance contracts should now be put into force.
Inform utility companies in charge of meter readings of your change in address. Also, do not leave out all other people that needs to know i.e. royal mail, bank, your employer, etc.
Now is the time to contact your preferred choice of Moving or Removal Company to confirm and begin your process of moving.
This is where your solicitor will have the balance ready to purchase your first property to seller's solicitor. When payment is received, the seller's solicitor will inform estate agents and keys to the property will be released. Now you have your first property purchased. Congratulations!
There are several government schemes that can help you buy a home. Some of these includes Help to Buy, Right to Buy or Right to Acquire, Shared Ownership, etc. Below are details of how to go about these schemes in England, Wales, Northern Ireland, as well as other parts of UK.
You need to calculate stamp duty to be aware of how much that needs to be paid when purchasing a property in England, Wales, and Northern Ireland. If you have a small, you can be eligible to utilize the Help to Buy scheme.
The Equity Loan scheme is available to first-time property buyers and also existing homeowners who are looking to purchase a 'new build' house. The buying price must not exceed 600,000 pounds. In this scheme, you can loan 20% of the total purchase piece at an interest-free rate for the first 1-5 years as long as you have at least deposit of 5%. For those living in London, you can borrow up to 40% of purchase price. Help to Buy scheme equity loan scheme is extended till 2023. Although this extension will be limited to first-time buyers buying newly built homes.
Right to acquire is for tenants in North Ireland, Wales, and England who rent their home from their local council. It permits tenants who qualify to buy their home at marked down rate. The size of the discount may vary depending on the location and property type you want to purchase. Tenants who were once occupants in a council home before it transferred to another landlord e.g. a housing association may be eligible to purchase home under 'Preserved' Right to Acquire or Right to Buy schemes. Mostly, tenants may have rented from the public sector e.g. armed services, local councils, etc. for 3 years before they can purchasing under this schemes. it is possible for the 3 years not to be non-consecutive. Therefore you still qualify if you rented from any private sector between the times.
This scheme is where first-time buyer can share a home from the land who is most times the housing association or local council, and rent out the remaining share. Here, you will need a mortgage to pay for your share which can be 1/4 or 3/4 of the property's full value. You then pay a discounted rent on the share you do not own. You can always choose to purchase a larger share of the property up to 100% of the total value later. Also, eligibility restrictions on the shared ownership have been lifted. You can purchase a home via Help to Buy ownership - Shared ownership in England if you have household income lesser than 80,000 pounds (outside London) or 90,000 pounds (inside London) or If you are a first-time buyer, you used to have possession of a home you cannot afford to buy another or own an existing shared ownership and you are looking to move. In this case, only military personnel has the priority over any other groups, but this scheme apply across England.
AS a first time property buyer, you need to consider how much it cost to buy a house or flat. Below are a number of charges to get familiar with as a first-timer to help you work your budget.
It is important to be aware of mistakes to avoid when buying a home. For starters, below are some of the list of properties most mortgage lenders are not interested in.
Anytime you are house-hunting, note that the property may not be a perfect at first. There may be loads of mistakes that may be avoided when buying your new home by simply looking beyond the aesthetics. There may potentially be hidden problems and repair bills like Damp, Noisy neighbors, and faulty wiring. This may contribute to higher cost and extra effort after moving in.
Inspect for problems that may be expensive to fix such as faulty guttering, missing roof tiles, rotten window frames, damp, weak toilet flushing, etc. If you have a trusted builder, family or friend with experience in fixing properties, you may want them to tag along with you to visit the property. A builder will guide you on an idea of how much it will cost to fix these issues. You can also be at an advantage as you tell them to help bargain the price with the seller to lower the price. Ask how old the roof and wiring of the house are and when the boiler was fitted as well as any renovations to be done.
Now that you have successfully purchased your house, it is so easy to downplay actual cost of moving due to so many things to put in place. Knowing how to plan ahead helps reduce the stress. Below are tips that can help you as regards to moving.
When you are aware of the cost of your new mortgage payments, estate agent, solicitor's fees and new insurance policies. Now is the time to find out cost for moving day. Either it is your first purchased property or you are a seasoned buyer, you need to be prepared.
As your move day approaches, you would be surprise at the rate at which cost become high, however, careful preparation, you can move without any surprises. Below are some of the things you should be aware of.
i.Cleaning costs: if packing out of a rental property, it is advised to leave the property clean. a\You may contravene the tenancy agreement if left untidy, hence hire the services of a professional cleaning service.
ii.Storage costs: shop around and compare the prices as well as security arrangements. Also, have an idea of the average costs. Calculate the period of time needed for you to store as the price is dependent on duration.
iii.Extra moving-day costs: think ahead of the day itself. Do you require a budget for extra services e.g. childcare.
As a first-time property owner, you will probably need building insurance. If you have a mortgage, your mortgage lender will insist on this. You can purchase insurance that covers the damage or loss to the contents of the property e.g. electronic goods and furniture.
Be familiar with your new household utility bills immediately. You do not need to live on what previous occupant provided. Shop around for best deals for you. Also, you may want to set up direct debits for payments to permit automatic payment from your bank when payment is due. It helps to avoid late payment charges as well as help you track your budget. You may be eligible to discounts if you sign up for this method. Find out your council Tax open in new window.
This is an amazing idea as it helps to review your budget for times when there is any change in financial situations. As you settle in your new home, ensure that you make out time to work out how cash inflow and cash outflow every month.
Selling a property or house for the first time or you are not a novice at this? Here are some of the processes to keep in mind when selling a house in the UK. These includes;
At this moment, one of the most important question to ask yourself is "which agent will get me the best result?" Here you get a better estimate of your home. You may find an expert to value your home.
Sum up legal fees, estate agent fees, removal fees as well as all other costs related to selling your house. It is important to do it now to avoid unpleasant surprises along the line. You may employ the services of a Financial Consultant to help you get an estimate of the cost.
In England and Wales, it is a legal necessity that all properties are marketed with an EPC, hence giving the property a rating on its energy efficiency.
Now is the time to get all details of your property to be accurate. You can employ the services of a professional photographer to your property to depict your home looking its best. Then, work with your real estate agent to select the best images that best captures the best spaces of the house. Always choose images that are enhanced digitally.
In this day and age, most buyers search for interested properties to buy inline, therefore endeavor to take advantage of the internet. Ensure your estate agent list your property on our Website BuyLetRent.co.uk. Make use of advanced web positioning on any property listing portals. Doing these ensures that your property stands out during the most important days of the market. Then, finally, make better use of social media channels. Upload your property on Facebook and Twitter to increase reach. Also, you can discuss with social media pages that are strictly for advertising real estate or pay for promotional ads for your property to be advertised.
In this stage, you want your potential buyers to be able to imagine they are living in the house. Therefore be aware and pay close attention to these places as three most common things that irks or put off buyers includes dirty bathrooms, dirty kitchens, and unkempt exteriors. Take your time to think back to the special features that can make any average person fall in love with the property and the vicinity as well. Draft out a list to ensure that these spots are pointed out during inspection of the potential buyer.
You may choose to ask your real estate agent to show them around or you can personally conduct the inspection. Potential buyers will want to see all parts of the property, hence be prepared to be detailed with your answers and show them storage spaces. Ensure that your estate agent gives you a detailed feedback after each viewing.
Here you will be notified of offers verbally via phone can and also in writing. Give the amount being offered a thought, the financial capacity of potential buyers, your timescales, and their chain if they are looking to sell another property.
Here, conveyancing is extremely important. It is basically the legal transfer of ownership from the seller to the buyer. Although, this can be a confusing process, you will need the services of a solicitor to handle this for you. Ensure that the solicitor employed keeps everything easy and well documented to avoid future ruckus.
Here the solicitor of both the seller and the buyer will confirm the sale agreement and subject to a contract. Here the Memorandum of Sale is issued. However, at this stage, either the seller or the buyer can withdraw from property sale with zero penalty.
When you are ready to sell a property, you need all the advice and heads up you can get to avoid some costly mistakes. Below are some top tips for selling a property (house) in UK.
Since it is a long-term decision, it requires prolonged consideration if you are selling or planning on selling a property in few months or in the future. However, it is worth thinking about it if you want a return on investment. Adding a loft conversion, new kitchen a mini extension of your home, central heating, or double glazing can increase the value of your property.
Take your time to decide on what you want to achieve and when you want to achieve it. Certain sellers will need to move promptly due to certain personal reasons such as job relocation. While for some, they may be under less pressure. Take a step back and seek advice on the local market, check and compare locally sold house prices and most importantly be realistic about sale price you want to accomplish in your timescales.
Take not of this, the estate agent that may suggest the highest asking price for your property may not be the best fit for you. You want to attract buyers by setting realistic price in the first days your property is on the market. Also, remember you will be working with an estate agent for possibly few to several weeks on what can potentially become an emotional roller coaster. Make your choice of agent someone who you know will be most helpful and pleasant throughout your journey.
When you want to sell a property, what should clearly not be underestimated is the importance of first impression. Potential buyers will decide if they see a future in the property or not within few seconds of seeing the picture. Hence why we strongly recommend you employ the services of a professional photographer.
Ensure that the property is fresh, clean and spacious will present the property in an inviting manner when the potential buyers comes to inspect the home. After each viewing, ask your estate agent for feedback, you may be able to locate a quick fix to any negative feedback received.
When you are ready to sell your property or you want to know how much your home could be worth. You can request for property valuation from BuyLetRent.co.uk and we can help you with the selling process also from start to finish.
In a matter of seconds a buyer who is browsing or scrolling through properties online or in a real estate agent's particulars can make a decision on their choice i.e. if they are interested in purchasing that property or not. This is why having digitally enhanced photographs of your property is very important. Get your photographs right and it could mean quicker sales and in some cases higher offers. This is because first impression counts.
To do this, you need to invite or hire a professional photographer to take the best snapshots of your property. BuyLetRent.co.uk can also help you source professional real estate photography services that is sure to attract buyers. However, even if you hire a professional photographer, there are certain steps you need to take to ensure your house is prepared for photographs and can show your property at its very best. Without further ado, below are the process you need to take to prepare your house for photography, these includes;
Choose during the day and when the front of the house is at its best in natural daylight.
Mow the lawn.
Choose a day that is bright and clear (preferably spring or summer).
Take out any clutter from the vicinity of the property e.g. hoses and bins.
Move vehicles from the exterior of the property.
Clean the window panes.
Take out unkempt rugs, especially on tiled or wooden floors.
Arrange the dining room tables.
Take out unkempt throw pillows from the sofa.
Arrange the cushions to look tidy.
Any piles of magazines, DVDs, and children toys should be discarded out of sight.
Open all blinds and curtains.
Ensure the room is well lit and replace any faulty light bulbs.
Moving furniture may help present the look of the room as spacious.
Fresh flowers can help bring life to a space.
Ensure all wardrobe and drawers doors are shut.
All things stored under the bed should be kept out of sight.
Make the bed and choose bed spreads that complement the room.
Clear away any appliance.
Ensure all work tops are cleared and there are no chopping boards or tea towels on display.
Take out bins.
Hide any fridge magnet.
Tidy up the sink.
Shut all drawers and cupboards.
Hide pet's food bowls and beds if you have any.
Ensure the toilet lid is kept down.
Take out all clutter like tooth brushes and shower gels.
Any towel should be folded and arranged neatly, ensure it is chosen to compliment the room.
Close the shower curtain.
Take out toilet paper from its holder.
The best real estate agent for you is any agent that you can trust to guide you through the process professionally. Below are some few indicators of a good estate agent i.e. Industry qualifications and professional memberships. You need to verify your real estate agent is a member of or has a holding qualification from the following.
All members are obligated to work according to the agreed codes of practice and the relevant logo must be displayed in their respective offices. Also, you can check on the trade body sites to make sure an agent is a member to clear off any doubts. As a major part of being a professional and having a membership, there are a number of major areas an agent needs to make sure are in place. These includes;
Other Requirements include;
Being aware of the local market is important to getting the best price for your property, also if your agent has an identifiable local presence. This will help you reach the maximum number of buyers. Locally sold boards will demonstrate what they have sold along with a detailed website and portal listings.
An expert agent will know how to make a positive impact on sellers and buyers alike. In case your agent creates a poor impression with you, the chances are it will also have the same vibe with potential buyer. This also applies to online presence and websites, therefore if it does not work well with you as a seller, it will not have any effect on the buyer. The relationship with your agent is more important and if you are not confident the agent will do an amazing job, then that is not the right agent for your property.
Referrals, Reviews and recommendation from friends, colleagues and neighbors are solid endorsements for any agent's services. You can browse through reviews on websites or portal listings that will show you both positive and negative reviews on an agent.
We duly recommend having a shortlist of at least three agents to value your home. They should each give you a sample of their work, a copy of their terms of business and also a copy of their marketing recommendations for your house. Compare these prices, their services, and their projections. Although the price of the estate agent is a major consideration, however remember that getting a better offer for your property and getting the selling process done impeccably is more than any price tag.
It is possible to sell your property on your own without involving an estate agent, however there are some major risks attached to doing this. For lots of people, selling a home is the most important and biggest transaction they will do in their entire lifetime while for some it has become some sort of business.
Making use of professionals for each part of this process will provide you with extensive knowledge and legal protection. Selling your house may be an emotional experience, therefore having a professional to guide you will ensure you make the best use of the opportunity. As any mistake can be time-consuming and expensive.
Therefore, as a private seller, you will need to be responsible for the selling process from start to finish, these includes;
Reaching a wide market as possible can be a challenge to you as a private seller, as you just have a single product available, hence your potential buyer audience may be small. Private sale marketing websites generally have small stock to attract a significant volume of buyers.
There are several fees, charges and costs associated with selling a house that you will need to factor into your budget. Having this knowledge will make sure you are not caught unaware further down the line. If you are looking to buy a house at the same time you are looking to sell the one you are in, then also review the buying costs. You can employ the services of a financial consultant to help you estimate or calculate the costs. Below are some of the costs you should be prepared for.
Estate agent fees include conducting inspections, advertising your property and also partnering with other parties involved to get sale to completion.
Check if there are any penalties for exiting your mortgage early. You are likely to incur early repayment fee or exit fee.
In Wales and England, it is required for sellers to provide an EPC for the property to potential buyers. The EPC document sets out the energy capacity and efficiency of the home with "A" being the most efficient and "G" being least efficient.
Home sellers are required to provide Home Reports to buyers in Scotland. The home reports includes separate results such as Energy Report, Property Questionnaire, and a Single Survey.
A legal convincer or solicitor will deal with the aspects pertaining to legal parts related to selling the property which is called 'Conveyancing'. The cost mostly depends on the sale value of your property, however it is considerably lower than fees involved when purchasing a property.
If moving to a new house, do not forget to factor in moving costs. The cost will differ depending on how much you are moving and also how far you want to move. It is recommended to get 2-3 quotes and go over customer reviews to select the most suitable removal or moving firm that best suits your needs.
Across residential markets, standards can vary substantially from a landlord to another, which is difficult to know in future what your new landlord is going to be like. Presently, there are no national review sites to help choose which to work with and most times choice is made based on property and not landlord. Making use of an agent will help ensure that your experience is at a standard and reassures you it is being handled by a professional. The agent will be employed to find a tenant to search for tenant and also manage a property for tenancy duration
In England, agents are not registered, therefore always look for agents who are members of trade bodies like Propertymark (ARLA) and NALS. In case you have any doubts, you can check them out on trade body sites. Ever since November 2016, agents and landlords who let and manage resources in Wale are mandated to be licensed via official scheme. While the Scottish Government is introducing something similar in Scotland. Therefore it is an offence for any agents to do lettings work in Scotland after this time if unregistered. There are a several major areas an agent needs to make sure are in place. These includes;
Client money protection: all estate agents need to state if or not they have this so buyers can make a choice. This is likened to insurance which provides security or compensation to tenants, landlords and other clients in case agent misappropriate their funds. Registered agents should have CMP as part of their professional membership and also have important procedures for managing money to make sure the funds deposited is kept away from that is used to run their business.
One of the major independent Client Money Protection schemes that makes sure each of registered agents are in compliance with codes of practice of handling client deposit is SAFE agent. Also look out for the SAFE agent logo in their offices.
Property viewings are the opportunity to make clear the detail of what you would be renting if you took the property, hence why it is important to ask questions. Below are few things to consider;
As a pet owner, you need to understand that accepting pets may be a difficult decision for landlords. Below are some of the advice for renting pet-friendly properties includes;
1.Do your homework
Have a pet biography e.g. veterinary history, practices, record of vaccinations etc. and all documents that contains relevant information to indicate you are a responsible pet owner. Also, it is important to get a pet reference by asking your previous landlord for reference to vouch for your veterinary practices. Ensure the timing is right, be intentional and immediate with it, check your notice period and make sure your search fits within significant period.
2.Be Flexible
Increase your search criteria, try not to limit your excessive requirements considering other property types and location. Property types may also provide more possibilities. Also, deposit options can reassure your landlord of your intents to be a responsible tenant by being prepared to recompense a higher deposit to cover any pet-associated damage. Cleaning solutions is also something to consider as strong odors, flea infestation may be something of concern to landlords. Offer to have the property cleaned by a professional at the end of your tenancy period.
3.Communications should be clear
Be honest as not informing your landlord you want to move in with a pet can pose a breach of contract and may potentially result to eviction. Have a written permission. Make sure there is a written and signature appending documents to confirm this permission in case of future misunderstandings.
Before you begin you r search, ensure you have carefully thought about what you want and the kind of property and what best suits your lifestyle presently. Ask yourself these following questions;
i.Do you want a garden or terrace for your children, pets or yourself?
ii.Do you need off street parking or a garage?
iii.Do you need a fully furnished property?
iv.Do you need an unfurnished rental or you want it partly furnished?
v.If you a comfortable with a fully or partly furnished property, will all your deposit cover damage and handling cost?
When you have this done, make a list of your important search principles.
Sign up to BuyLetRent.co.uk property alerts to find out about new market rental properties. This gives you access to the website's favorite or recommended properties. Also you can speak with local letting experts who can help you find rentals, they can advise you on the best areas to match your criteria.
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