Purchasing a new home can be a stressful experience, especially for first time buyers. To help ease the pressure and make the process as plain sailing as possible here are our top tips…..
Be proactive: Visit your mortgage lender or broker and appoint a solicitor before you even start looking for a property. By doing so you can get proof of funding and complete all of the background checks in advance, so you are ahead of the game.
Find your solicitor before you find your property: Most law firms do not start charging for their service until you find a property, which means you can complete the relevant background checks and be ready to go as soon as you find your dream home. To speed things up, bring your ID and proof of funds, such as a bank statement to your first meeting.
Budgeting: When budgeting for buying a property there are a multitude of extra costs you need to factor in on top of the deposit, including stamp duty, survey, legal fee, mortgage and moving costs.
Clarify ownership: If a family member is helping you out with a deposit make sure you have a conversation around whether it is a gift or a loan. You must tell your mortgage lender and solicitors to save confusion and delay later.
Protect your assets: If you are purchasing a property with a family member or partner and are putting in unequal monies, you must have a Trust Deed and we can help with his. This will protect your assets should you want to sell or there is a breakdown of the relationship.
Explaining the process: With our initial letter we will send you information about outlining the conveyancing process.
Be up front: Let us know any concerns or requirements such a preferred move date up front to ensure that we can meet your expectations. You should also inform us of anything that could delay the process, such as planned holidays or delays in receiving deposit monies.
Have a question or need some help? Call us today on 0808 258 1345
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