1) Work out your budget
This may sound obvious but you will be surprised how many of us don’t do this. Go back to basics. Get a pen and paper and write down a list of all your savings and the money you can borrow from family or friends. Do this for your partner if you are buying in joint names. This will give you the total amount you can put down as a deposit. Then do a separate list of your income. These two figures will give you the information which a lender will base its lending amount and the interest rate available to you. That way you will know what property price bracket you can afford to buy. Only then can you start looking at the property locations which fit your price range.
2) Choose an estate agent who can deliver
Now that you’ve got your budget, you should look to appoint an agent with a proven track record of successfully helping people (that you know) find a property best suited to their budget and desired moving date.
Remember to ask your agent about the things most important to you, including: Local schools, travel, shops, coffee bars and anything else is important for your choice of purchase. This is why an estate agent with good local knowledge will help you find the best property for you.
Finally, ask yourself whether your estate agent has made you feel comfortable. Have they listened to your list of requirements? Are they serious about finding you a property or have they just added you to their mailing list? The more attentive they are, the more likely they’re interested in your business and helping you to achieve your purchase and moving goals.
3) Seeing is believing
View as many properties as possible. The more you view, the better idea you will have of what is available on the market at the time you are looking. You can compare factors such as price, location, suitability.
Always keep an open mind. If your first choice isn available, then you may choose to put an offer on something else. Compromise is not all that bad and sometimes it’s the better choice as well as reducing the risk of being priced out of the area. With property prices increasing, think twice before risking being priced out by holding out for your ‘fairy tale’ property.
And don’t be put off by the décor either. Imagine the property empty and look past the furnishings. Visualise how you would feel living there with your choice of furnishings and decorations.
4) Choose a solicitor who can deliver
Don’t choose on price
Cheap normally ‘buys’ you a a slow and cheap service – often proving more risky and costly in the long run.
Choose an expert
The Law Society will recommend a solicitor who has been awarded “Conveyancing Quality’ and “Lexcel” (Legal Excellence).
Choose on your solicitor’s track record of speed
Ask them how long they will take to exchange. Before exchange the seller can pull out and often do. The faster they exchange the less risk you’ll have of closing and moving in on time.
Ask them about their abortive fall through rates
20-30% is the national average. A.V.Rillo has a 5-9% abortive rate.
5) Choose your mortgage broker
They will ask you questions to ascertain the best mortgage for you, including what you can afford to buy, the loan, best rate of interest, etc. And we always advise you instruct an independent financial advisor (IFA).
6) Choose your completion date
Ask your estate agent to help you with this. This is your move out date. You solicitor will let you know when you are ready to liaise with your estate agent to agree a completion date with the seller.
7) What to do after you buy
Pick up your keys from our estate agent
As soon as your money is received in the account of the seller’s solicitors; normally by 2.00 pm. After that, the property is yours and you can start moving in.
Set up all of your services
Electric, Gas, Water, Phone and not forgetting your cable or satellite suppliers and internet suppliers.
Remember, your new title deeds will arrive with you approximately 8 weeks after you complete.
Don’t panic if your solicitor is a specialist in conveyancing as they should be doing this in the background. If after 8 weeks you do not receive your title deeds then call your solicitor.