Buying a house
Despite the gloomy prediction that we’re becoming a nation of renters, residential property sales actually increased in 2019 by about 1.3% over the previous year.
Despite this modest increase, getting on the housing ladder can be tricky, but with a bit of research and preparation, you can get those keys in your hands sooner than you think. Here, Atwell Solicitors discuss some of the factors you need to consider when buying a property.
Raising a deposit
Knowing how much cash you have available before you start to seriously view properties is a vital first step. To access most mortgages these days, you will need to have at least 10% of the value of a property to put down as a deposit. Meanwhile, you’ll also need money to cover the costs of estate agent fees, stamp duties and legal costs, amongst other things.
So whether you’re going to the bank of mum and dad, selling a previous property, or have savings available, knowing the amount of cash you have available, minus your moving costs, is a key factor in deciding the price range of a property you can seriously look at.
Get a mortgage in principle
Whilst you can’t get a mortgage set up before you’ve actually found a property you want to buy, you can get something called a mortgage in principle. This is a letter from a mortgage provider saying they would, in theory, give you a mortgage for a set amount of money, should you apply for one.
This is particularly useful to have when you’re viewing properties that are considered desirable, or are in a highly sought after postcode. From a buyer’s point of view, knowing someone is capable of securing a mortgage gives them credibility. This will help put you at the front of the queue if a number of offers are made on the property you want to buy.
It’s worth noting that you can get a mortgage in principle letter from one provider, and still get your actual mortgage from a different company entirely.
Finding the house you want to call home
Once you know the area you want to move to, it’s important to view local properties, and get a feel for what you can buy on your budget. You may not like all of the properties you view, but it will help you understand what the area has to offer. With a bit of luck, you’ll soon find the house that gives you that ‘wow’ factor. At which point, it’s time to wield your mortgage in principle if you have one, and make your offer to the estate agent. If they accept your offer, or you’re able to negotiate and agree a price, then congratulations… however, now the real work begins.
Whilst you’ll need to get your mortgage application sorted as soon as you can, you’ll also need to recruit a conveyancing solicitor to coordinate the legal side of the property transaction.
Shopping around for a property solicitor
It’s not just houses that can give you the ‘wow’ factor. At Attwells, we aim to give all our conveyancing clients that same feeling. After all, when you’re entrusting us to look after the largest purchase you’ve ever made, why settle for less?
It only takes a minute to get a quote from our online conveyancing calculator. And the fixed fee figure you receive will be the same amount you pay at the end of the transaction, which means you can budget those costs right from the start. And don’t worry, you’ll only have to pay once your house purchase completes.
Your Attwells conveyancing solicitor will take care of everything, from processing your formal mortgage offer, to conducting local area searches, and communicate with the solicitors working on behalf of the person who is selling to you.
We’ll work hard to make the process move forwards as swiftly as possible, and proactively keep in regular contact with you. We’ll keep the legal jargon to a minimum and make sure you know exactly where you’re up to with the conveyancing process. And as soon as possible, we’ll give you that proposed completion date so you can get your moving plans in place.
Attwells are a trusted and transparent conveyancing solicitor who have expert knowledge and experience of Ipswich, Colchester & North London, and the surrounding areas. Get your instant online conveyancing quote today.