Guide To Buying A House
It could be the biggest financial decision of your life – Let's try and make it easy
Whether you are a first-time buyer braving the property market or you are well accomplished to these things, buying a house can be a challenging experience.
It can be as exciting as it can be stressful, marking both a new chapter in your life and one of the biggest financial commitments you will ever make.
Buying a property has many more moving parts. Your budget, lifestyle, the location, how long you think you will be living there.
Keep reading for some tips and answers to frequently asked questions.
Some questions to start asking yourself
- Why are you moving? Do you need more space for a new addition to the family, do you need to be closer to work, or are you simply looking to get on the ladder?
- How much work are you willing to do? Do you want to move straight into a fully furbished house, or are you willing to spend less for a fixer-upper?
- What am I not willing to compromise on? Do you absolutely need a garden or a downstairs toilet?
- What are your locational needs? Are there good transport links and local amenities nearby?
- Are the long-term costs, including potential increases in the interest rate, within your budget? Are you able to adapt and keep up with your payments if your financial situation changes?
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Frequently Asked Questions
Click the boxes below for answers
What should I ask during a house viewing?
You want to get to grips with both the property's background and the surrounding area so ask questions about this. Also ask how long the property has been on the market and whether there has been any interest or offers to-date. How straight the answers you get will depend on whether the agent is speaking to you or the owners. It can be like a poker game!
You could ask also if there have been any legal issues or disputes involving neighbours. But again you may not get a straight answer. Don't worry however it will come out in the legal process as it is something the seller is legally obliged to disclose.
How can I find out how much I can afford to borrow if I need a mortgage?
For an accurate calculation, consider getting in touch with a mortgage adviser. If you need a more general rule of thumb for gauging the properties you can afford, most mortgage-related websites include a mortgage calculator like this one.
Do I need a surveyor?
It is highly recommended to have the property you wish to buy structurally surveyed. This will highlight potential issues like damp, significant structural or maintenance issues, missing roof tiles and avoid a potential headache down the line if these issues rear their head.
Your mortgage lender, if you have one, is likely to require you to have a survey. There are different types, some more advanced than others. We recommend browsing RICS to find a reputable surveyor
What is the difference between the different types of properties on the market?
There are several types of property ownership in the UK, the most common being freehold, leasehold and shared ownership.
Freehold
You own both the home and the land it is situated on. This gives you a great deal more flexibility for any extensions or further building work you want done and is generally seen as a good investment. Most properties on the market, which are not flats, are likely to be sold as a freehold.
Leasehold
If you buy a flat, it is highly likely that it will be leasehold. This means you purchase the lease of the property for a value and a preset amount of time - generally between 99 or 125 years. When the lease expires you can negotiate the purchase of an extension but this of course is extra expense you need to consider so always ensure the remaining term of the lease is ideally above 100 years when you purchase it. There is sometimes the option to buy the freehold as well or at a later date.
Shared Ownership
Somewhere between a leasehold and a freehold and generally aimed at getting people on the property ladder; you purchase a “share” of a property and pay rent on the remainder, gradually working your way up to full ownership. You can find out a bit more here.
What do mortgage lenders look for?
Mortgage lenders look for reliability. This includes your income, any debts you might have accrued and your overall credit score. We'd advise you to put together a basic spreadsheet of your income and outgoings as this will help the adviser/lender work out your affordability. If you are unsure about your credit score, Experian is the UK's most trusted credit score provider, and they also helpfully provide tips for boosting your score.
Do I need a conveyancing solicitor or a licensed conveyancer?
Although both professionals handle the legal aspects of buying a property, the main difference comes down to their processes. Licensed conveyancers are often cheaper but offer a less personalised service. While conveyancing solicitors (or property lawyers, which is the same thing just another name!) tend to charge more but are more bespoke in their approach. The choice comes down to personal preference and how much you are prepared to spend. But we would highly recommend going with a local property lawyer as this helps with sharing and signing documents.
How can I get my offer accepted?
There is more to making a good offer than simply matching or exceeding the asking price. Make sure you have your paperwork and details sorted – most sellers would prefer to work with a buyer who has their affairs in order and wants to move quickly than somebody who might offer slightly more but drags the process out.
Watch out of our blogs on neogtiation techniques coming soon!
If you are a conveyancer, property lawyer, estate agent, mortgage broker, surveyor, removal company or any business involved in the process of buying and selling property, please get in touch as we would love you to join us on this journey.
