Getting the BEST property or deal!
Being ready and able to move quicker than other prospective buyers through preparation will help you secure the opportunity to buy ahead of others.
Register, inform the estate agent of your plans, your requirements and start the viewings
Buying a home or investment property is all about what is best for you.
Be comfortable telling the estate agent all about what you need from an area along with the aspects you need, want, don’t like and cannot compromise on, to avoid wasting time introducing or suggesting the wrong properties.
Buyers should keep the compromise triangle in mind. This triangle encompasses three crucial factors: price, location, and size. Understanding that compromise may be necessary for one or more of these factors will help you find the best available property as soon as possible. For instance, a buyer might compromise on the size of the property to stay within their budget or consider a slightly higher price for a prime location. Striking a balance between these factors can be instrumental in finding a property that aligns with both preferences and practicality.
Are you selling or letting your property out to enable your purchase? You may need to arrange for either us or other estate agents to value your property to give help and advice.
Financing the Purchase & Legal Work (Conveyancing)
Cash buyers should be ready to show proof of cash funds to either the estate agent or if you prefer indirectly through a solicitor or accountant to prove your good position as early as possible to ensure that this can be communicated with the seller.
Mortgage finance?
You may need or prefer to take a mortgage. Knowing your limits in a market with interest rates that change is one aspect and there is also a strategy for securing the best interest rates. We can help here in many ways including referring you to mortgage brokers that cover the wider mortgage market. Call us for the best referrals. Inflation erodes the value of money and debt so sometimes borrowing can work in your favour, call us to discuss.
Do you have the right law firm that can carry out the purchasing/selling work?
It is not easy to find the right fit as many firms are restricted on which lender they can work for. We advise setting up early with the right legal firm before you find the dream property to avoid losing it by being slower than other buyers. We recommend having a solicitor that offers a “No Purchase/Sale = No Legal Fee” option meaning that your costs are limited if for whatever reason you withdraw from buying/selling. Call us to be referred to the best local law firms.
Making the decision and offer accepted!
If you view a good range of properties on the market, you will often know more than the estate agent about the current value proposition so offering the right amount of money becomes easier.
You also have the survey to make sure the price is right for the size and condition.
Surveys and reports
Consider what kind of surveys are best before finalising your purchase. Talk to us so we can help you book the right survey/report with a trusted local surveyor or relevant professional. We can offer case studies to help you decide on the best plan of action and here is a list of surveys and reports that are often advised:
Valuation Survey, Homebuyer's Report, Building Survey (formerly known as a Full Structural Survey), Condition Report, Snagging Survey, Damp and Timber Survey, Electrical Installation Condition Report (EICR), Gas Safety Check
Exchange and Completion
The completion date is the day you move in but before this is possible you need to exchange contracts.
Exchange of contracts takes place on a day when both buyer and seller have; physically signed and returned their contracts, agreed on a suitable completion date and given verbal authority on that day. Any buyers involved would have also had to transfer any required deposits.
Please note that on the completion date, the vendors’ solicitor would have to confirm that they have the money in their account before the keys can be released.
Other possible costs:
Stamp Duty Land Tax (SDLT), Home Insurance, Removals, Estate Agent Fees, Utilities and Council Tax, Home Maintenance and Repairs.
Please call us to discuss and we can help you save time and money through free advice from us or referral to companies that are experts.