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Top Tips on Purchasing a Property
Purchasing a property is one of the most important financial decision you will ever make. The process can also be time consuming and you would be required to make numerous important decisions.
Here are some of our top tips when considering purchasing a property:
- Calculating costs and checking your finances
The costs of purchasing a property can add up without you realising. Not only do you have to work out how you will fund the purchase price but you will also need to consider the following:
- Mortgage arrangement fee;
- Valuation fee;
- Stamp duty;
- Legal fees;
- Removal costs;
You should ideally know before instructing a Solicitor how you intend on funding your purchase as your Solicitor will require you to provide source of funds evidence. It is important that the evidence is provided at the outset of the transaction as it prevents delays from occurring in the purchase transaction.
- Getting mortgage offer in principle
You should ideally have your finances in place before applying for a mortgage offer. A decision in principle is confirmation from your lender that they are prepared to lend on your proposed purchase.
Once you have a decision in principle from the lender you would be in a stronger position than other potential buyers would as the sellers would know that you are a serious buyer.
- Checking the property and the neighbourhood
It is vital that you explore the area and visit the property before considering to go ahead with your purchase. This is vital because if there are any issues with the property or the area then the issues could be raised with the seller early on in the transaction.
You should take a walk around the area and talk to local residents at different times of the day. The last thing you would want after moving in to your property is to find that the neighbourhood is noisy or there are problems with the property.
- Communicate with your Solicitors
Be realistic about the timescales of the transaction with your Solicitor. If you are intending to go on holiday in between the transaction, ensure that you make your Solicitor aware of this as this can cause delays in the transaction.
Not all transactions can be straightforward and so you should be flexible with your timescales to avoid disappointment. The transaction timescale could be affected by chain transactions, legal issues and personal circumstances.
- Get a Survey
It may seem tempting to use the valuation report completed by the lender but it is important to obtain an independent survey as this would show a detailed inspection of the condition of the property.
If anything is revealed from the survey then the issues can be raised with the sellers and dealt with early on in the transaction.
Our Property Team at Johnson Astills can assist you if you are looking to sell or purchase a property. Please call us on 0116 2554855.