Looking to buy?
Buying a home can be the biggest investment you make and can be a daunting experience. Some sales go through quickly and efficiently, others take their time due to a whole number of reasons.
Changing Home recognise this and look to work with you every stage of the way.
Choosing somewhere to live is one thing, but how can you be sure the property is right for you, fit for purpose and value for money?
We’re lucky in that Jeremy Jordan has a background as a conveyancing solicitor and can offer professional, independent advice. So Changing Home can help when it comes to things like getting a building survey, answering questions like:
- Why is the property so cheap?
- Am I paying too much?
- Does it have any obvious or hidden defects?
- Is there anything that could cause problems if I sell on in the future?
- What will it cost to bring the property up to my requirements?
There are a number of steps to go through once you’ve decided you want to buy. For example:
Building survey: a detailed report, usually more appropriate for older houses or where there’s concern over the structure. A building survey doesn’t normally include a valuation.
Homebuyer survey and valuation: a detailed report highlighting urgent or significant issues that could help with price negotiation before exchanging contracts. It’ll include a market valuation for insurance purposes and is a cost-effective way of getting peace of mind before buying.
Mortgage valuation: a limited report purely to give a bank or building society a valuation and the reassurance the property is suitable for a mortgage.
Other valuations: may be required for assistance with things like probate, inheritance tax, capital gains tax, remortgaging, transfer of equity etc.
Changing Home will help you make sense of all this and more. We’ll provide quality support and advice and help you get in touch with any specialists as required.
Buying a home can be daunting, particularly if you’re looking to sell at the same time. And decisions could save or cost you thousands of pounds.
Don’t be put off by how much there is to think about - we’ll help you get your head around things - but do be aware of what you’ll need to sort.
Here’s a guide to help you:
Is buying a home right for you?
Most people in the UK want to own their own home, but that’s not always the best option.
There’s lots of things to think about apart from the cost of buying. Maintaining and managing the property for example and of course, paying the mortgage.
If you’re a first time buyer, you may be used to renting a property and you should think carefully about the additional costs owning a property bring.
Selling a property before you buy
If you already own a property, you may prefer to sell this before you buy. You’ll need to make sure you’re not caught out by the economic climate – increasing house prices could see you lose out – but there are other advantages.
For example, if you’ve already sold and are perhaps living in rented accommodation or with friends or relatives, you’ll be in a better position to move quickly as you won’t be in a chain.
Working out your budget
You’ll need to think about how much deposit you can manage and be aware of the other costs associated with buying a home.
Things like stamp duty, conveyancing fees, survey costs and arranging your mortgage.
Deciding where to live
If you know the area you want to move to, that’s fine. Otherwise you’ll need to do your homework on a new area – schools maybe, access to work etc.
Choosing the right property
Whether looking for a new build or older property, you’ll need to research what’s around and visit as many potential homes as possible so you can contrast and compare.
You’ll also need to check out if a property is freehold or leasehold and ensure it’s not on a short lease.
Making an offer on a property
You’ll need to quickly work out how much you want to pay, including fixtures and fittings. Changing Home can give you some pointers as to how best do this.
Arranging your mortgage
You should have everything lined up when you make the offer and you’ll then need to go back to your mortgage company with the agreed terms and complete the process.
You’ll need a formal mortgage offer before you can exchange contracts.
Hiring a solicitor or conveyancer
Changing Home can help you appoint a solicitor or conveyancer to deal with the legal work. Once on board, they’ll work with the seller’s legal contact. If this is in the same area, it’s likely they’ll be familiar with each other’s company.
Getting a survey
Your mortgage lender will need a surveyor’s valuation to give them assurance that the property is good enough to lend against. It won’t go into great detail but you can usually either get the valuation upgraded to a full survey or commission a separate one.
This should alert you to any potential problems. Unless you’re really switched on with property issues, it’s usually best to get a full survey.
Paying a deposit
Before you can exchange contracts you’ll need to give your solicitor or conveyancer a deposit of up to 10% of the purchase price of the property.
You should either have this from the deposit you’ve arranged for the whole property, or you could raise it from the sale of your existing home.
Exchanging contracts
Once you exchange contracts you’re legally committed to buy/sell.
You should only exchange contracts after you’ve received the surveyors report and taken any necessary action.
Before you exchange, you’ll need to agree a completion date with the seller.
You’ll only be able to exchange contracts once the solicitor/conveyancer is satisfied with the searches, a formal mortgage offer has been received, and arrangements have been finalised for the deposit payment.
It’s usually a condition of the mortgage that you’ll also need to take out buildings insurance for the property from the date of exchange, as you’re responsible for it from then on.
Final arrangements and negotiations
There’s often some extra detailed negotiation to finalise. For example, buying the seller's fridge or items of furniture. And you’ll need to make arrangements for electricity, gas, water etc to be switched across to you.
Your solicitor/conveyancer should be liaising with the mortgage company to ensure the money will be ready for completion. You need to ensure that any balance required is also paid already. Normally you’ll pay that to your conveyancer before completion.
Completing the sale
Completion is when the property changes ownership, your payment is made and you receive the keys. It’ll be a previously agreed date.
The money is transferred and any deeds for the property are transferred between each side’s solicitor or conveyancer.
Taking possession of your new home
The seller has to leave the property by the time of completion, and you should then be able to collect the keys from Changing Home. You can move in!
Stamp duty, solicitor/conveyancer payments
Prior to completion, your solicitor/conveyancer will send you a completion statement of their costs and disbursements along with details of how much stamp duty to pay.
They’ll normally pay this for you and ensure the change of ownership is registered with the Land Registry.
