It can be the most stressful time of all - after all,
it is the biggest single transaction many of us make. In some ways, it
gets easier each time you move - but it can still be a complicated
business.
Here are our ten tips for making the process a little less painful!
- Start by asking some questions: what is your income and how
is this likely to change? Where do you want to live - and how many
bedrooms will you need? If you don't know what you're looking for, you
won't know when you've found it!
- Speak to a range of Mortgage lenders and see who you are
comfortable dealing with - not just on the High Street but elsewhere -
try direct lenders like the Teachers Building Society. Ask for
explanations of the various mortgages available - discount, cashback,
fixed rate and so on. How much can you put down as a deposit?
- You'll need a solicitor or licensed conveyancer. Some
mortgages provide a cash sum to cover legal costs as part of the
package.
- Before you visit the estate agents do your homework: make
sure you know what you're looking for and how much you can afford, and
emphasise that you are in a position to move quickly. Remember that the
estate agent is acting for the vendor at all times!
- List the features you 'must have' and those which are 'nice
to have'. Try to find out why a house is being sold, what the
neighbourhood is like and whether you can visit at different times of
the day.
- When you've found a place that you like, make an offer
through the estate agent. If it is accepted, inform your mortgage lender
and legal adviser, and await their instructions before signing
anything. (Remember, in Scotland an accepted offer is legally binding.)
The lender will arrange a basic valuation - which you may have to pay
for - but it is often sensible to commission a homebuyers report or full
structural survey as well.
- Leave the background work to the experts - searches,
preparation of the mortgage offer, checks on legal title and so on -
that's what you're paying them for. But don't be afraid to chase them up
if needs be.
- If all goes to plan your solicitor will ask you to sign the
contract, after which he will 'exchange' it with the sellers' solicitor.
In England and Wales, you are now committed to the purchase, and you
will be asked for a 10% deposit. Remember, you need to insure the
buildings at this point, but not the contents.
- Whilst making arrangements for removals don't forget to sort
out gas, electricity, water and phone changes, plus mail forwarding.
- Of course, completion day is when the house becomes yours,
and you have to deliver the balance of the purchase price. Time to move
in - now the fun really starts!