1. The Budget
It is crucial to know your budget. You can get a sense of the actual amount you can afford by consulting a mortgage adviser. Since many of the estate agents would want to get a proof of budget, apply for an “Agreement in Principle”. You can get this from a mortgage lender. You must provide a bank, mortgage broker or building society with detailed financial information. This will help them work out the exact amount they are willing to lend you.
2. Homes for Sale
You must research on various areas offering homes for sale. You can browse through authentic websites, speak to local estate agents, or visit some of these areas personally with a professional. You should also speak to locals to get a better feel for the neighbourhood. Also try to visit the area at different times of day.
3. The Amount to Offer
Most people don’t know the actual way to work out the amount to offer. One-bedroom flats are available these days in varied sizes and shapes. Hence, it is important to work out the exact price per square foot. You can use this to compare with other properties. This will let you know you are offered good value. Have a look at recently sold prices in the area you are interested in. It is a good way to confirm that you’re paying the accurate amount. Varied factors tend to influence the price. Right from the location of property’s location to an outside space, numerous factors should be taken into account.
4. No Gazumping Risk
You must work towards minimizing the risk of gazumping. Negotiate a price you believe is fair. Pulling out is possible for you and the seller until the final exchange of contracts. Hence, you can cut down the risk of being gazumped by asking for the property to be taken off the market the moment your offer is acknowledged. The process includes removing the details of property from all of the websites where it has been listed. You can also get mortgage advice brokerage from a professional.
5. Exercise Patience
Yes, you need to be patient. The entire paperwork process takes around 3 months to accomplish. You must stay in regular contact with your solicitor. He may have info that can speed up the process.
6. Exchanging Contracts
Are you exchanging contracts? This is a process where you transfer your deposit to your solicitor before signing contracts. Thereafter, your solicitor and the seller’s solicitor will exchange contracts. In case, you withdraw buying the property after contracts exchange, you will not be permitted to get your deposit back.
Here, the solicitor needs to be receiving the total balance. This the deposit and the mortgage funds from your lender. The solicitor is supposed to send total balance on the agreed date to the solicitor of seller. After confirmation of receipt, the keys will be handed over to you.
8. Paying for New Home
The solicitor must register your title to the property. He/she must also submit a stamp duty return. Here, you will be given thirty days to pay off the full balance. It is important that you speak to your solicitor about making a declaration of trust. A cohabitation agreement may be needed in case you have bought the property with another person. This is crucial to decide the situation when you decide to sell or rent out the property.