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Buying guide

The 0com.co.uk Guide to Buying Property

Here is our suggested process for buying a new property. Please do your own research - your own requirements may vary depending on your circumstances.

 

1. Finance

Work out approximately how much you can afford, including:

 - Your maximum borrowing (as provided by a mortgage broker - ensure that you can afford your mortgage payments)

 - Proceeds from the sale of your current property

 - Any other savings you have.

 

(Deduct moving costs, stamp duties, solicitors fees and other costs.)

 

Tip: find a solicitor now, to do the conveyancing work later.

 

2. Requirements

Decide what you want in a property – size, location, facilities, and so on.

 

3. Research

Research your required properties, at sites such as 0com.co.uk. Once you have found properties you like, you can then view them,

 

On viewing, examine the condition of the property, including fixtures and fittings.

 

Tip: view properties you like at least twice, preferably at different times of day / night, so that you can judge the neighbourhood properly.

 

4. Offer

Once you find a property you want, now offer a price for it. Depending on factors such as market conditions, the vendor's circumstances, and your own position, you may be able to negotiate a lower price than the asking price.

 

For example, if you can make a chain-free offer (that is, if you are not depending on the sale of your own property to fund your offer), you may be able to offer a reduced price as you can complete quicker and with less risk.

 

If successful, the vendor will accept your offer. Ensure the property is now taken off the market as being "under offer".

 

5. Paperwork

You can now: 

 - Ask your solicitor / conveyancing agent to start the conveyancing process.

 - Contact your mortgage lender, and arrange a mortgage application

 - Book a survey: your mortgage lender will arrange a basic survey, but you should also arrange a more detailed survey yourself.

 

This process can be time-consuming, but you need to ensure there are no problems before you buy the property. Read all the paperwork, and ensure you are happy with all the conditions and results, before you proceed.

 

6. Exchange

You can now sign and exchange contracts with the vendor, including paying a deposit (typically 5-10% of the agreed price), and agreeing a completion date.

Once contacts are exchanged, you are legally committed.

 

7. Removals

Organise the move – plan how to get your contents into your new property.

 

8. Bills

Arrange buildings and contents insurance for the property. Contact utilities providers for the property to ensure supply of these utilities when you move in.

 

9. Complete

The completion date is when you take ownership of the property. You can now collect the keys to the property.

 

10. Move!

You can now move in to the property – congratulations!

 
 
 
 


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