Buying a house?
Most people go in the deep end when purchasing their first property and do not carry out a thorough research on what is involved when purchasing a property.
With the tips below, you can better prepare yourself so you will not be out of pocket.
1 - Deposits
- The bigger your deposit, the more likely it is that you’ll be able to get a large mortgage and a lower interest rate.
- A larger deposit can also mean your mortgage repayments are lower, depending on your repayment term. It’s worth saving up as much as possible towards your deposit to give you a better chance at securing a good deal.
2 - Stamp Duty
- The current stamp duty holiday enables first-time and next-time buyers to purchase homes without facing any stamp duty tax on properties under £500,000. This could save an average of up to £15,000 per transaction.
- However, the deadline for the stamp duty holiday is 31 March 2021, and with high levels of demand and delays within the industry on completions, buyers hoping to take advantage of the tax relief should act quickly.
3 - Solicitor and Conveyancing Fees
- Conveyancing involves the legal transfer of ownership from the seller to the buyer and includes all the legal and administrative work that’s part of the process. When purchasing a house, you’ll need to hire a solicitor or licensed conveyancer to carry out the legal work involved.
4 - Mortgage Brokers
- Mortgage brokers operate independently and often have access to thousands of deals on the market.
- Before confirming a broker to help you secure the best mortgage deal for your circumstances, ensure you discuss fees and any potential charges.
5 - Mortgage Fees
6 - Surveys
- When choosing a lender either independently or with your broker, you should consider and take into account all potential fees and charges you may be required to pay. These can vary from lender to lender and depend on your situation.
- Once you have had an offer accepted on a property, it’s recommended that you hire a qualified surveyor to carry out a survey on the property’s condition.
- The surveyor will visit the property, carry out an inspection and prepare a report on the property’s condition, outlining any problems they have found.
7 - Removals
- Finally, once you have exchanged and have a completion date agreed, you may need to consider removal services to help with your move.