How to Buy a House
Buying a house can be an extremely stressful and unpredictable enterprise, hence the more information you can gather the more prepared you will be.
The obvious initial step before you instruct a conveyancing solicitor is to identify the type of property best suits your need. Do you want to live in a flat or house? Is it near schools or local shops? Try doing a bit of research into the area, have a look at the crime rate as well as any planning developments that may affect your area.
Once you find a property you like, try and get as much information possible about it from the estate agents. Find out whether it is freehold or leasehold (leasehold properties are a lot more complicated and potentially time consuming) and whether it has a HIP (Home Information Pack). Any property that does not have HIP is likely to be a more costly transaction, owing to the fact that individual searches will have to be conducted on the property at your expense. If the property is marketed with a HIP, try to find out whether the searches are over 6 months old, if so then unfortunately they will not be acceptable to your mortgage lender.
Next step is to find a suitable mortgage offer. Appoint a mortgage broker to advise you in this. Remember that upon acceptance of a mortgage offer you are potentially entering into a long term contract with the lender. Be honest and upfront about the source of your funds. Don’t forget to notify your mortgage lender of any financial gifts from a third party (i.e. relatives) that you may be receiving towards the deposit of the property. Keep a precise record of the accruement of funds in your bank account as you may be required to provide evidence of the same
Finally, instruct a conveyancing solicitor to act on your behalf in the purchase of the property. The solicitors serve to protect your interest; hence they will identify potential areas of concern and raise them as enquiries with the vendor. Don’t be afraid to ask your own questions in respect of this. The conveyancing solicitor will liaise with you, the mortgage lenders and the vendor’s solicitors in order to negotiate a successful transaction.
The most important thing is to try and relax. Be prepared that things may not always go according to plan, that buying a house requires flexibility and patience. Trust in the people that are acting on your behalf and above all things remember to take a breath and take a step back.