Buying a property, can be a pretty daunting task for anyone, especially if you are a first time buyer. The choices that you make can affect you in the long run and could also end up costing you thousands of pounds if something doesn’t go according to plan.
Follow these simple steps to assist you with your purchase:
What am I looking for?
When buying a property it is important to know what you are looking for. Ask yourself the following question; “how many bedrooms do I want”, “what area do I want to live in”, or “what special features am I looking for as well.” It is very important for you to think about this as this will give you an idea about where to look. It is also important to think about the purpose for the purchase, e.g. owner occupier or investment purchase for buy to let.
Are your finances in place?
You will also need to have a budget in mind, and will also need to see if you have the funds to pay for this purchase. Work out how much of a deposit for the mortgage you can put together. It is a good idea to think about savings or potentially dipping into the “Bank or Parents/Grandparents”.
If you require a mortgage, discuss what options you have and which mortgage is best for yourself.
Browse property portals.
Seeing what the current property market is like will give you a better understanding and idea of what you are looking for in terms of price, area and other elements of the property. Check out websites such as RightMove, Zoopla and On The Market.
Getting in touch with your local estate agents can also help as they can refer other properties which they feel could be of interest. If you sign up with an estate agents check out the reviews. They can be helpful.
Attend Viewings
It is always best to view the property before you put a deposit down. If it will make you feel more comfortable, view the property twice if you need to. Take a family member to help you decide whether this property is right for you. Based on the asking price you can then start to make an offer on the property and hopefully it gets accepted.
Reservation of Property
Congratulations the offer you put down has been accepted. It is now time to pay a reservation fee to secure the purchase. The reservation fee can be between £500 and £2000, based on the property. This gets deducted from the deposit amount. This will get repaid if the sale ends up falling through. You will also have to complete a short reservation form complete with the terms and conditions which were agreed in regards to the offer, e.g. parking spaces, stamp duty or legal fee incentives. The signed copies get sent to your solicitor and the vendor’s solicitor.
Please get in touch with us today to get assistance with your property search.
FRASER & CO PADDINGTON ESTATE AGENTS
Unit 12, West End Quay, 1 South Wharf Road W2 1JB
+44 (0)20 7723 5645
FRASER & CO MARYLEBONE ESTATE AGENTS
189 Baker Street London NW1 6UY
+44 (0)20 7299 9050
FRASER & CO CITY OF LONDON ESTATE AGENTS
161 City Road, London, EC1V 1NR
+44(0) 207 708 6869
FRASER & CO BRENTFORD ESTATE AGENTS
571 Chiswick High Road London W4 3AY
+44 (0)20 8747 0661
-
Copied to clipboard!
- Share on Facebook
- Share on Twitter
- Share on Linkedin