There are many factors to take into consideration before you buy a property. At Revolution Finance Brokers, we have identified the key ‘things’ that you will need to know before you purchase your home.
Step 1: Do your research:
Before you buy a property make sure you have done all your research. This will enable you to buy the right property that will meet your specific needs. Make a note of the areas that interest you and set yourself a budget that you can work with.
Step 2: Get your finances in order:
Before buying a property you will need to have a deposit in place (a sum of money paid into a bank or building society account). Make sure your credit is good and that you are permissible to be lent to. Determine how much you can afford and put your finances in place to allow you to get the maximum lend.
Step 3: Get pre-approved credit from a lender:
Speak to a mortgage broker and pick a lender. A broker will be open to the whole of market and will be able to guide you to the best lender that will suit your personal needs.
Get pre-approved credit. This is sometimes known as an agreement in principle. It will confirm how much a lender is willing to lend to you and lets you know what properties are affordable to yourself.
Step 4: Find the right property for yourself:
You will need to find the right estate agent who will enable you to look around for a good property. Make sure you shop around and find the right area and property that you will be happy with. This is an important decision and will probably be the biggest investment you make. You will want to make sure you get the right home, as moving homes due to being unhappy with the property you have chosen can be an expensive process.
Step 5: Make an offer:
If you have found a property that you want, then make an offer on that property to the vendor, make plenty of offers and try and get the best deal that you can. Properties will have an asking price but this price may fluctuate depending on a number of offers it receives, makes sure your offer is within your budget.
Step 6: Find a Solicitor/Conveyancer
Once you have had an offer agreed on the property of your choice you will need to have solicitors in place. Solicitors will handle the legal work and will transfer the property into your name. Before you choose a solicitor you will need to take into consideration the legal fees.
Step 7: Arrange the mortgage:
Speak to a Mortgage Advisor and get the best deal available to your specific needs. Revolution Finance Brokers know the whole of the market and will help you every step of the way to make sure you get the right mortgage.
Step 8: Arrange a Survey:
Most lenders will require you to arrange a survey on the property that you are intending to purchase. This is done in order to make sure the property in good enough condition to lend on.
There are three types of surveys:
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Basic- which is satisfactory for the lender.
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Homebuyers Report- which is more in depth and can provide greater peace of mind to the purchaser.
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Full Structural Survey- this is the most expensive form of a survey report and is usually done for larger buildings or older properties.
Step 9: Exchange:
Once your mortgage offer has come through and the lender is happy with all their underwriting you will be ready to exchange. Once you exchange you will be legally committed to buying the property.
You will need to have your deposit in place and give it to the solicitor.
Step 10: Protect your home:
You have made the biggest investment in your life now you will need to protect it. You will need to have buildings insurance for the home you are purchasing. At Revolution Finance Brokers, we can provide you with the best deals for building insurance.
Step 11: Protect yourself and your family:
Let Revolution Finance Brokers, protect you and your family should there be any difficulties in the future.
Step 12: Move into your new home:
Take possession of your property. Move into your property and make your house your home.
Step 13: Pay outstanding fees:
Pay the solicitor the fees that they are owed, pay your stamp duty, you can work out how much stamp duty will be on Revolution Finance Brokers.
Your solicitor will ensure that property is registered in your name with the land registry.
Contact Revolution Brokers for free advice in Essex, Kent, London and Hertfordshire.
