How to buy
The most important factor to consider when buying a property is your budget. If the property you are interested in is close to the price you expect for the property you are selling, don’t forget all the costs that you will incur when moving home. Planning these costs is important so that you know exactly what your budget is for your new home. Work out:
- Stamp duty payable for the price range you are looking at – the rules changed on 1st April 2016
- Solicitors costs and legal fees – these do vary from solicitor to solicitor, so make enquiries now and tell them the price range you are looking at. Your solicitor will inform you of their fees and any other costs that arise
- Improvement costs – you may need to spend money on the property you are selling
- Work to be done – does the property you are interested in need work? If so, work out roughly what this will be, add 20% to be sure. You’ll need to fund this from your equity, savings or borrow more from your mortgage provider to pay for the works
- Estate agency fees – this varies between 1.25% and 3% of the sale of your existing property if you are using multiple agents
- Survey fees – decide whether to simply get a mortgage valuation, home buyer report or full structural survey. For more information on how to decide visit our surveys and valuations page.
- Removals – this can vary depending on how much you have to move. Get a quote and work it into your costs
Work out the total costs and check the total amount you can borrow from your mortgage provider. The maximum price of the property you can afford is the total amount of equity you have, plus any extra you can borrow, minus your costs.
Making an offer
When making an offer on a property it is important to show goodwill and a sense of urgency. Viewing a property three times over three weeks then offering a very low offer may insult a house proud vendor and damage your chances. Put in a solid, competitive offer early on. This will give the vendors the right impression and show your serious about their home.
Proceeding with the sale
As soon as your offer is accepted, move with speed. Speak to you mortgage provider straight away (if you have not already done so) and confirm the agreed price to start the mortgage process. Ask them to do the valuation as soon as possible, or, if arranging a full structural survey instruct Rumball Sedgwick to proceed if acceptable with your mortgage provider. Instruct your solicitors as soon as possible too. If you start the purchase rolling quickly, the vendor will be less inclined to look at other offers if they feel the sale is proceeding quickly.