Buying a house
Buying a house can be quite a confusing process especially if you haven't done so before.
To help make it easier to understand the process of buying a property we have created a helpful list.
To help make it easier to understand the process of buying a property we have created a helpful list.
* Take a good hard look at your lifestyle and decide which type of property is the most suitable for the way you live.
* Save up as much deposit as you can - aim for at least 10% of the property value if possible.
* Arrange a mortgage in principle with a lender - this will help you when you start viewing properties as you will taken more seriously by the estate agents and vendors.
* Make contact with a solicitor who will be able to take charge of all the legal aspects of buying a property.
Now that you have decided on the type of property you would like to buy, have your finances agreed in principle and have found a suitable solicitor you can contact/register with estate agents and start viewing suitable property.
If you feel that the property is correctly priced and do not want to miss out on your ideal home you may wish to offer the full or near asking price.
If your offer is accepted it is a good idea to ask for the property to be taken off the market which will help deter other offers on the property.
Your solicitor should be asked to start work on the legal process of buying a house.
A survey will need to be undertaken on the property.
Once the survey is completed and as long as there are no problems with the property the lender will agree to lend you the money.
The contract is then finalised and they will then confirm with the lender the mortgage.
The deposit for the property should now be given to the solicitor who will hold it for you.
Transfer deeds are prepared by the solicitor to be signed.
Your solicitor should pay stamp duty, have the deeds stamped and pass title deeds to the mortgage lender.
You will only receive the title deeds once your mortgage is completely paid back.
You will have to pay your solicitor for the work he has carried out on your behalf.