Buyers Guide

Building a Property - Considerations

Before starting your search for your new home, we advise that you check to see what mortgage deals are available, and how much you will be allowed to borrow. This figure will be based on the amount of your deposit and your income.

Some building societies now provide buyers with certificates to state that a loan will be available provided a property is satisfactory. You may well be able to get this certificate before you start looking for a property and this will help you to have your offer accepted by the seller.

Before finally deciding how much to spend on a property, you also need to budget for other additional costs. These can include:-

Survey fees
Valuation fees
Legal expenses
Stamp Duty.

Stamp Duty is payable on all properties costing more than £125,000. The tax, which is paid at the time of purchase, is set at 1% of the total purchase price on all properties priced over £125,000 up to £250,000. For properties priced over £250,000 up to £500,000, 3% is payable. On properties valued over £500,000, the cost of Stamp Duty increases to 4% of the total purchase price.

Deciding on a Property

Once you have viewed a number of properties and decided which one best suits your needs, it is worth re-visiting the house to make sure whether or not you will have to spend any additional money on repairs or decoration and, when you are completely happy, you may then decide to make an offer.

Making an Offer

Your offer should be directed to the estate agent who is selling the property you wish to purchase. The estate agent will ask for information regarding your position to proceed including your financial situation.

If the owners do not accept your first offer, you can decide to make an increased offer. There is no limit to the number of times you can make an offer on a property and the selling agent will be able to give you guidance on how best to proceed. At this stage your offer is made subject to contract and therefore you are not committed to purchase the property in any way. It is only once exchange of contracts takes place that the deal is legally binding.

When your offer has been accepted

When you offer for the property has been accepted, you will need to organise the following:-

Confirm your mortgage arrangements
Instruct a solicitor to prepare the conveyance
Organise a survey (if required)

We are able to assist you on all these points, and if you require any further help please do not hesitate to contact us.

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