Clarity, confidence and care: three essentials for better buying.
If you haven’t rented before, becoming a tenant can seem a little complex. In the guide below, we’ve pulled together the questions and topics we come across on a daily basis. Hopefully they’ll answer most of your queries.
How much can I afford?
There are a number of factors to take into consideration when working out how much you can spend buying a property. It will mainly depend on your mortgage repayments and the initial deposit. However, you will also need to consider other one-off expenses such as fees for solicitors, surveyors and mortgage arrangement. A mortgage adviser or broker can help you understand how much you can afford based on your currently income.
If I’m also a seller, do I sell or find first?
To put you in the best possible buying position you should have your property on the market, ideally with a buyer interested before you place an offer on another. This will show the seller that you are serious and ready to move, making you an attractive buyer.
I’m ready to start my search. What can I do to make sure I see the best properties?
Register with us and we will make sure you are notified as soon as a new property matching your requirements comes on the market – sometimes even before it reaches the online sites to give you a jump on everyone else.
Fill out the contact form on our contact us page and we will be in touch.
How long will it take to complete my purchase?
A number of factors can speed up or slow down the purchase process, but normally we expect sales to complete within 8 to 12 weeks of the offer being agreed. Our negotiators will be chasing on all sides, keeping you up to date and making sure your sale moves along smoothly. Always wait until your solicitor has confirmed your completion date before making any moving arrangements.
What will my solicitor’s fees cost?
Legal fees vary, depending on the solicitor’s firm and the property size. It is important to get a few quotes before you go ahead and do your research into their conveyancing track record. We work with a number of solicitors that we’re happy to recommend.
How much stamp duty will I have to pay?
Stamp duty is calculated using a formula that uses the property value:
0% on the first £125,000 of the property price
2% on the next £125,000
5% on the next £675,000
10% on the next £575,000
12% on the rest (above £1.5 million)
For a property costing £275,000, you’ll pay £3,750 Stamp Duty.
£0 on the first £125,000 (0%)
£2,500 on the next £125,000 (2%)
£1,250 on the remaining £25,000 (5%)
Stamp Duty rates and thresholds are changed by the government from time to time. Check out the HMRC website for the most up to date details.
Do I need a survey and if so, what sort?
Your lender will carry out a valuation, comparing the property’s market value to your mortgage amount. This survey is purely financial and may not necessarily have all the detailed structural information you want to know.
A Homebuyer report will give you a more detailed survey of the property, its structure and any work that needs done in the near future. You can arrange a Homebuyers report through your local surveyor’s practice, and just like solicitors, their fees vary.
When do I have to pay my deposit?
Once you have exchanged contracts with the seller you need to pay the agreed deposit to their solicitor within 5 days.
What if my seller pulls out on me at the last minute?
Until contracts have been exchanged, neither party has any legal ties to the sale of the property and therefore can pull out. However, once contracts have been exchanged both parties are legally bound to the purchase. Should a buyer pull out at this stage they will sacrifice their deposit.
Where do I collect my keys from?
Normally you collect the keys from our local office after 2pm. Your sales negotiator will be ready and waiting to congratulate you!