Hints and tips for successful
house buying.

Buying a property is a major commitment whether buying as an owner occupier or as an investor. It requires the buyer to invest significant time and money into the process. The key to securing a successful transaction is to carry out research and take advice at an early stage.

It is important to have a clear idea of the type, location and value of property before booking viewings. Useful sources of information are the property press of the locality, estate agents websites and H M Land Registry. Discussions with local estate agents can help especially if there are any unusual requirements.

Taking advice from a financial adviser about the options available for funding the purchase prior to making an offer subject to contract will save time and possible disappointment. A seller is more likely to accept an offer from a buyer who has their finances arranged in principle, especially if there is competition for the property from other prospective buyers.

A budget should be prepared to include the costs of a survey, the legal costs and disbursements, Stamp Duty Land Tax and any mortgage arrangement and product fees charged by the financial adviser or the lender. This will give a clear picture of the expenditure and will assist in any negotiations with the Seller especially if works are required to remedy any defect revealed in the survey.

Consulting a solicitor at an early stage can give an indication of costs and likely disbursements and can highlight any issues to be checked before submitting an offer e g. any planning, leasehold or houses in multiple occupation issues. These could affect the decision to proceed or increase the cost and timescale of the transaction.

All that is then needed is to find the right property at the right price and with the right preparation and a bit of luck the transaction will proceed to a happy completion!

Linton Links, summer 2009

If you would to speak to Barbara about one of her articles, or are looking for advice on the sale or purchase of a property, please feel free to call us.