How To Buy A House In The UK

HOW TO BUY A HOUSE Step 1 RESEARCH uke 14 Sian.in MyZoosla Start researching the type of property Zoopla For sale To rent Current values Sold prices New homes Find agents Overseas Property advice Smarter property search available within your budget along with IN THE UK Search For sale To rent Research Current values Sold prices Dream Home the area. Try Rightmove, Zoopla or Find Min price Max price Type Bedrooms Search No min - Show all - No min - More options No max a Property to start your search. Browse by a Sign in or Creae Account My Rghtmove í rightmove For Sale To Rent House Prices New Homes Commercial Agents Blog Home Ideas Overseas Students FindaProperty.com L Click to return to Righomove homepage Finda Propertycom Search over a million properties for sale and to rent in the UK For Sale To Rent Sold Prices Camera Vew List View Find property in Dream Home Search 7 Step guide from House Buy Fast .Yerk, Ww wW STY Wertee staton Did you know? You can draw your own search area using Draw-a-Search Step 3 MORTGAGE Step 2 THE BUDGET As well as the price of the property there are many other expenses to consider when buying: Other One off expenses: Stamp Duty (a tax charged on properties above Costs Looking for the best mortgage deal? How do you get the best mortgage? The answer is simple: £125,000), Legal / Conveyancing, Property Survey, Get independent financial advice. A specialist mortgage advisor can search thousands of mortgage Land Registry Fee, Local Authority Search, Estate deals to find the best mortgage quotes for your particular circumstances. Remember Banks and Agency Commission, Removal Fees Building Societies will prefer not to tell you if a better mortgage deal can be found elsewhere Property AGENCY / SOLICITORS Costs COSTS COSTS OTHER COSTS: Buildings Insurance Contents Insurance Additional Insurance Reconnection of services (gas, water, electricy etc) 1ST TIME BUYER NEXT TIME BUYER REMORTGAGE BUY TO LET SELF BUILD RIGHT TO BUY ONE OFF COSTS Mail Redirection Step 4 SOLICITORS Step 5 MAKE AN OFFER What is conveyancing? Pre Offer Checklist Keep an eye on the local and national housing market. Check that the house is worth the The term 'Conveyancing' refers to all the legal and administrative work associated with transferring the owner- price you are willing to pay. Have a look at Land Registry reports for houses that have sold in ship of land or buildings from one owner to another. The conveyancing process starts after an offer has been the same area and compare asking prices with actual sale prices. made and accepted for a property, and solicitors' details have been exchanged by the two parties. Who does conveyancing? How much should you offer? Remember that properties do not have fixed price tags - you can make substantial savings with a Most people hire a solicitor or licensed conveyancer to undertake the legal side of buying their home. It is pos- little skilled haggling over the price. It is important to get the opening offer right, as this will play sible to do the conveyancing yourself, but this is a time-consuming business and also risky if you lack the nec- a big part in determining the amount you eventually pay. Normally, the opening is offer is about essary expertise. 5-10% lower than the asking price DIY conveyancing? Negotiate Make sure you know what you are talking about and show you know it. Keep cool and don't It is advisable to think about this very carefully as it is a complex and time-consuming business. look overly keen. Stay polite, however stressed or angry you feel. It is best to negotiate in Getting a Conveyancing quote person, not over the phone. Put in the offer? Speak to the Agent who is advertising the property you are going to make an offer on. They will be able to recommend a good solicitor, or do some research on the internet for Solicitors in your local area. Once your offer has been accepted, it must be made formally, in writing, and subject to certain terms and conditions. Ensure that the agent and seller understand the terms of your offer. Step 7 EXCHANGE & home Sweet Home Step 6 SURVEY COMPLETE Basic Valuation Homebuyers Report Building Survey Contracts are exchanged. You hand over a deposit which is non-refundable if you pull out of the sale. Once you and your solicitor are satisfied that everything is in order, the contracts can be exchanged. All lenders require a basic valuation. The RICS (Royal Institution of This is the most comprehensive - They need to know that they are not Chartered Surveyors) introduced and the most costly - type of You sign a copy of the contract which is passed to the seller, and the seller signs a copy of the same lending you more than the property the new RICS HomeBuyer Report survey. It is suitable for any contract which you receive. Once contracts have been exchanged (normally by the two solicitors) is worth, and that if you sell it off (HBR) in July 2009. It was designed building, but is especially both parties are legally bound to follow through with the transaction. You can no longer change your you will get at least as much money to be a user-friendly report with the recommended for older buildings mind - if you pull out it is likely that you will lose your deposit, and you could be sued for breach of back as you paid for it. minimum of technical jargon. (75 years and upwards). contract. House Buy Fast Infograph produced by www.housebuyfast.co.uk May 2013 - Buying a House in the UK Regulated Quick Sale Company Data and information sourced from www.home.co.uk RIGHT TO BUY