7 Ways to Get Rid of Your Home Buying Worries
If you’re looking to buy a property (your own home perhaps) for the first time, there’s a chance you’ll get daunted by the whole process and doubt yourself along the way. You might think you’re probably doing it wrong once you get overwhelmed by the paperwork and the processes you need to go through. However, these worries can be eliminated by having a clear understanding of how it works. Here are a few tips to help you through.
1. Do your homework and get some research done. Buying a home is a big financial responsibility and you may end up penniless if you don’t know at least the basics. Doing some research helps you make informed decisions whether you can afford this venture or not, as well as finding the ideal property to buy.
2. Find good mortgage offer/deal. It is very seldom that first-time buyers pay for the property in cash. As you’re very likely to take out a loan for your own purchase, it is best that you consult with your bank representative about what mortgage deals they can offer you. Alternatively, you can check out other financial institutions as well through their websites to see if they have anything better and cheaper. More so, have a go with reputable mortgage brokers for other options.
3. Don’t miss out viewings. This is your chance to see personally if the property you found in the listings is really ideal. Check the entire property out, from one room to another. And as much as possible, arrange a second viewing set at a different time of the day to see how it compares to when you see it during the day. If you believe that this is the ideal one for you, prepare to make and negotiate a reasonable offer.
4. Instruct a conveyancer for the legal dealings. Whilst you can carry out the conveyancing process by yourself, you don’t want to be stressed out by a lot of things to do and people and organisations to deal with. This is why it’s best that you look for and instruct a diligent conveyancer to act on your behalf. The legal process of transferring the property’s ownership may be straightforward but it can often be too much and quite complicated for the unfamiliar. To find a good one, we recommend that you shop around online by asking for quotes or by checking out accredited conveyancers from the Law Society’s website.
5. Never forgo surveys. On top of the mortgage lender’s requirement to have a valuation done to determine the property’s market value, a structural survey is needed to thoroughly inspect the property for possible building defects and repair works needed. This is your best weapon to put in a lower offer or renegotiate what you may already have agreed with the seller.
6. Sign and exchange contracts. Once your offer is accepted and there are no issues present anymore with the transaction, your (and the seller’s) will then have you review, sign and exchange the sale/purchase contract. This bit is legally binding so make sure you have fully reviewed the terms before you finalise. You may not be able to pull out of the transaction anymore without compromising your finances and facing legal issues. This is also where you pay the deposit for the purchase while you make the final arrangements to pay the rest before completion.
7. Complete. Once the seller confirms receipt of the payment, you’re ready to collect the keys and move in as scheduled. Before doing this though, make sure you have the payment for Stamp Duty (you have 30 days upon completion to do this) and Land Registry fees (as arranged by your conveyancer).
How to Tell You’re Choosing the Best Conveyancer
As conveyancing proves to have been a competitive market these days, fees also have varied - some offer quite cheap services, whilst others charge their clients reasonably. And whilst you think that cheap conveyancing can be good, think again and see if you’re really getting the best value for your money. It is best that you check out quotes from different conveyancers to see the difference.
Yes, price should (probably be) the first thing to factor in when looking for a conveyancer to instruct - something affordable but doesn’t compromise quality. Then, to even help further in telling if you’re about to hire the best, here are three of the top factors you might want to consider.
It’s important that conveyancers comply with latest regulations and quality standards when carrying our property transaction processes on your behalf. What you can do to make sure of this is to verify of your potential conveyancer is an accredited member of the Law Society’s Conveyancing Quality Scheme.
Even though you can actually carry out the conveyancing process on your own, we don’t strongly recommend it. There are tasks involved in conveyancing that would require a legal expert, and a licensed one. Besides, it’s going to take up too much of your time that you would rather have someone work on it for you. Mortgage lenders also require a licensed conveyancer to carry out a couple of mortgage-related tasks for them (and you).
Whilst hiring an online conveyancer may be the trend at present, local conveyancers can still come in really handy, especially if you prefer to personally talk to them and hand out original documents. You may find someone whose office is close to where you live, or the area where the property is located as they are likely to be more well-versed with the local laws.
A licensed and CQS accredited conveyancer may be enough for you, but remember that it’s going to be a lot better of you instruct a firm or independent solicitor with years of experience in handling property transactions, as they tend to be more familiar with the ins and outs of the process. They’re also very likely to know how they can speed up the process for you. Look for someone who has worked with a significant number of property transactions in the past, and expect them to properly advise you on what to do if you’re faced with transaction complications.
In conclusion, whilst your budget has to be on top of your priorities when hiring a conveyancer do not compromise the quality of services you should be getting. Look for a conveyancer who you think will be able to give you the best value for your money, and look after your best interest. Again, if you’ve got quite a tight budget, ask for conveyancing quotes, make enquiries, and see which one will suit your taste best.