The ins and outs of buying a home

The ins and outs of buying a home

The UK property market is well developed, which means that it has a range of options and locations. For people outside and inside the UK, arranging a property purchase can be characterized as difficult. Buying a home, especially for the first time can be daunting. The decisions that you make along the way can either save you or cost you thousands of pounds. Nonetheless, it is not impossible. Lewes Estate Agents can assist you with every aspect of your purchase and they respond quite promptly. Buying a home in general is reduced to three stages: search and offer, conveyancing and financial touches.

Understand the cost of buying a property

Before you go house shopping, it is important to work out the amount of money that you can afford to spend on buying a property and on your monthly mortgage payments. Buying a home is a major financial commitment, so it is necessary to think about your savings and how much will you get if you put your house on the market and pay off your deposit. You should take into account how you will be able to cope with the financial situation changes and be careful so as not to overstretch yourself.

Finding a suitable property

You will have to decide where you want to live. If you are planning on relocating to new home that is near to where you already live, then there is little to decide. On the other hand, if you want to move to a different part of town or even across the country, deciding on the area is both difficult and time consuming. Once you have found a suitable property, it is necessary to make an offer. The offer will be made through your real estate agent and it is important to keep in mind that the offer does not bind you to buy. At this stage, neither the seller is legally bound, reason why he is able to withdraw from an agreement before the final contract has been signed.

Arranging for a survey

Once your offer has been accepted, you will want to arrange a survey. A survey is of paramount importance because it will help you detect potential problems. There are two main kinds of surveys that are generally realized: building surveys and homebuyer’s reports that tend to be cheaper. The good news is that there are no set fees for surveys, so you have the opportunity of negotiating. At a time when you are spending a great deal of money, a survey may seem like an unnecessary expense, but the truth is that it is better to be aware of any issues prior to buying a home. Not only can you make an informed decision about how much you are willing to pay for it, but the survey will give you the leverage you need in order to negotiate the buying price down.

Conveyancing and final touches

The next stage is the legal transfer of the property, where you will need the presence of a solicitor or licensed conveyor. Conveyancing implies the exchange of notes between the seller’s solicitor and your own. The draft contract is drawn up by the seller’s solicitor and it will contain the price, deeds of title, etc. your solicitor will verify this document and make inquiries. Once you are your solicitor are satisfied, you will sign the final contracts that bind both parties. At this point payments are completed and you will be handed the deeds.