Working out your budget
1. Do you need to sell in order to buy?
We can help you find out how much equity you have.
2. Do you qualify for Help To Buy?
Our mortgage advisors can help you find out if you can move into your new home with just 5% deposit. Meet with our mortgage advisor for professional guidance.
3. We can help you work out the cost of moving such as solicitors, stamp duty, etc.
What kind of property do you require?
· What are your requirements, wants?
· Consider what area works best for you.
· Are you prepared to do any work?
· How long will you live there for?
Viewings
· Think of questions beforehand, are the sellers buying on? Why are they moving?
· Don't view too many properties at once, they will all blend into one.
· Try and get all the decision makers there the first time to avoid missing out.
· Be open, if it is not the one let us know why.
Instruct a solicitor
Don't buy on price alone, a good conveyancer is worth their weight in gold.
Kings Real Estate will provide you with solicitors who have been in operation since 2007 and are a 21 staff Law Firm operating in Leicester, servicing clients all across the city. They have a substantially experienced team dealing with all aspects of residential conveyancing, commercial conveyancing, landlord and tenants, lease hold, re-mortgages, property disputes. They are a full service Law Firm, also operating business and commercial work, education, employment work, environmental, trade marks, pensions, re-structuring, road traffic, Wills, trusts and probates.
Call our team on 0116 352 7012 for an instant quote for both buying and selling.
Making an offer
· Once you have found your next home it's time to make an offer. We can guide you on this important step.
· Already having solicitors instructed and your mortgage agreed will put you in a more favourable position when negotiating.
· Be sure that fixtures fittings and timescales are all agreed to prevent surprises.
· Once a price has been agreed the agent will send a memorandum of sale.
Sales agreed. What's next?
· Make an appointment with mortgage adviser to submit paperwork and pay for survey.
· Arrange with conveyancer to carry out searches and raise enquiries.
· Survey takes place.
Valuation, and Survey
If you are purchasing with a mortgage then the lender (a bank or building society) will send a surveyor check the property to make sure it's worth the amount they are lending you. Although the lender organizes the valuation, you will have to pay for it. Typically, a valuation starts from about £125. Our mortgage advisor can advise you of any lenders who offer "free" valuations. For a Home Buyers Report, or full-blown structural survey, the cost will increase and may depend on the type of property you are buying.
We can recommend a local surveying firm, and they can give you precise details of which type of survey you may need, and the costs involved, though as a rough guide, for a £150,000 property, the average survey may be about £300 to £500, and a more detailed survey may be closer to £600 to £1,000.
Searches
Your solicitor carries out searches for anything unusual or untoward, such as rights of way, environmental, water, or clauses linked to the use of the property. Unless there's something seriously amiss or time-consuming, estimate from about £300 to £400.
Land Registry
Your property has to be registered with government's Land Registry. A small fee is charged, depending on the value of the property.
A fee calculator on the Land Registry website (www.landregistry.gov.co.uk) can help you work out what you will pay.
Mortgage Arrangement
You may have to pay your lender (the bank or building society) a fee for arranging your funds for your mortgage. This varies according to the lender, so be sure to ask the question and they should confirm the exact costs, if any.
Stamp duty
Stamp duty is a government purchase tax charged on all purchases of houses, flats, land and buildings. It can be a fairly hefty charge, so it's important to factor it into your budget. The amount of stamp duty buyers pay varies depending on the price of the property.
Residential properties - You'll pay:
- Nothing 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)
Example:
If you buy a property for £275,000, you'll pay £3,750 of SDLT.
This is made up of: nothing on the first £125,000 £2,500 on the next £125,000 £1,250 on the remaining £25,000
Here is a link to the Governments Stamp Duty Calculator
HM Revenue and Customs (HMRC) SDLT calculator
Exchange of contracts
· The contract is signed by both parties & the deposit is transferred from buyer to seller.
· The completion date is set by mutual consent.
· Once everything is satisfactory and mortgage offer is issued, you are ready to exchange contracts.
Completion
The remainder of the balance is transferred, once it has been received by the seller's solicitor you are the proud owner of a new house.
We love to talk to you about moving, properties or even the weather. Speak with one of our qualified property specialists today.
Note: Whilst every effort has been taken to ensure the above information is up to date, some inaccuracies may occur so please read the information within this page as guidelines only, and ensure you gain quotes from each party you employ (solicitor, surveyor, etc.) individually prior to purchasing your new home.
