You are now in a position to seriously find a property.
Draw up a wish/need list (and what you will compromise on!) Visit as many suitable properties as quickly as possible. At each, compare with your wish list; take detailed notes including first impressions. After, compare and rank the properties; make a pros and cons list. Revisit the best ones and check things like heating, taps etc; also go back to the area at different times of day to see how noisy etc it is.
National Association of Estate Agents
4Homes Property Search
Ring round for estimates and packages. Some firms will only charge for the initial search fees if a property deal then falls through, while others charge regardless.
Again ring round for quotes. A survey is advisable as it may reveal major flaws which either deter you from buying or give you leverage when negotiating price.
Preferably below asking price. Be firm about what you are prepared to pay. The estate agent will notify the vendor. If accepted you need to notify solicitor, mortgage broker/lender, surveyor, and organise building insurance (payable at exchange, see below). Try and make it a condition of your offer that the property is taken off the market. Otherwise you can still be gazumped, that is lose the sale to someone offering more.
Monitor your mortgage application because until the lenders have organised the valuation, you wont get a decision. Meanwhile get your own survey done and ask the surveyor to explain the significance of anything which concerns you.
Exchange of legal contracts and payment of deposit, if you pull out now you will lose this money. A date can now be set for completion when the property is finally yours. At this stage make sure any agreed remedial work is carried out and organise removals.
As soon as the mortgage is finalised and the money is ready for transfer, stamp duty and other fees paid, completion can take place and the keys will be handed over by the solicitor or agent. Congratulations!
Ask outright if anyone else has put an offer in.
Has a sale fallen through on this property due to a survey? (They are not obliged to tell you this if you ask them straight they have to be honest by law!).
If you are buying leasehold, ask what the annual maintenance cost is for the property (this can be a high hidden charge) if the building needs any work, or if the freeholder is planning any development of the property.
Ask other residents if they are happy with the upkeep of the property. This is a bit scary but you might find out more from them than the agent.
Ask for the details of the people you are buying the house from and phone them and tell them your solicitor is acting.
Look on a house price website and check how much property in that area has sold for so you can see that you are paying the right price.
Check out the mortgage calculator, loans, credit cards & savings comparison tools
The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.
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