Getting Your Property Finance In Order

Important Things To Consider About Property Finance

Whether you’re buying a home for the first time, or looking to move up the ladder, before you start your property search you need to get your finances in order. As well as your deposit, you need to ensure you have considered the additional expenses, such as solicitors’ fees, searches, and moving costs, as well as those associated with your mortgage application.

The current low interest rates have opened up the number of attractive mortgages available, but with strict guidelines that now take into account your spending habits as well as affordability, you need to ensure your finances are in good shape.

Before you start your search, it is advisable to get a mortgage in principle. Not only will this provide you with a guide as to what you can borrow, but it will also place you in a strong position when you’re ready to make an offer.

A good mortgage broker can also carry out a “cost of moving” survey, which many buyers find helpful. If you require assistance, we are happy to put you in touch with mortgage brokers that our previous clients have recommended, and those that we have personally used.

Register Your Interest To Secure Your Home Sale

Our Tips To Help Secure A Home Sale

Searching through the hundreds of properties available online is a great place to start, but bear in mind you may miss out on viewing what could be your perfect home. At Portland Estate Agents, we often handle properties that are sold off-market, meaning they are not advertised; in these circumstances, we contact only those buyers who are registered with us.

By registering, we can get an understanding of the type of property you are looking for, and make you aware as soon as one we believe will suit your needs arises.

Our Steps To Buying A House: Finding The Right Property

Finding The Right Property For You Is The First Real Step To Buying A House

There is a lot to take into consideration when looking for the right property, including location, size, style, and commutability. Although it is great to have a picture of what you want in mind, we would also recommend that you place your trust in us.

Sometimes a property may arise that, on paper, is not what you thought you were looking for, but on viewing is perfect, so see your criteria as more of a guide.

If you cannot find a property to meet your budget and wish list in your desired location, it is probably because it doesn’t exist, but we can help find you an exciting alternative that you won’t be able to resist.

The Key to Successful Viewings

The key to a successful viewing is to be prepared; put together a list of questions you need to get the answers to, so that you don’t get distracted on a viewing and forget to ask.

A viewing is a time to think about how you would live in the property, and whether it would work for you.

Take your time to study each room, and don’t be swayed by the furnishings - remember, these will not be staying. Providing honest feedback is of great benefit, as if this is not the home for you it will allow us to see what is important to you and find you the one to call home.

Instructing a Solicitor

Choosing the right solicitor can add great value to the process of buying your home.

They are instrumental in pushing your sale forward, ironing out issues that may arise as well as supporting and advising you on the legal aspects of buying your home. We can provide you with details of solicitors who have worked with our past clients, and who we believe offer the high level of service that you deserve.

Making an Offer

It is always exciting when you find your possible future home and you decide to make an offer.

But do your research and find out how much similar properties in the area are selling for right now. We are legally bound to present any offer on a property to a vendor, but don’t just inform us of the offer, remind us of your situation, as being in a strong position could swing the decision in your favour.

The Buying Process

Once your offer has been accepted, the real work begins! The true measure of an estate agent is demonstrated from here on in. Your offer may have been accepted, but there are many hoops still to jump through before you can finally move into your new home.

Having a team whose expertise is grounded in real experience sees us proactively managing your purchase and easing the pressure on you. Fighting for completion, we will hit issues head on with passion and proficiency until the sale is complete and you are moving home.

Conveyancing

Conveyancing is the legal process of transferring ownership to the buyer from the vendor, and can be conducted by a solicitor or a conveyancer. The agent will prepare the memorandum of sale, which will be sent to both acting solicitors. The vendor’s solicitor is then responsible for preparing the draft contract and supporting documents to be sent to your solicitor.

Your solicitor will then examine the contracts, undertake several searches, check the tenure of the property, and raise any enquiries with the vendor’s solicitors.

Once your solicitor is satisfied with all the paperwork they will prepare everything for exchange of contracts, and finalise for completion.

You may wish to consider having a building survey carried out on the property, and we would be happy to offer our advice if required.

Exchange of Contracts and Completion

When you exchange contracts, you have the opportunity to check that everything is as agreed before your solicitor formally exchanges them, at which point they become legally binding. Completion normally takes place a couple of weeks after you exchange contracts, however this date can be negotiated if you would prefer to complete sooner or later, depending on your, and the seller’s, circumstances.

Completion day is when the monies are transferred, and only when they are received will you get the keys and be told “welcome to your new home!”

Moving In

Don’t leave packing to the last minute; try and start packing away bits and pieces as you progress through the buying process, this way you won’t have a mad panic at the end. Put one box aside that will include all your essentials for moving day, such as tools to put your furniture back together, brewing facilities, and your bedding.

Although this is your dream home today, you may look to move again in the future. When that time comes, Portland Estate Agents will be there to make it happen with the same high standard of service and care.