Buying & Selling
First Time Buyers' Property Buying Guide
In today's highly volatile world where the mortgage market can appear to be very confusing it is more important than ever for First Time Buyers to consider the following points before taking steps towards selecting a suitable property.
- How can I finance my purchase?
- Do I need to appoint a solicitor?
- What type of property will suit my needs?
- What do I do next?
- What is it all going to cost?
- Can Brearley-Greens provide any assistance?
How can I finance my purchase?
It is vital to establish the level of borrowing that you are comfortably able to repay and take into account the fact that interest rates may rise. Remember, that the mortgage that you will undertake will last for a considerably long time, so job security will be a very important requirement. Approach an Independent Financial Advisor, who will be able to give you unbiased advice in respect of all of the financial aspects regarding house purchase. They will be able to source the best financial package available from a wide variety of Lenders, which they will then be able to process immediately when required.
Once you feel comfortable with the level of borrowing you can take steps to select the right property for your needs.
Do I need to appoint a solicitor?
It is extremely advisable to approach a firm of Solicitors who will advise you of the legal process of purchasing your first home and they will be able to give you a quotation for the costs involved. If you are happy with the quote they have provided then you can appoint them to act on your behalf and tell them that you will contact them once you have had an offer accepted on the property you intend to purchase.
What type of property will suit my needs?
There are many types of houses in many different areas - from residentially based areas with varying levels of convenience and amenity, to the more rural property which may still be quite convenient or could be more isolated. The majority of purchasers tend to prioritise the quality of the location in association with accessibility, as this is becoming an increasingly important requirement in today's hectic working environment.
Consider the following aspects when making your choice:
- Location: Residential - Close to amenities, such as good schools, shops, transport networks, sport and leisure facilities, surrounding towns and motorways for commuter access.
- Location: Rural - Secluded environment close to countryside, convenient or isolated - local amenities, such as village schools, shops and other facilities.
- Accommodation required i.e. number of reception rooms, bedrooms, garaging, size of garden or surrounding land.
- Property type (Old or Modern). A modern property may provide greater convenience, lower running and maintenance costs, but often the accommodation is limited in size. Alternatively, an older property may have more character, but maintenance costs need to be taken into account.
What do I do next?
Appointments can be made via Estate Agents to view selected properties of your choice and once you have found a property that suits your needs, you should then make an offer to the Estate Agents, at which time they will require:
- Full names of those who are to make the purchase.
- A current address and contact telephone numbers.
- The name and address of your chosen Solicitor.
- Financial status:- they will need to know how you intend to finance the purchase and if by mortgage, which lending institution/building society you will be using and the percentage of borrowing required.
- How much you are prepared to offer for the property and the likely time scale for completion.
Your offer will be sent to the Seller for their consideration and if accepted the Estate Agent will inform you and your Solicitor accordingly.
Now is the time to inform:
- Your Solicitor who will now commence the legal process.
- Your Financial Advisor/Bank or Building Society who will process your mortgage application and instruct a Surveyor to carry out a Mortgage Valuation/Survey.
Should the survey be completed satisfactorily without revealing any problems and the legal process runs smoothly then your Solicitor will ask you to sign the contract of sale. Exchange of contracts will then take place and a completion date will be set at this time, either immediately, or at a date specified on the contract.
What is it all going to cost?
You will need to take the following into account when assessing the cost of your proposed purchase:
- The purchase price of your property.
- Costs associated with the property i.e. Council Tax, Service Charges and any Repairs/Alterations required, etc.
- Solicitors fees which will include Land Registry Fees, Search Fees, Stamp Duty - if applicable.
- Valuation/Survey fee and associated Mortgage costs.
- Moving Costs
Can Brearley-Greens provide any assistance?
Buying your first property will probably be one of the most important financial commitments that you will make and it is, therefore, imperative that you seek honest and objective advice to guide you through this process.
Brearley-Greens have consistently provided a caring approach in all matters relating to house purchase and has gained the reputation as one of the most trusted and respected practices throughout the region. Please complete our enquiry form.
We are not tied to any Lending Institution and have only the customer's interests at heart - a priority which has formed the basis of our success over decades. We can, therefore, if required, introduce you to a local solicitor or financial advisor, who like ourselves, will provide you with the best advice, to ensure your house purchase runs as smoothly as possible.
Property Selling Guide
For most people their property is their most valuable asset and therefore, great care ought to be taken when choosing an Estate Agent.
Brearley-Greens remains a totally independent practice, dedicated and dependent upon achieving the very best for their clients. We have the reputation as being one of the most trusted firms of Estate Agents in the sale of quality property throughout the region, a reputation which we not only cherish but want to build on in the future.
We charge competitive fees which we feel reflect the high standard of service we provide. We pride ourselves on product presentation with special emphasis given to high quality sales literature and press advertising if applicable, backed up by keen and interested staff, accompanied viewings and regular vendor contact.
Our office premises are fresh and inviting for our customers with a superb display frontage. Our clients' properties are also displayed online via our own website.
For more information about selling your property, please use the enquiry form.