Buying a home is a huge decision – and there’s so much to
consider. Once you’ve made the decision that you’d like to buy, consult our
checklist and make sure that you’re fully prepared for the road ahead.
Can you afford it?
You’ll need to have enough money initially to cover the
costs of a down payment, stamp duty (if the property is over £60,000) a
solicitor, mortgage fees, survey fees, insurance and any extra costs of
removals, storage etc. If you’re getting a mortgage, lenders will look at your
earnings and expenses to decide whether you can afford to repay the amount you
want to borrow. You also need to factor in maintenance costs, and any
decorating, DIY and updating needed to the property.
Get a valuation
and/or survey
The valuation is what helps the lender to decide if the
property is structurally sound and worth the amount of money the buyer is
asking for it. In Scotland, the
valuation report must be done before you market the property. Some lenders will
require their own survey but they will organise and pay for it and this happens
later in the process.
Find a mortgage
lender
Once you know you can afford it, it’s time to shop around
for deals and quotes. The property market is starting to pick up again and
lenders are becoming keener to entice new buyers, so there are some good deals
on offer if you know where to look.
Appoint a solicitor
Once you have found your dream property, you’ll need to
appoint a solicitor to make an offer for it on your behalf. Your solicitor
tells the seller’s solicitor that you are interested in buying the property.
This is called ‘noting interest’.
Find out about any
extra responsibilities
There are things to be aware of if you are thinking of
buying into a tenement, a four-in-a-block, a terrace or a former council house.
In some cases you might have to share part of your property, like the garden or
stairway, with other owners.
If you are buying a former council property, responsibility
for repairs could be shared with the local authority. Your solicitor should be
able to tell you this, as common responsibilities are usually listed in your
title deeds or the Burdens Section of your Land Certificate.
