House Buying Checklist

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.