Mortgages (House Loan)
First, you will need to find out precisely how much the mortgage company will lend you; when you find a house and you are ready to make an offer things will go a lot more quickly and smoothly if you have this information.
Therefore, it’s best to speak to a qualified mortgage advisor before you contact Best Solicitors to begin your house hunting process.
The Costs of Buying a House
There are additional costs involved with purchasing a house that you may not be aware of, including Stamp duty, mortgage costs, insurance, surveys, removal costs, and solicitor’s fees.
“Making our clients’ buying process hassle-free is an ongoing commitment, and our internal processes reflect that.”
Liz Harris, Head of Residential & Commercial Conveyancing, Best Solicitors
Making An Offer on a House
The first step, after you have found the house you want to buy is to make a verbal offer. You will make this verbal offer through the real estate agent handling the sale. Typically, an estate agent will work with you to negotiate a final price. Don’t forget, however, that the estate agent is being paid by the seller.
Both parties must agree to the verbal offer before it becomes ‘subject to contract’. The verbal offer is not legally binding. It is not until the legal contract has the signature of both the buyer and the seller and has been exchanged by their solicitors that it actually becomes legally binding.
The Next Steps
There are many additional checks that need to be involved in the house purchase in order for the entire process to run hassle-free.
The reason you don’t do this before an offer is accepted, is because if the sale falls through, you lose the money spent on surveys for that specific property.
Surveyors
After assessing the structure of the house you would like to purchase, a surveyor can determine its overall condition and advise you of any restorative work that might be required.
There are three different types of surveys to choose from, including environmental, structural, and local authority searches – however your Best Solicitors conveyancing advisor will help you decide which surveys are appropriate to your needs.
Life Insurance
Life insurance can help give you peace of mind that your mortgage costs will be covered if the worst was to happen. This will protect your partner, children, or other relatives who depend on your income, from the burden of paying for the property.
