What you need to know when purchasing a property.
Along with buying a property, comes a mixed bag of emotions and many buyers experience periods of ups and downs throughout the process.
Here at Wilson & Co, we manage this process the best possible way and to keep your purchase as stress free as possible.
We’ve come up with a few handy hints and tips for those of you who choose to purchase a property through Wilson & Co, or with another local agent.
- Know your budget
First and foremost, do your figures; are you a cash buyer? Do you need a deposit? If so, how much do you need? Do you need to sell your current property? Can you afford it? Seek advice from an experienced mortgage advisor and get your agreement in principle in place before you start viewing. This way, you’ll have a rough idea of what your monthly costs will be and what price you can look up to. If you do need to sell we would advise you to put your property on the market first and if you have the time secure an offer on your current property to make sure you are in the best possible position when making offers on other properties.
- Find your perfect home
This is where the fun begins, typically we would advise you to jump straight onto the portals, Rightmove, Zoopla and Onthemarket to start your search. Pretty much all estate agents will list their properties for sale on some form of portal. If this is not your thing then head down to see local estate agents who I am sure will be happy to assist you. One little tip we would add is to register your interest with agents in the area you are looking for, they may give you the details before a property is marketed online.
- Make an offer
This is a simple process where you call up the agent who is marketing the property you wish to purchase and put your proposed offer forward. They will then go on to put this offer forward to the vendor who may accept straight away, or may come back with a counteroffer until you can come to a mutual agreement. If you’re not confident to negotiate your own purchase and get the best possible price, talk to us about our onward negotiation service.
People sometimes don’t realise the importance of a solicitor/conveyancers role in the purchase of a property. So, it is very important to instruct a good solicitor as getting this wrong can hold up the whole process. The agent you buy through or your mortgage advisor should be able to recommend someone they use, or alternatively you can find your own.
Equally a good agent will have an inhouse sales progressor who will liaise with your chosen solicitor and act as a buffer between the buyer and seller, we do, her name is Jo and we think she is fantastic. It is also very important to instruct your solicitor quickly and return all paperwork promptly to help avoid any hold ups.
- Exchange and Completion
Once everyone is happy and all has been satisfied, you will be ready to exchange contracts. Once you have exchanged, you’re the legal owner of the home and all correct insurances should be in place. You won’t receive the key until you complete which can happen on the same day but as a general rule of thumb people leave 1-2 weeks between exchange and completion to arrange removals etc.
If you have any questions, please call us.