top of page

FAQs

Frequently asked questions

  • The first step is figuring out how much you can afford to spend on your new home. To do this, you will need to get a mortgage pre-approval. This involves checking your financial situation, including your income, savings and any debts. By doing this, you’ll know your budget and what kind of properties you can look at. 

     

    You can get a mortgage pre-approval by speaking with a bank, buildings society or   mortgage broker. 

     

    A bank or building society will offer you mortgages from their own range, and they may have exclusive deals not available through a mortgage broker. However, they might have fewer options compared to a mortgage broker. A mortgage broker works with many different lenders and can find a wider range of mortgage deals, often making it easier to find the best option for your needs. 

     

    We work with a knowledgeable and experienced family run mortgage broker called First Xtra. By booking a free initial call with them, you can discuss your options in detail and get valuable insights to help you make the best decisions for your home moving journey.

  • The buying process usually takes around 8-12 from making an offer to moving into your         

    new home. After getting mortgage pre-approval, you’ll start searching for your new home. Once you find a property and make an offer that gets accepted, finalising your mortgage and completing the legal work typically takes 4-8 weeks. This timeframe also includes conducting surveys. 

     

    While this estimate covers the usual timeline, the actual duration can vary due to factors like property chains, additional negotiations, or unforeseen issues. Being flexible and prepared for potential delays can help manage expectations. Working with professionals such as estate agents and mortgage brokers can help ensure a smoother process and minimise delays.

  • When viewing a property, focus on structural issues first, such as cracks, dampness, or any signs of disrepair. Next, assess the layout and space to ensure it fits your needs and provides adequate storage. Check for natural light and ventilation, as these affect comfort. Look at the neighborhood and proximity to schools, transport, and shops. Also, test the water pressure, inspect windows and doors for security and insulation, and note the condition of fixtures and fittings. Consider the property’s future potential for renovations or expansion too.

  • To make an offer on a property, inform your estate agent of the offer amount and whether it’s a cash or mortgage offer. If it’s a mortgage offer, provide details of your mortgage broker and the agreement in principle. You’ll also need to confirm your conveyancing solicitor, as they will handle the legal work. Once your offer is submitted, the seller will review it, and if accepted, the purchase process will move forward with formal paperwork and negotiations.

  • Gazumping occurs when a seller accepts your offer but later accepts a higher one from another buyer before contracts are exchanged. To avoid it, act quickly by instructing a solicitor early and securing your mortgage. Building a good relationship with the seller can also help; stay in touch and show you're serious about the purchase. Consider a lock-out agreement to secure exclusive rights, and take out home buyer protection insurance to cover costs if the sale falls through. Speak to your solicitor for further protection options.

  • When buying a home, it's essential to consider several costs that go beyond the purchase price. First, you'll need to budget for a deposit, which typically ranges from 5-20% of the home’s price and is paid upfront once your offer is accepted. In addition, various mortgage fees may apply, including arrangement fees charged by the lender, which can be anywhere from £0 to £2,000, as well as valuation fees that usually range from £150 to £1,500 depending on the property’s value.

    You’ll also need to factor in stamp duty, a tax applicable to property purchases above a certain threshold, with rates varying based on the property's price band. Legal fees for your solicitor or conveyancer are another significant cost; these can range from £500 to £1,500, so be sure to inquire about any additional expenses such as land registry and search fees.

    It’s advisable to conduct a home survey to identify any structural issues, with costs varying based on the survey type, generally falling between £300 and £1,500. Don’t forget to account for removal costs, which can range from £300 to £1,500, depending on how far you’re moving and the volume of belongings you have.

    Insurance is crucial as well; buildings insurance is typically required by lenders, while contents insurance is wise for protecting your belongings. Once you've purchased the property, ongoing costs like property taxes, utilities, and maintenance will become part of your budget.

    Finally, consider miscellaneous expenses for decorating or renovations you might want to undertake immediately. By being aware of these costs and budgeting accordingly, you can ensure a smoother transition into homeownership.

  • Yes, obtaining a survey is highly recommended when buying a home. A survey helps identify any potential issues with the property, such as structural defects, dampness, or other hidden problems that could lead to costly repairs in the future.

    There are several types of surveys you can choose from, each suited to different needs. A Home Condition Survey is a basic option that provides a straightforward assessment of the property's condition, focusing on major issues. This type is typically suitable for newer properties in good condition and costs around £300 to £600.

    If you're looking for a more detailed analysis, a Homebuyers Report is a great choice. This report not only highlights significant issues but also provides advice on repairs and ongoing maintenance, usually costing between £400 and £1,000.

    For older properties or those that may have more complex issues, a Full Structural Survey is the most comprehensive option. This in-depth examination covers all aspects of the property, including its structure, roof, and foundations. While it costs more, typically between £600 and £1,500, it offers invaluable insights into the property's condition, allowing you to make an informed decision.

    Ultimately, the type of survey you choose should depend on the property's age, condition, and your level of concern. Discussing your options with your solicitor or conveyancer can help you determine the best approach for your situation.

  • Once your offer is accepted, several important steps follow to move the purchase forward. First, it’s crucial to instruct a solicitor or conveyancer who will handle the legal aspects of the transaction. They will begin by conducting property searches to gather important information about the property, including planning permissions, local authority searches, and any potential issues that could affect your ownership.

    Next, you’ll need to arrange your mortgage if you haven’t already done so. This involves providing your lender with the accepted offer and any necessary documentation to secure your mortgage formally. Your lender will also carry out a valuation of the property to ensure it is worth the amount you are borrowing.

    Your solicitor will then draft a contract for you to review, detailing the terms of the sale. This contract will be exchanged between your solicitor and the seller's solicitor. Once both parties agree on the terms, the exchange of contracts occurs, at which point the sale becomes legally binding. You will typically pay your deposit at this stage.

    After the exchange, there’s a period known as the "completion period," which is usually a few weeks. During this time, your solicitor will handle final checks, including the results of the surveys and any necessary searches. They will also arrange for the transfer of funds to complete the purchase.

    On the completion day, the remaining balance is transferred to the seller, and you will receive the keys to your new home. After completion, your solicitor will also handle the registration of the property in your name with the Land Registry.

    Throughout this process, maintaining communication with your solicitor, lender, and estate agent is crucial to ensure everything runs smoothly and to address any questions or concerns you may have.

  • The conveyancing process involves several key steps to ensure the legal transfer of property ownership from the seller to the buyer. It typically begins once your offer on a property is accepted.

    First, you will need to instruct a solicitor or licensed conveyancer to handle the transaction. They will conduct initial checks and gather essential information about the property, including local authority searches, environmental searches, and any potential planning issues. This step helps identify any legal complications that may affect the property.

    Next, your solicitor will draft a sale contract, which outlines the terms of the sale. This contract will be shared with the seller's solicitor for review. During this time, both parties may negotiate terms, and any conditions, such as repairs or inclusions, can be addressed.

    Once the contract is agreed upon, both parties will sign it, and an exchange of contracts occurs. This is a crucial point in the process, as it makes the agreement legally binding. At this stage, the buyer usually pays a deposit, typically 10% of the purchase price.

    Following the exchange of contracts, the completion period begins. This timeframe allows for any final arrangements and checks to be made. Your solicitor will handle the transfer of funds and ensure all legal requirements are met before completion. This includes confirming that the property title is clear and that any remaining searches are satisfactory.

    On the completion day, your solicitor will transfer the remaining balance of the purchase price to the seller's solicitor. Once the funds are confirmed, you will receive the keys to your new home, officially completing the transaction.

    After completion, your solicitor will also take care of registering the property with the Land Registry in your name, ensuring you have legal proof of ownership. They will provide you with a copy of the updated title deed for your records.

    Throughout the entire conveyancing process, communication with your solicitor is key. They will keep you informed of progress, address any questions or concerns, and ensure a smooth transition into homeownership.

  • A property chain refers to a sequence of linked transactions in the real estate market where the sale of one property is dependent on the sale of another. For example, if you’re buying a home from someone who is also buying another property, and that seller is buying from yet another seller, you have a chain.

    Property chains can significantly affect your transaction in several ways. Firstly, the length and complexity of the chain can introduce delays. If one party in the chain encounters issues—such as financing problems, survey concerns, or even personal circumstances—it can hold up the entire chain. This can lead to frustration and uncertainty for all involved.

    Additionally, if the chain is lengthy, there’s a greater risk of one link falling through, which can cause the whole process to collapse. It’s essential to stay in close communication with your solicitor and estate agent to monitor the progress of the chain and identify any potential issues early on.

    Being part of a property chain may also influence your negotiating power. If you’re a first-time buyer or not reliant on selling another property, you may be viewed as a more attractive buyer, which could give you leverage in negotiations. Conversely, if you are part of a long chain, you might face more pressure to align your sale with others to ensure a smooth transition.

    To mitigate the risks associated with property chains, consider discussing the situation with your solicitor and estate agent. They can provide guidance on how to manage the process effectively and explore options such as lock-out agreements to protect your interests.

    Understanding the dynamics of a property chain is crucial for navigating the buying process smoothly and minimizing potential disruptions.

  • Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.

  • Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.

bottom of page