Buying a home
Buying a home is one of the biggest financial decisions you'll ever make. Whether you’re a first-time buyer or moving to a new property, understanding the process is essential.
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1. Planning your budget
When buying a home, it’s important to budget not just for the deposit but also for additional costs, such as:
- Deposit: Usually 5-20% of the property price.
- Stamp Duty Land Tax (SDLT): Applicable on properties above £250,000 in England and Northern Ireland.
- Solicitor’s Fees: Legal work costs between £500 and £1,500, depending on complexity.
- Survey Costs: Ranges from £300 to £1,500 depending on the level of detail.
- Mortgage Arrangement Fees: Can be up to £1,000.
- Moving Costs: Typically £300-£1,500
Use our free calculator to find out how much you need in your pension
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2. Get Mortgage Ready
Understand Your Options
Before house hunting, research the types of mortgages available:
- Fixed-Rate Mortgages: Set interest rate for a fixed period.
- Variable-Rate Mortgages: Rate fluctuates based on the lender's standard variable rate (SVR).
- Tracker Mortgages: Track the Bank of England base rate.
- Offset Mortgages: Link your savings to reduce interest payments.
If you’re unsure of what mortgage is best for you book a free consultation with a regulated mortgage adviser here.
Check Your Credit Score
Lenders will assess your credit history. Ensure your score is accurate and free of errors. Tips to improve:
- Pay off outstanding debts.
- Register on the electoral roll.
- Avoid taking on new credit before applying.
Speak to a Mortgage Adviser
A mortgage adviser can help you navigate the options and secure a deal suited to your circumstances. They’ll also provide a Mortgage in Principle (MIP), a statement of how much you can borrow.
Our expert advisers are here to guide you every step of the way. Book a free consultation now to explore your options and secure the best deal.
3. Start Your Property Search
Define Your Priorities
- Location: Proximity to work, schools, or family.
- Type of Property: Flat, terraced, semi-detached, or detached.
- Must-Have Features: Number of bedrooms, garden space, or parking.
View Properties
Visit as many properties as possible. Ask questions such as:
- How long has it been on the market?
- Are there issues with the property (e.g., damp)?
- What’s included in the sale (e.g., appliances, fixtures)?
Here’s a link to a checklist of all the questions we think you should ask when buying a home!
Getting Ready to Offer
Once you’ve found the perfect property:
- Research the Market: Look at similar properties in the area to decide on your offer.
- Make Your Offer: Submit your offer through the estate agent. Be prepared to negotiate.
- Offer Accepted: Celebrate! The property is now ‘under offer.
4. Purchase
Once your offer is accepted, the purchase process begins. Here’s what to expect:
Hire a Solicitor or Conveyancer
Your solicitor will handle:
- Drafting contracts.
- Conducting property searches (e.g., local authority, drainage).
- Transferring ownership (title deeds).
Finding the right solicitor is crucial for a smooth property purchase. Click here for a free first session with an experienced legal professionals who can handle your case efficiently.
Arrange a Survey
It’s vital to understand the property’s condition. Surveys include:
- Condition Report: Basic overview.
- Homebuyer Report: Highlights structural issues.fluctuates based on the lender's standard variable rate (SVR).
- Building Survey: In-depth analysis for older or unusual properties.
Want to understand the difference between these surveys? Here’s a helpful article which explains the differences and might help you figure out which one is right for you!
Exchange Contacts
This is when the sale becomes legally binding:
- Sign Contracts: Both buyer and seller sign.
- Pay Your Deposit: Typically 10% of the purchase price.
- Set a Completion Date: Agree on when you’ll get the keys.
Extra Tip for Buyers
Make sure you arrange buildings and content insurance before completion! Click here to talk to an expert insurance adviser!
Hear from Clients of Trusted Advisors
“He’s informative, always prepared and very transparent. All our questions have always been promptly and thoroughly answered. Our experience has been extremely positive and we would recommend him highly.”
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"Michael personable and highly responsive and has built a trusted relationship which has been instrumental in building confidence in our long-term finances and foundations for the future."
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"He provides a “Rolls Royce” level of service and support which leaves me feeling informed without being overwhelmed. I’m confident that my pension is in safe hand."
James, Barrister.
I've worked with Dan for a number of years, all that time he's been fantastic. He's always available when I want to talk and the advice he's provided has been very tailored to my family's needs. I'd throughly recommend him to anyone who is looking for an adviser.
James S,. Lincoln
Dan's helped me significantly improve my investment returns by changing my allocation and making sure I'm using all my various tax-reliefs. The effect has been massive and I would of never done it my self, I'm very happy with his services.
- Sarah D., London
These testimonials are from current clients of advisors in the Trusted Advisor Network. No compensation (non-cash or otherwise) was provided in exchange for these testimonials. Trusted Advisor does not have any material conflict of interest with the persons giving these testimonials.
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