Property

Top Tips When Buying Property

• When you want to buy property in the first step is determining the size of the mortgage you can take. This is based on your earnings multiple. Most lenders usually lend between 3.5 and 5 times your annual salary. Shop around, as rates vary between lenders and use a mortgage calculator to check the feasibility of different scenarios.
  
  
• There are many types of mortgages available for people looking to buy property in . The two main types of mortgage available area, repayment mortgage and interest only mortgage. The former involves paying off the borrowed sum across the life of the mortgage, where as the latter merely pays of the interest. An independent financial adviser will be able to assist you in your choice, based on your individual circumstances.
  
  
• When you are looking to buy property in try and contact as many Estate Agents as you can, to give yourself the best possible chance of finding your new house or flat.
  
  
• Check out the local transport links the area you wish to buy a property, and try to use them during busy periods to plan potential journey times to your place of work.
  
  
• Look into the proximity of local shops, Schools, and other amenities and public facilities in the area.
  
  
• Council tax rates vary dramatically in different parts of , so do your homework before you buy a house in !
  
  
• Car parking in is a major problem, and permit charges are common in many residential areas. Particularly with flats so check before hand when you want to buy a flat in .
  
  
• Try to view the property during the day and in the evening to get a complete feel for the area.
  
  
• Ensure that you have appointed a solicitor, who would complete all legal formalities involved when you decide to buy property in .
  
  
• If you decide to buy a house in or buy a flat in , it is time to make an offer. Find out the reason for the sale, and think carefully about how much you feel is a fair price for the property. If it is already reasonably priced, then you should consider offering the full asking price. Many people loose out buying a property by trying to haggle down an already well priced property.
  
  
• When your offer is accepted, ensure that you inform your solicitors. You should also get your mortgage confirmed. Your mortgage lender will carry out the valuation of the property, in order to assess whether the property meets their lending criteria. You may instruct the chartered surveyors appointed by the lenders, or an independent firm of chartered surveyors to carry out a full structural survey of the property. Depending on the type of survey you request, the report can identify structural defects, materials used in building construction and other detailed information. An important step it you intend to buy property in .
  
  
• The final stage when you want to buy properties in is sorting out the legal side, which will be handled by the solicitors for both the parties. The solicitors will administer the exchange of contracts and completion. A deposit for will be required for buying the property when the contracts are exchanged, with the balance being paid on the completion date, which can usually be four to six weeks after the contracts are exchanged.